Vancouver, BC – April 21, 2014 TBF Environmental Technology Inc. today announced the closing of its Series A round of equity financing with an attached provision to borrow additional amounts for working capital when needed. Terms of the financing were not disclosed. The financing was led by Subdued Excitement Ventures, LLP (SEV), of Bellingham, WA, with significant participation by Merlin Pacific Capital Corp in Vancouver, BC, members of Element 8 in Seattle, WA, PowerHaus Technology Ventures (VCC) Inc., in Vancouver, BC, and several private investors.
“We are pleased with the broad base of investor support”, said David W. Rowat, CEO of TBF Environmental. “We will invest these funds to expand our sales and marketing activities, and to strengthen our intellectual property protection. It is also advantageous to have the working capital financing option available when our sales are expected to increase later this year.”
“TBF has the potential to disrupt the multi-billion dollar market for industrial solvents”, said Glenn Butler, managing partner of SEV. “We are pleased to invest in such an exciting opportunity”, Butler continued.
“Every drum TBF sells displaces a drum of toxic solvents”, said Geoff Castle, managing partner of Merlin Pacific. “The environment should benefit as well as our shareholders”, he added.
“Ten of our members participated in financing TBF,”, said Lars Johansson, co-chair of Element 8. “TBF’s focus on reducing toxic emissions through the substitution of cleaner solvents fits well with our mission of a prosperous and sustainable future through the acceleration of clean technologies,”, he added.
“TBF is an ideal company for PowerHaus’ new green-technology fund”, said Mike Volker, Chairman of PowerHaus. “It should grow and prosper from the move to environmentally-friendly solvents around the world.”
About TBF Environmental Technology Inc.
TBF Environmental Technology (TBF) manufactures innovative industrial solvents which reduce environmental impact by reducing or eliminating the emission of Volatile Organic Compounds (VOCs), Hazardous Air Pollutants (HAPs), and greenhouse gases compared to conventional solvents. TBF solvents do not contribute to ozone depletion. All TBF solvents reduce the risk to the health and safety of workers compared to conventional solvents. For more information about TBF Environmental, go to www.tbfenvironmental.com.
About Subdued Excitement Ventures, LLP.
Subdued Excitement Ventures, LLP is an investment fund supporting investors in Bellingham, WA who are members of Bellingham Angel Investors, nonprofit corp. It invests in promising companies in the US Northwest and British Columbia which foster employment and economic development in the region.
About Merlin Pacific Capital Corp.
Merlin Pacific Capital Corp is a privately held investment corporation based in Vancouver, BC. Merlin invests in well-managed private and public companies that develop meaningful improvements to the state of the art in their respective industries. For more information, contact Geoff Castle, President: 604-806-3170.
About Element 8
Founded in 2006 as Northwest Energy Angels and renamed Element 8 in 2014, the Seattle-based organization is a leading funder of companies focused on a prosperous and sustainable future through clean technologies. To date, members have invested close to $14 million in the U.S. and Canada. More information is available at: www.element8angels.com.
About PowerHaus Technology Ventures (VCC) Inc
PowerHaus Technology Ventures (VCC) Inc is a recently created fund that works in conjunction with the PowerHaus network, Green Angel Fund, WUTIF, and VANTEC Entrepreneurs Fund VCC Inc. to provide value-added investment to growth-oriented green technology companies in B.C.