Mar 15, 2023
March 15, 2023 – BOSTON, MA // FRX Innovations (TSXV:FRXI) (FSE:W2A.F) (OTC QB: FRXIF) (“FRX” or the “Company”), (“FRX,” or the “Company”), is pleased to announce that its customer Chiao Fu Enterprise Co., Ltd. (“Chiaofu”) has recently commercialized a new Nofia-based polyurethane foam application with one of China’s largest automotive OEMs, and owner of major car brands outside of China, as well. This is now the second major automotive OEM to adopt Nofia-based Polyurethane foam for passenger compartment interiors following successful adoption of NOFIA by a German automotive OEM for luxury cars.
“Chiaofu is an important FRX customer and partner in the Chinese polyurethane automotive foam sector” said Marc Lebel, Chief Executive Officer of FRX Innovations, “The Chinese automotive passenger compartment specifications are amongst the toughest in the world. Foam used must meet flame retardancy standards, as well as deliver exceptionally low odor, low volatile organic content (TVOC), and superior fogging resistance – strict commercial requirements which our Nofia flame retardants help exceed, and in a proven economically competitive manner”.
Traditional flame retardants for automotive interiors struggle to meet the strict requirements of Chinese odor and TVOC combined with European TVOC requirements such as VDA 278. Nofia flame retardants are both polymeric and halogen-free and can meet all these requirements as well as produce a low scorch foam.
“This expansion of our business in flexible foam for automotive interiors is one of the many government regulations driving revenue growth being experienced by FRX”, stated Marc Lebel. “The requirement for higher quality, lower odor, lower TVOC, halogen-free fire-retardant foam is only going to grow to more related applications and more brands, and to other regions. FRX is well positioned to gain market share in reported $100M plus market segment for flame retardants used in flexible automotive foam.”
FRX is a commercial producer of green, non-leaching Nofia® flame retardant additives with applications in a wide range of consumer applications. Many traditional flame retardant solutions are increasingly being regulated out of use because of unacceptable health risks to people and animals and the environment over time. As new regulations, consumers and investors demand OEMs to move away from toxic chemicals, FRX Nofia® is positioned to lead with a first mover advantage across multiple markets.
ChiaoFu challenges itself to embrace stricter and tougher quality standards and has been successful in obtaining numerous international quality certifications, including ISO9001, ISO14001, TS16949, RoHS, MVSS 302 Automobile Flame-Retardant Regulation, BS5852, Californian Flammability Standards CAL TB-117, Food Industry Research and Development Institute (FIRDI) Anti-bacterial Standards of Taiwan, CSA, Lloyd's Register and Underwriter Laboratory Inc (UL). In 2007, Chiao Fu obtained the Parts Manufacturer Approval (PMA) for aircraft seat cushions issued by Civil Aeronautics Administration (CAA).
Chiao Fu believes in the values of providing quality products with fair prices, employing green materials to protect the environment, and making contribution to the community.
About FRX Innovations
FRX Innovations is a global manufacturing company, producing a family of sustainable flame-retardant products that serve several large markets spanning textiles, electronics, automotive, electric vehicles (EV) and medical devices. FRX is led by a team of highly experienced business and technical professionals and is positioned to be a leader in the rapidly changing flame-retardant plastics and additives market in response to new legislation prohibiting Brominated and Perfluoro flame retardants found in a wide range of electronics and electrical products, and restricting the use of melamine flame retardant chemicals found in furniture and mattress foam products.
Nofia® is a registered trademark of FRX. Nofia® products are manufactured at its manufacturing facility on the Port of Antwerp in Belgium, one of the world's largest chemical producing clusters. Nofia Polyphosphonates are produced using sustainable green chemistry principles such as a solvent-free production process, no waste by-products, and near 100% atom efficiency, and are halogen, PFAS and melamine free. FRX's portfolio includes an extensive patent estate. FRX, at the forefront of the ESG movement to a greener future, has been the recipient of numerous awards, including the EPA's Environmental Merit Award, the Belgium Business Award for the Environment, and the Flanders Investment of the Year Award. FRX has also been recognized six times on the Global Cleantech 100 list.
Cautionary Note Regarding Forward-Looking Statements and Reader Advisory
Certain statements contained in this news release, including, but not limited to, statements with respect to the Offering, the completion of the Offering, the size, amount and type of securities issued under the Offering, participation in the Offering by related parties and the amount of such participation, among other things, and statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which are not historical facts, may constitute forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management’s expectations regarding the Company’s future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.
These factors should be considered carefully, and readers should not place undue reliance on the Company’s forward- looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable based on information available to it, but no assurance can be given that these expectations will prove to be correct.
Mark Lotz CFO
Mike Goode CCO
FRX Innovations Investor Relations and Media Inquiries