Apr 17, 2023
April 17, 2023 – BOSTON, MA // FRX Innovations (TSXV:FRXI) (FSE:W2A.F) (OTC QB: FRXIF) (“FRX” or the “Company”), is pleased to announce that it has filed a new patent for what the Company believes and customer feedback supports will be a breakthrough in key application areas specifically meeting or exceeding the rigid fire retardant requirements for polycarbonate (PC) plastics and its alloys. This invention is free of the increasingly banned “forever” PFAS chemicals and allows for completely PFAS-free formulations in polycarbonate, including elimination of the well-known anti-drip agent, PTFE.
This is an enormous breakthrough as flame retardant PC and its alloys are used in a wide range of everyday products from consumer electronics to electric vehicles, to home appliances as well as many industrial applications. Flame retardant PC is forecasted to grow at a CAGR of 5.5% according to Industry Growth Insights, and it forms part of the $1.5B PC sheet market as estimated by Allied Market Research in June 2022. The global flame-retardant market is forecasted to be more than $10B by 2024 according to a Market Watch report published in December 2022. FRX is extremely well placed with its existing international customer base and its growing interest from other global players to pursue business both with the large PC resin producers and the many compounders specializing in PC blends and alloys in all major markets.
Many major original equipment manufacturers (OEMs) such as Apple and IKEA have committed that their products be PFAS free. In PC and its blends, that has meant replacing the well-known PFAS chemical KPFBS, otherwise known as Rimar salt, which FRX has already demonstrated a capability to do.
Furthermore, major OEMs are taking the view that the well-known anti-drip, PTFE, should also be replaced as part of the move away from PFAS chemicals. Replacing that additive and maintaining the necessary flame-retardant properties has proved elusive, until now. Work carried out by FRX’s technical team has now demonstrated that this tough goal is achievable, and importantly, while also maintaining other imperative properties such as impact resistance. The ability to achieve transparent formulations has also been demonstrated.
The technical leader at FRX, Dr Xiudong Sun, will be describing this important development at the AMI Fire Retardants in Plastics event in Philadelphia, April 26 /27, and will also be discussing with key polycarbonate producers and compounders at the upcoming ChinaPlas exhibition in Shenzhen, April 17th to 20th.
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. As new legislation, 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.
For more information, please visit www.frx-innovations.com
About FRX Innovations (www.frx-innovations.com)
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