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Earthstone International Receives $9 Million Financing Package from New Mexico State Investment Council
Earthstone International Receives $9 Million Financing Package from New Mexico State Investment Council
Published 07-26-04
Submitted by Earthstone International
Earthstone International uses patented technology to turn recycled glass into commercial and household cleaning and sanding products. Earthstone's products, including sandpaper substitutes, pool and grill cleaners and household cleaners, are currently in more than 30-thousand stores, including the Wal-Mart, Home Depot, and Lowe's chains. The overall market in which Earthstone's products compete is $7 billion annually, and the company's products are rapidly gaining market share.
Popular Mechanics Magazine just honored Earthstone's "QuickSand Abrasive Blocks" with one of ten Editor's Choice Awards for innovative home improvement products at this year's National Hardware Show. The magazine cited superior product performance, choosing Earthstone over some of the largest and most established manufacturers in the world. Popular Mechanics has a circulation of 1.3 million, with a total pass-on readership of 10 million. Earthstone's environmentally-friendly sanding products have been demonstrated to work four times faster than traditional sandpaper, which is an antiquated product invented in the early 1900s.
Earthstone's Founder and Chairman of the Board, Mr. Andrew Ungerleider, said, "Our products take the oldest known abrasive on the planet and with our patented process, have created 21st century abrasives and cleaning products that are a quantum leap beyond conventional ones. Through extensive research and development, we have reconstructed and reconfigured outdated technology and created user-friendly, environmentally-friendly, and technologically superior sanding and cleaning products."
Governor Bill Richardson said, "Investing in quality, home-grown industry like Earthstone is part of our strategy to build a prosperous high-wage New Mexico economy."
This latest round of financing is earmarked for maintaining product momentum as distribution accelerates. A national public relations campaign, designed to garner broad media exposure, is underway. Additionally, marketing initiatives are being implemented to continue introducing and familiarizing consumers with the Earthstone product line.
Earthstone, together with a handful of other companies, was chosen out of two hundred applicants to present at last month's CleanTech Venture Forum, one of the nation's largest green technology forums. Due to interest in Earthstone by like-minded investors, and because of ongoing strategic opportunities that have become available, a follow-up round of financing is being contemplated.
The New Mexico State Investment Council's $200 million private equity fund was established through legislation signed by Governor Bill Richardson. The legislation allows the fund to directly invest in private companies as a means to stimulate economic and high-wage job growth in New Mexico. The council's State Investment Officer is Mr. Gary Bland, former Vice President of Trust Investments for The Boeing Co., where he managed over $62 billion in employee benefit plans.
For more information, visit www.earthstoneintl.com
