Axion secures $7.6 million financing for capacity growth

Axion International, producer of industrial building products and railroad ties made from 100 percent recycled plastic, has closed $7.6 million in financing to support continued growth of its Recycled Structural Composite technology. The funds were raised as part of a private placement of its 10 percent convertible preferred stock that closed April 21, 2011. "Axion is pleased to announce the close of our latest financing," said Steve Silverman, Axion's CEO. "The funds raised allow Axion to grow our company in critical areas such as raw material sourcing infrastructure, manufacturing capacity, staffing and sales growth. The financing will allow Axion to implement strategies for continued R&D, as well as structural testing of our materials for use in other applications." Silverman continued, "We have an immediate need to expand capacity in order to meet existing orders as well as our growing pipeline of pending business opportunities. Top line revenue, along with our active pipeline, has been increasing since January so now that we are freshly capitalized I am confident we will be able to support a higher level of strategic growth initiatives in the remainder of 2011 and beyond." Perry Jacobson, Axion's chairman of the Board, commented, "I am extremely enthusiastic about Axion's growth prospects in the recycling arena and believe this is a great opportunity to participate in a unique venture at the intersection of ‘green' technology and enhanced infrastructure solutions."