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BUFFALO, N.Y., June 7, 2010 (GLOBE NEWSWIRE) -- Mid America Brick President and CEO Frank Cordie announced the completion of financing that will be used to re-open the former A.P. Green brick plant in Mexico, Missouri. Mid America Brick will re-commission and operate from the former facility on the 100
th anniversary of its 1910 founding.
A.P. Green Refractories was once among the largest fire brick manufacturers in the world. Mid America Brick will produce face brick for residential and commercial construction at the manufacturing plant. When fully operational, Mid America Brick will create up to 80 new jobs and initially produce over 60 million bricks per year.
Advantage Capital Partners of St. Louis provided leadership in assembling the debt financing. Environmental Liability Transfer contributed the 500,000 square foot manufacturing facility and 100 acre site, and Rand Capital provided leadership in the equity funding.
Mr. Cordie also noted, "Mid America Brick has assembled an outstanding team of brick industry veterans with over 200 years of experience to operate what will be Missouri's largest face brick plant. This team and our central location will enable us to produce quality products and distribute them cost-effectively throughout the Midwestern United States. To further enhance these competitive advantages, Mid America Brick will provide superior customer service." Mr. Cordie expects to begin production by the spring of 2011.
"We are thrilled to join our partners and management team to create Mid America Brick. When completed, this will be the largest and newest brick plant in the region," stated Allen F. Grum, President of Rand Capital.
ABOUT RAND CAPITALRand Capital (Nasdaq:RAND) is a publicly held Business Development Company (BDC), and its wholly owned subsidiary is licensed by the Small Business Administration (SBA) as a Small Business Investment Company (SBIC). Rand and its subsidiary provide capital and managerial expertise to small and medium sized private companies primarily located in the Northeast U.S. Rand is traded on the NASDAQ under the symbol "RAND". Rand is headquartered in Buffalo, NY. www.randcapital.com
CONTACT: Rand Capital Corporation
Allen F. Grum, President