King George, VA, Sept. 01, 2020 (GLOBE NEWSWIRE) -- Free Flow, Inc. (FFLO:OTCPINK), whose current subsidiaries provide vehicle dismantling and the recycling of OEM auto parts and supplies; scrap metal processing; and auto leasing, today announced that its wholly owned Motors & Metals, Inc. (M&M) subsidiary has entered into a $5.5 million conditional lease financing agreement for a scrap metal processing plant with a processing capacity of 5,000 metric tons (MT) per month. The plant will be located on approximately eight acres of a 19-plus acre facility owned by Accurate Auto Parts, Inc., another wholly owned Free Flow, Inc. subsidiary.
As previously disclosed, M&M received a Letter of Intent from an overseas buyer willing to purchase 36,000 metric tons per year of processed scrap metal. Since that letter was signed, several additional buyers from other countries have approached the Company and expressed their willingness to sign long-term contracts with M&M. Annual sales from the project have been estimated by an industry expert to exceed $10.7 million.
M&M recently received its license from the Commonwealth of Virginia to operate as Scrap Metal Processor.
The scrap metal processing plant is comprised of an 8085 metal shredding machine, other equipment, tools, and maintenance spare parts. An expected layout of the processing plant on the Accurate Auto Parts property can been seen in Exhibit C of the Company’s recently completed Offering Memorandum (http://www.freeflowplc.com/offering-memorandum/).
“Receiving a lease financing commitment for the expansion of our subsidiary operations, especially a project that is anticipated to produce approximately $10 million per year, is an important milestone,” said Mr. Sabir Saleem, CEO of Free Flow, Inc. “This type of operations financing is especially beneficial to FFLO stockholders since the expansion capital is being provided directly to a revenue-generating project without any immediate common stock dilution. We will endeavor to continue building long-term shareholder value under the best possible terms.”
Any shareholders or interested potential investors who want to receive information directly from Free Flow, Inc. as soon as it has been publicly disclosed, should sign up for the Company’s Email Alert System at https://mailchi.mp/129de3da6ae6/email-alerts. More information about the Company can be viewed at www.FreeFlowPLC.com. For further information about this release, contact Mr. Saleem at 703-789-3344.
ABOUT FREE FLOW, INC.
Free Flow, Inc., traded under the stock ticker symbol “FFLO”, is a Delaware company that creates and acquires operating subsidiaries with the goal of manufacturing and selling products and services. Through its current subsidiaries – Accurate Auto Parts, Inc., Motor & Metals, Inc., and Citi Autos, Corp. – the Company provides OEM (Original Equipment Manufacturer) recycled auto parts and supplies from a warehousing and shipping facility on its 19-plus acre facility in King George, Virginia, USA. Every year, approximately eleven million cars are scrapped and end up in salvage yards for reprocessing. FFLO helps to reduce the carbon footprint involved in the production of new parts and steel products through the sales of recycled auto parts and supplies.
Safe Harbor Statement:
This press release may include predictions, estimates, opinions or statements that might be considered "forward-looking" under the provisions of the Private Securities Litigation Reform Act of 1995. Such statements generally can be identified by phrases such as the Company or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates," or other, similar words or phrases.