KING GEORGE, VA, Aug. 13, 2020 (GLOBE NEWSWIRE) -- Free Flow, Inc. (FFLO:OTCPINK) today announced that after obtaining zoning re-verification, its wholly owned Motors & Metals, Inc. subsidiary (“M&M”) received its license from the Commonwealth of Virginia to operate as Scrap Metal Processor. As disclosed in a previous press release, M&M has received a Letter of Intent (LOI) from an overseas buyer willing to purchase 36,000 metric tons per year of processed scrap metal. Since that LOI was signed, several additional buyers from other countries have approached Free Flow and expressed their willingness to sign long-term contracts with M&M.
Upon receipt of the license, management began preparing its business plan, visited several scrap metal processing plants through the courtesy of equipment manufacturers, and completed its scope of equipment and feasibility study. Quotations have been received from various equipment manufacturers both in the U.S. abroad. M&M expects to sign a definitive agreement with the most competitive manufacturer within the next few weeks.
The project cost has been established at approximately $7 million, and EBITDA has been projected around 21% on projected annual sales of about $10 million.
Delivery of the equipment is expected within six months, and trial production could commence as soon as three months after equipment delivery.
The M&M location is zoned as a recycling facility. FFLO’s plans is to build a warehouse to expand its auto parts business. An architect has been retained to work on the expansion plans.
Free Flow is currently preparing a Private Placement Memorandum to deploy a private offering in the amount of $19.5 million to augment its capital needs, expand operations, and grow revenues. Appropriate information is expected to be disseminated soon.
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. Sabir Saleem, Free Flow, Inc. 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:
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