Mississauga, Ontario - Woodbridge Foam Corp. announced 28 March that, through its subsidiary, PolyLink Corp., it has acquired 5 million units of securities of American Insulock Inc.
In the private placement, at $0.05 a unit, each unit consists of one share, and a share-purchase warrant (entitling the holder to acquire within 12 months further shares at a price per share of $0.10).
As a result, Woodbridge owns about 9.42 percent of the shares of American Insulock. If it carries out the warrants, Woodbridge will own 17.22 percent.
Major Canadian foamer Woodbridge pointed out in its statement that this share acquisition is "for investment purposes only." The group added that it may acquire additional securities of American Insulock, or dispose of some or all of the securities of American Insulock which it currently holds.
American Insulock is a business that makes insulating concrete forms (Insulock Blocks), and the equipment used to produce them. Using polyurethane rather than polystyrene - "the material used by virtually every other manufacturer of insulating concrete forms" - means the Insulock types "are much stronger," the company claims.
The blocks can be used to construct soundwalls and buildings that are highly effective at absorbing sound with an R-30 or R-38 heat insulating value, American Insulock says. Insulock's manufacturing facility in Mesa, Arizona, is currently using a six-mould production system both as a demonstration unit and to provide an ample supply of blocks.