North American Technologies Group, Inc. and Oz-Tex Solutions Pty. Ltd. announced that Oz-Tex has secured financing and is nearing completion of its first production facility in Temora, New South Wales, Australia, where it expects to begin shipments the first quarter of next year .
TieTek, Inc., NATK's wholly-owned subsidiary, received 20 percent equity ownership in Oz-Tex Solutions, Pty. Ltd. pursuant to the 2001 license agreement granting Oz-Tex Solutions exclusive rights to manufacture composite railway sleepers/ties and other products in Australia and New Zealand.
The license to apply TieTek's proprietary formulation and technology is based on patents in Australia and New Zealand as well as the U.S.
NATK, through its wholly owned subsidiary TieTek, Inc. manufactures railroad ties using recycled plastics and scrap tires as raw material with a patented formulation. NATK's composite railroad ties are an alternative to hardwood in railroad tie applications. TieTek manufactures rail ties in Houston and recently announced construction of additional new production facilities in Marshall, Texas.
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