Rubber Technology International, Inc. has reached an agreement with Recovery Technologies Group, Inc. for the lease of RTI's Los Angeles facility and the equipment located in that facility.
The decision to lease the Los Angeles facility came after months of exploration into alternative restructuring of financing and exploring possible offers for acquisition of the company. The company's attempt to develop alternative financing options to cover its cash shortfall, which resulted from last year's order cancellations and postponements, were not successful.
Trevor Webb, President of RTI stated, "Due to our financial position, we determined that it would be in the company's best interest to seek an arrangement to put a stop to our continual monthly losses. We explored several offers and believe that our agreement with RTG will prove to be the most favorable option for RTI, and we look forward to working with them."
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