Mid America Brick & Structural Clay Products, LLC, Completes Initial Capitalization

On June 1, 2010, Mid America Brick & Structural Clay Products, LLC, completed its initial capitalization, which will enable the company to commence operations manufacturing residential and commercial face brick at the former site of A. P. Green Refractories, Inc., in Mexico, Missouri. The company raised a total of approximately $21.9 million in debt and equity capital, which included loans guaranteed by the Missouri Department of Economic Development, the United States Department of Agriculture, and the Small Business Administration. Mid America also has qualified for tax credits under the federal New Markets Tax Credits program. Equity investors included Rand Capital SBIC, Inc., Environmental Liability Transfer, and several prominent individuals and companies from the mid-Missouri area.

Mid America’s new CEO, Frank Cordie, stated that “there has been a tremendous amount of dedication to bring this project through” and that he is “extremely pleased that we will be able to begin the work that will lead to redeveloping the area, re-opening this plant, and providing jobs for our community.” Within two years, the company expects to create as many as 80 new jobs.

BSE shareholder Russ Mitten represented Mid America in the formation of the company and throughout the financing transactions. Mr. Mitten, whose practice focuses primarily in the areas of corporate law, business transactions, and public utility/telecommunications regulatory law, brought more than 30 years of hands-on experience to his representation of the company from its inception, organization, and all transactions and negotiations related to the capitalization.