$ECOB Tom Comery, President and CEO of both companies, had this to say about the announcement; "This is a critical milestone in preparing the Company to operationalize its suite of environmentally friendly, wood protection chemical formulations. Attracting new capital was one of the first stage objectives behind the subsidiary so it feels good to have this finalized early on. With this in place, we can move forward with the funding necessary to consummate the sales agreements we have under negotiation as well as accelerate the testing process for our new products."

Adding, "It is particularly gratifying that we were able to secure conventional term loans at attractive interest rates."

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