FBR Limited (ASX:FBR) Ends Joint Venture Option with CRH Ventures
Joint Venture Option Conclusion
FBR Limited announced the expiration of the option period granted to CRH Ventures for forming a joint venture in providing Wall as a Service® in the United States. Without formal notice of exercise from CRH Ventures, the option has expired, releasing FBR from exclusivity arrangements.
Operational Achievements
FBR completed a Demonstration Program with US builders, receiving non-refundable payments of US$2 million from CRH Ventures. The company has engaged in discussions for Hadrian X® financing options and is now advancing those talks independently. Support discussions with Australian and US state governments are also progressing.
Executive Comments
FBR’s Managing Director and CEO, Mike Pivac, stated, “We have successfully introduced our technology to one of the largest and most important markets in the world, building 10 code-compliant house structures in suburban developments in Florida, United States. We achieved significant milestones in our Demonstration Program including the completion of a house structure in a single workday with a three-person crew. Our activities to date have opened up excellent future opportunities for FBR in the United States, and very importantly have confirmed the certification and viability of our wall system, creating go to market routes with major builders and proving out the commercial model. FBR is now unrestricted in its dealings and operations in the United States and is engaged in discussions with builders, counties and industry incumbents, not just in Florida but across the United States, including in California. FBR will provide further updates on its United States operations in the coming weeks, including its transition to the Liebherr facility in Miami as an operating base.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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