Bridge Bank Provides $5 Million Financing to Chinook Sciences, LLC / Advanced Metal Processing, LLC
| Source: Bridge Capital Holdings
SAN JOSE, CA--(Marketwire - June 16, 2009) - Bridge Capital Holdings (NASDAQ : BBNK ), whose
subsidiary is Bridge Bank, National Association, a full-service business
bank headquartered in the Silicon Valley region of California, announced
today, it has provided financing to Chinook Sciences and Advanced Metal
Processing to support its plans for improving the impact on the
environment.
"With our financing needs provided by Bridge Bank, we are able to proceed
with our expansion plans to bring our recycling operations to other parts
of the U.S.," says Dr. Rifat Chalabi, Chairman and President of Chinook
Sciences. "It's exciting to have this opportunity to grow and it's a
significant step towards our goal of recovering valuables and converting
waste into renewable energy."
Chinook Sciences, LLC and Advanced Metal Processing, LLC partner to open a
new metal recycling plant in New Jersey. The new credit facility provided
by SBA and Business & Industry, made it possible for the venture to acquire
the building and purchase and install a Generation 6 RODECS® de-coating
and de-lacquering System.
"The Advanced Metal Processing/Chinook venture creates a new and improved
approach to metal recycling; thereby, offering a valuable resource to the
environment -- and that's exciting," said Ralph Barnett, Executive Vice
President and Manager of the SBA and Real Estate Banking Division at Bridge
Bank. "We are pleased to be able to offer them an overall solution that
would assist in their vision for environmental clean-up."
Chinook Sciences provides turnkey solutions for metal processing using the
patented RODECS® system. RODECS® is the world's only industrial-scale
batch de-coating, de-lacquering, and drying system.
Bridge Bank specializes in providing superior service and customized
banking solutions to small and middle-market, and emerging technology
businesses in Silicon Valley, California and the Nation. The Bank's
product offerings include 24/7 internet-based business cash and treasury
management, online account statement and item imaging, remote deposit
capture, commercial lines of credit, growth capital financing, commercial
real estate financing, international Export-Import financing and foreign
exchange payment services, Small Business Administration 7(a) and 504 loans
as an SBA Preferred Lender Participant-accredited direct lender, and
factoring and asset-based loans through its Bridge Capital Finance Group.
About Chinook Sciences
Chinook Sciences, LLC, was founded in 1998 and is the leading manufacturer
and operator of advanced gasification technology. Its RODECS®
gasification system, now in its eighth design generation, enjoys an
unprecedented eight-year track record of industrial commercial operation,
with an unblemished environmental record. The RODECS® is capable of
processing a wide range of organic-based waste streams including E-waste,
MSW, and various industrial wastes. The system has been installed in 17
locations throughout the world, where it gasifies organic material without
using incineration and fully recovers metals in its patented ACTIVE PYRO®
process.
About Advanced Metal Processing
AMP's core business is the supply of high quality non-ferrous metal scrap
to the secondary Industry. AMP Plants process all type of non-ferrous
metals (sheets, extrusions, turnings, cables, foils, Litho, heavy coating
metals, etc.) and fully prepare the metal for the secondary recycling
industry. AMP companies are Green companies all processes are performed
with full compliance to all environmental regulations, both nationally (per
the Environmental Protection Agency, "EPA") and locally (the state). AMP
is the first U.S. facility to use the RODECS® system.
About Bridge Capital Holdings
Bridge Capital Holdings is the holding company for Bridge Bank, National
Association. Bridge Capital Holdings was formed on October 1, 2004 and
holds a Global Select listing on The NASDAQ Stock Market under the trading
symbol BBNK. For additional information, visit the Bridge Capital Holdings
website at www.bridgecapitalholdings.com.
About Bridge Bank, N.A.
Bridge Bank, N.A. is Silicon Valley's full-service professional business
bank. The Bank is dedicated to meeting the financial needs of small and
middle-market companies, and emerging technology businesses, in Silicon
Valley, Northern California, and the Nation. Bridge Bank provides its
clients with a comprehensive package of business banking solutions
delivered through experienced, professional bankers. For additional
information, visit the Bridge Bank website at http://www.bridgebank.com.
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statements within the meaning of the Private Securities Litigation Reform
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actual results may differ materially from those presented, either expressed
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