Urethane Technologies Inc.: The Santa Ana plastics...

Urethane Technologies Inc.: The Santa Ana plastics and foams manufacturer has completed a $2.4-million private placement of stock. The sale of 1.2 million shares of common stock, and warrants for the sale of another 600,000 shares, to private investors generated net proceeds of $2.1 million. The warrants allow investors to buy common stock at $7 a share before August, 1996. The company now has 10.3 million shares of common stock outstanding. Company officials said the equity raised will be used for general working capital purposes, including increasing sales and marketing activities. Urethane Technologies, which was founded in 1985, completed its first profitable quarter in March.