Moreover, the Company is active in discussion with several US-based financial institutions capable of providing funding to support Eco's need to ramp output in all facilities. The need for automating existing production equipment is now prevalent more than ever as evidenced by the Company's Salem coating facility operating at full capacity. While the need to purchase high-volume equipment represents a significant financial requirement, this strategic move will not have any effect on the manpower requirements needed to perform a smooth, full-service operation. The new, high-volume, automated lines will become operational and be positioned next to current production equipment to safeguard against potential operational stoppages. Furthermore, this new higher volume equipment will allow for significantly higher production output to meet the anticipated demand.
1. One of the Company's primary goals of producing protected whole house lumber readily available in most markets around the US creates an "excuse free" environment for big national builders that continue to use raw, unprotected lumber when mold claims are on the rise.
2. If the predicted weather pattern changes become a reality, and fire seasons start earlier in the year, our Eco Red Shield lumber could become the product of choice in all rebuild scenarios. The key to achieving these goals is through the application of ECO's value added coating to all lumber products used in the rebuild markets without creating havoc in the historical supply chain process; all of which can be made possible through the constant production of high volume coating facilities in and around the same locations where timber is manufactured into lumber. As a result, this will facilitate exponential growth for the Company's Affiliate Network capable of supporting ECO's just in time business.
3. What makes Eco Red Shield different in comparison to the green pressure treated lumber readily available in all the retail lumber facilities is the fact Eco's protected lumber is safe for use throughout the whole house; not just for decking and sill plate applications.
4. We at Eco strongly feel that the super storm rebuilds are going to accelerate the awareness of mold related issues and the inherent insurance claims. This is evidenced by contractors and Government-funded rapid repair organizations overlooking and cutting corners pertaining to mold issues thereby fertilizing a potential breeding ground for construction defect lawsuits.
ECO'S TECHNOLOGY RECEIVES RECOGNITION
Eco's lumber protection technology has received significant attention in the realm of innovation and high-tech. In November 2012, Eco Red Shield received a HOBI Award by the Connecticut Homebuilder's Association for the "Best New Product of the Year"; in December 2012 the product received recognition at the 25th Annual CONNECT Most Innovative Product of the Year (MIP) Awards; then again in April of this current year, the product received 'Gold' at the Edison Awards hosted at the Navy Pier in Chicago. The Company -- as a whole -- was also recognized in April this year by Vista's Chamber of Commerce as the Most Innovative Business of the Year.
FINANCIAL INSIGHT AND DETAILS
On May 31, 2013, The Company ("ECOB") entered into a Debt Assumption and Equity Cancellation Agreement (the "Agreement") with Redwood Management, LLC ("Redwood") and Manhattan Resources, Ltd ("MRL"). Terms of the Agreement can be found starting at page 22 of the following link: http://www.sec.gov/Archives/edgar/data/1409885/000112785513000448/ecobuilding10qa2093012.htm. The successful execution of this agreement has settled all outstanding disputes with MRL allowing the company the ability to move forth achieving our corporate goals. In concert with this agreement the Company ("ECOB") entered into a Securities Settlement Agreement (the "Agreement") with Redwood Management, LLC ("Redwood").
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