Michaelson Capital Partners filed a lawsuit this week accusing Springdale-based NanoMech Inc. of failure to repay a loan.
The lawsuit was filed in the Supreme Court of the State of New York.
NanoMech develops nonmanufactured products such as industrial lubricants and specialty chemicals. The company was founded in January 2003 and opened a 9,000-square-foot manufacturing facility in 2009. James Phillips is chairman of the board, CEO and co-founder of NanoMech.
Michaelson Capital seeks judgment onapproximately $9 million in loans plus interest, costs and fees.
John Michaelson, chief investment officer of Michaelson Capital Partners, said in a news release his firm intends to work with NanoMech's equity shareholders to rescue the company and keep its technology and jobs in Arkansas.
"We believe in the technology and in the talented employees of the company. Unfortunately, as our filings state, the current executive leadership of the company has repeatedly failed to meet its obligations and is in breach of its agreements. This action is a last resort to save a great Arkansas company," he stated in the release.
"We look forward to working with NanoMech's shareholders and investors, including the Arkansas Economic Development Commission, and, above all, its outstanding employees, to rebuild this company."
NW News on 02/08/2019
Print Headline: Firm sues NanoMech for $9 million