CALEXICO — Japanese investors looking for financing here Tuesday divulged a few specifics of their fiscal backing to city officials at a noontime meeting and later before the city Redevelopment Agency board.
The investors incorporated Cal-X-Pac International in Palos Verdes two years ago.
The privately held company is trying to find financing to build a unique manufacturing plant that grinds agave plant clippings into paper products and powder for cosmetics.
Juan Ruffin, vice president of Palos Verdes-based Cal-X-Pac, explained why his company needs Calexico's help before anything will be built on acreage near the proposed Calexico International Center in the northwest part of town.
Cal-X-Pac officials said the land is in escrow.
Ruffin said the Japanese investors who constitute the core of Cal-X-Pac are putting up $3 million to $4 million of their own money.