River Rock Industries Corp.

Rod Johnson
Barrie, ON

The pitch

Rod Johnson from Barrie, ON, pitched River Rock Industries Corp. in Season 10, Episode 7, asking the Dragons for $200K for 15% of the company.

Asked for$200K for 15%
Valuation$1.33Mimplied by the ask
OutcomeNo deal

Offers in the Den

Dragon	Offer	Result
Manjit Minhas	No offer made, existing shipping protection products already meet the need	Out
Joe Mimran	No offer made, valuation too high with no sales	Out
Michele Romanow	No offer made, unclear how product beats existing solutions	Out
Jim Treliving	No offer made, no contracts secured yet	Out
Michael Wekerle	No offer made, valuation seen as unjustified for a low-tech product	Out

Rod Johnson, president of River Rock Industries Corp. in Barrie, Ontario, asked for a $200,000 equity investment for 15% plus an additional $500,000 operating line of credit. His company makes the Load-Loc, a foam cargo panel designed to prevent shipping damage by bracing loads, priced at about $26 per panel and intended to last about eight years. He has invested about $200,000 in the product plus an additional $285,000 in machinery for commercial production, for a total of about $485,000 invested, but the company has no sales yet and is just launching commercially, with a stated enterprise valuation of $1.85 million including debt.

All five Dragons declined to invest. Manjit Minhas felt existing shipping protection products already solved the problem more cheaply. Joe Mimran, Michele Romanow, Jim Treliving and Michael Wekerle all cited the lack of sales or contracts and considered the valuation too high for an unproven, low-tech product. There was no deal.

Pitch details from CBC’s Dragons’ Den pitch page.