Product Recovery Technology International Inc., which breaks down used rubber products, raised $1.17 million in a private equity offering last week, according to a Securities and Exchange Commission filing.

The Franklinton-based private company had raised $1.3 million back in March. In the latest offering, 21 investors bought a stake in the company.

“Other than the payment of salaries and other compensation and benefits, no officer, director or promoter will receive any payments from the proceeds of this offering,” said the company in the filing.

Jason Williams, chief executive officer of PRTI, founded Urgent Cares of America in 2001, where he served as president and CEO until 2010.

PRTI was founded in 2013 and has one facility in Franklinton. The company’s patented rubber depolymerization system fractionalizes rubber and tire waste into syngas, steel, oil and carbon products.

The company has partnered with Raleigh-based Causam Energy to use its EnergyNet software to sell its distributed energy back to the power grid through local utilities across North America.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically after they first sell their securities.