Quadrax Receives Initial Order From Spinergy
PORTSMOUTH, R.I.--(BUSINESS WIRE)--February 10, 1997--Quadrax Corporation
(Nasdaq-Small Cap Issues: QDRX) announced today that it received an initial purchase order
from Spinergy, Inc. a manufacturer of high performance composite bicycle wheels and
components, to supply laminated thermoplastic composite materials for Spinergy's new product
line currently under development. Terms were not disclosed.
According to Martin Connolly, President and chief Executive Officer of Spinergy, Inc., "The
performance of our revolutionary new product, made with Quadrax Thermo-Plastic(TM)
composites, has exceeded our expectations. We would not be surprised, in light of the aggressive
marketing thrust we've planned for this product, if sales exceeded one million units. Now that
we've seen the potential for Quadrax Thermo-Plastic(TM) composites, we're excited about
developing additional new products for the rapidly-growing mountain bike market."
Dave Park, Vice President for Product Development for Quadrax, said "We share Marty's
enthusiasm about the prospects for Spinergy's new product, for which we expect to begin shipping
our Thermo-Plastic(TM) composite material shortly. Spinergy's creative design is further proof that
our Thermo-Plastic(TM) composites offer performance advantages that can translate into market
advantages for our customers."
James J. Palermo, Chairman and Chief Executive Officer of Quadrax Corporation, added, "This
initial order is further validation of our strategy to increase sales of Quadrax Thermo-Plastic(TM)
composites by focusing on applications in sporting goods markets. The combination of light weight,
high strength, shock absorption and toughness of our material is ideal for products such as golf
shafts, hockey and lacrosse sticks and bicycle components, all of which are now being
manufactured and shipped. We are very pleased with the relationship we have formed with
Spinergy and look forward to working with them to develop new products.
Spinergy Inc., of Wilton, CT., is a world leader in the design, manufacture and sales of
high-performance composite bicycle wheels and components.
Quadrax Corporation produces thermoplastic composite materials using its proprietary fabrication
and manufacturing processes for a wide range of high-performance commercial and consumer
products.
Statements made herein that are forward-looking in nature within the meaning of the Private
Securities Litigation Reform Act of 1995 are subject to risks and uncertainties that could cause
actual results to differ materially. Such risks and uncertainties include, but are not limited to, those
related to business conditions and the financial strength of the sporting goods industry, particularly
for high performance bikes and related products, the level of consumer spending for such
products, the ability of the Company to successfully manufacture its products, finance such
production and the success of advertising, marketing and promotional campaigns.
CONTACT: Quadrax Corporation
Edward A. Stoltenberg, C.F.O.
401/683-6600
or
Hal Levine/Marty Cohen,
The Levine Group
212/682-8875 |
