Fantastic News! But then everything about this uh, "company" has been fantastic. :(
Airtech Projects First Quarter Profitability and Restructures for
Aggressive Growth
DALLAS, May 8, 2001 (BUSINESS WIRE) -- Airtech International Group, Inc.
(OTCBB:AIRG) announced today that the Company has projected first quarter
profitability in FYE 2002, commencing June 1, 2001, and implemented an
aggressive corporate restructuring plan.
Airtech is forecasting a fiscal year 2002, first quarter ending August 31, 2001
net, after tax, income per fully diluted share, of estimated $0.01 earnings per
share. Airtech bases the forecast on first quarter sales of $3,500,000 to its
new distributors of its new and improved products based on an aggressive pricing
program. After reducing the gross sales by overhead and cost of sales, the net
income is spread over a fully diluted projected shareholder base of
approximately 50mm shares.
Airtech management said that the restructuring plan accomplishes a number of
important objectives including (1) consolidation of the corporate offices into
the manufacturing facilities, (2) substantial reduction in operational expenses,
(3) a strategic departure away from US consumer franchising concept in favor of
more conventional distribution channels, (4) substantial reduction in senior
management payroll and reduction of administrative staff, and (5) enhanced
product profit margins through outsourcing of some of its manufacturing.
Airtech Chairman & CEO, C.J. Comu, stated, "Management views the restructuring
as an integral step to a very successful future in the rapidly expanding indoor
air quality industry. The effects of a temperamental stock market and possible
signs of recessionary factors combined with layoffs and downsizing by larger
corporations made us evaluate and better plan for our future. Airtech is now
more prepared than ever to compete successfully in the indoor air filtration
market with a clarity of corporate focus, an outstanding product line,
significantly reduced costs of operation, and a rapidly growing worldwide
distribution channel. The Company is better equipped than ever to serve new
customers and emerging markets, particularly Latin America and the Pacific Rim.
Airtech has located all departments in the same facility, R&D, engineering,
manufacturing, administration and shipping The recent distribution focus with
North American commercial sales managed by W&B Service Company Inc., and
portable sales to the DME/HME markets managed by Southern Therapy Inc., will
allow Airtech to focus on manufacturing and support responsibilities.
Comu added, "Airtech has planned an open house/product show at its Manufacturing
facility for shareholders and vendors on June 29th 2001 between 9am-1pm."
Attendees are requested to contact the Company for more information or
directions at 972/960-9400.
Airtech, founded in 1994, (www.airtechgroup.com) first achieved market
recognition with its air purification technology by providing advanced
technology and engineering to remove harmful indoor airborne contaminants. Its
corporate customers include: Southwest Airlines, AlphaGraphics, El Chico's,
Bennigan's, TGI Friday's, Del Frisco's Double Eagle Steakhouses, Sullivan's, and
many more. Airtech International Group Inc., is a publicly traded company on
Nasdaq/OTCBB market under the symbol ("AIRG").
Forward-looking Statements in this document that are not historical fact are
"forward-looking statements" as that term is defined in the Private Securities
Litigation Reform of 1993. Forward-looking statements are not guarantees of
future performance. Our forward-looking statements are based on trends that we
anticipate in our industry and our good faith estimate of the effect on these
trends of such factors as industry capacity, product demand, and product
pricing. These statements are also subject to risks and uncertainties beyond our
reasonable control that could cause our actual business and results of
operations to differ materially from those reflected in our forward-looking
statements. These risks are described in the Company's Form 10-K filed September
7, 2000.
CONTACT: Airtech International Group, Inc., Dallas
R. John Harris, 972/960-9400
URL: businesswire.com |
