ThermaCell in Pact with PCI to Develop New Microsphere Products
MIAMI, June 3 /PRNewswire/ -- ThermaCell Technologies, Inc. (Nasdaq: VCLL - news,VCLLW - news) announced a major licensing agreement for its innovative microsphere insulation technology with privately-held Precision Coatings, Inc. (PCI) of Walled Lake, MI, a leading company in the application of specialized coatings to plastic film and paper for products marketed by Fortune 500 companies.
The exclusive agreement calls for ThermaCell and PCI to develop new, value-added coated film products employing ThermaCell's microsphere technology and PCI's ability to apply high resolution, specialty coatings to plastic film and paper. Initial applications under investigation include growing markets for construction insulation film, safety reflective surfaces and transdermal drug delivery systems.
Terms were not disclosed, but the agreement calls for PCI to buy microspheres from ThermaCell and to manufacture and market the new products. The agreement also calls for profit sharing under certain circumstances. PCI has manufacturing plants in Michigan and Illinois. In addition to its Fortune 500 customer base, PCI markets its products and services through a 500 member dealer network located around the world.
John Pidorenko, Chairman, President and CEO of ThermaCell, said the agreement with PCI is materially significant because it enables ThermaCell to significantly expand its penetration of the $3 billion special purpose coatings market without having to undertake the capital investment and expenditure typically associated with such an effort.
Patrick Rich, a principal of PCI and Vice President of Corporate Development, said the agreement is in line with PCI's history of creating value for its customers through the development of innovative, unique, high-quality coated products and services. ''From highly specialized boutique laboratories to Fortune 500 customers, we've built our reputation on delivering state-of-the-art products on target, on time, and on the money,'' he said. ''We think ThermaCell's microsphere technology has the potential to deliver in several new markets for us.''
ThermaCell already has developed products and applications for its microsphere technology in the liquid coatings industry through its ThermaCool line of paints and coatings, currently sold by ThermaCell's two operations in Florida. Later this year, marketing is expected to expand through the Company's newly acquired paint manufacturing and distribution operation in Arizona and ThermaCell's new marketing agreement with Distribution America, a buying group that operates more than 50 distribution centers servicing more than 25,000 independent hardware stores.
Founded in 1993, ThermaCell develops materials and coatings based on its microsphere technology. Microspheres are uniform, hollow, glass bubbles that look like fine, white sand.
Mixed in paints and coatings or applied to film, evacuated microspheres can be used to create a barrier that can prevent heat transfer, providing high insulation value. Alternatively, microspheres can be filled with a gas or liquid and used, for example, to create transdermal, or patch-like, drug delivery systems.
Founded in 1970, PCI primarily markets its products and services for the digital imaging market, for the manufacturing of electronic circuit boards, for the lithographic industry, and for automotive and consumer products.
As previously reported, tests on ordinary shingles on Florida homes painted with ThermaCool Roof Coating dramatically reduced temperatures by more than 30%, reducing wear on the roof outside and air conditioning needs inside. NASCAR Racing Teams report that ThermaCool Racing Products reduce the extraordinary heat in driver compartments by 50-60%, reducing wear on equipment as well as drivers.
For more information on ThermaCell, call 212-527-4808 or visit the website thermacell.com. For more information on Precision Coatings, Inc., call 248-363-8321 x345 or visit the corporate development page of the www.pcicoatings.com website.
Forward-Looking Statements: This news release contains certain ''forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995, which provides a new ''safe harbor'' for these types of statements. To the extent statements in this news release involve, without limitation, product development and introduction plans, the Company's expectations for growth, estimates of future revenue, expenses, profit, cash flow, balance sheet items, sell-through or backlog, forecasts of demand or market trends for the Company's product categories and for the industries in which the Company operates, or any other guidance on future periods, these statements are forward-looking statements. The Company assumes no obligation to update forward-looking statements.
Contacts: ThermaCell Investor Relations: Gary Fishman or Susan Romeo at 212-527-4808. ThermaCell Broker Liason: John Carney, Capital & Media Partners, at 407-839-1987.
Precision Coatings Inc.: Patrick Rich at 248-363-8321, ext. 345.
SOURCE: ThermaCell Technologies, Inc. |
