ThermaCell Announces New Business, On
Track with Acquisitions
SARASOTA, Fla., Nov. 18 /PRNewswire/ -- ThermaCell Technologies, Inc. (Nasdaq: VCLL - news, VCLLW - news) confirmed it has begun shipping product for a new regional retail customer that could be responsible for a 10-50% increase of now existing revenues based on initial test marketing. The Company will continue to make public the progress of this new customer.
ThermaCell also confirmed it is on track to close on its acquisition of Sealco Systems, Inc. and T-Coast Pavers, Inc. of Stewart, Florida within the next 30 days. ThermaCell signed a letter of intent in October to acquire the two, profitable, privately held companies for $1 million in cash, stock and a management contract. With more than $2 million in sales, the acquisitions will nearly double ThermaCell's revenues and enable it to become profitable for the first time since inception, starting with the March 1999 quarter.
ThermaCell Technologies, Inc. is a vertically integrated manufacturer and marketer of technologically enhanced coatings and building materials that provide greater insulation, protection, strength, longevity and value at a lower cost than conventional materials.
Company Contact: Gary Fishman or Kimberly Boshara at 212-527-4808.
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.
SOURCE: ThermaCell Technologies, Inc. |
