News Release:
November 2, 1999
LENP-CDN
2,214,285 Shares issued/outstanding
CUSIP: 52634E104
FOR IMMEDIATE RELEASE
LENOX POLYMERS, LTD. WORKS WITH A FORTUNE-500 TO RECYCLE PAINT SLUDGE
Lenox Polymers Ltd. of Port Huron, Michigan (CDN: LENP) and a Fortune-500 original equipment manufacturer (OEM) are working co-operatively to develop commercial products using Lenox patent-pending resins and residual paint sludge generated
by the OEM. The OEM has provided initial funding for this
development process. Paint sludge is a waste material produced during routine painting operations. Currently, paint sludge is typically disposed of in landfills.
Lenox has developed a proprietary wood binder resin that contains a
significant amount of paint sludge. This resin can be combined with
wood chips and used in the production of pallets. Initial production
testing of these paint sludge wood pallets by an independent pallet
manufacturer has yielded positive results. Lenox also anticipates
that old paint sludge wood pallets can be recycled to manufacture new
pallets or other wood chip products. Furthermore, Lenox anticipates that Lenox's paint sludge resin will have applications in other products in addition to pallets, such as construction particleboard. The benefits that this opportunity provides the OEM include a reduction of its paint ludge disposal costs and eliminate the need for landfill disposal. The benefits that this opportunity provides Lenox include the profit resulting from resin production and sales, the exposure to and relationship with a major OEM.
Lenox Polymers Ltd. develops and produces environmentally friendly
speciality performance resins for the urethane, foundry, adhesive,
coating and plastic industries. Lenox Polymers Ltd. trades under LENP
on Toronto's Canadian Dealing Network with its principal operations and facilities located in Port Huron, Michigan of the greater Metropolitan area of Detriot, Michigan, USA.
On Behalf of the Board,
Lenox Polymers, Ltd.,
For further information, contact Ken Kurple (810) 364-3774 or Rich Kaiser (800) 631-8127. |
