Applies to -- DD -- DOW -- IFOS
Int'l Foam Solutions In Talks With DuPont & Japanese for 5 Yr. Contract Valued at over $50 Million.
Int'l Foam Solutions In Talks With DuPont & Japanese for 5 Yr. Contract
Valued at over $50 Million.
DELRAY BEACH, Fla., Sep 5, 2000 (BUSINESS WIRE) -- International Foam Solutions,
Inc. (OTCBB: IFOS) announced today the Company has received confirmation that
Waco Pure Chemical Industries, Ltd. (WPCI), an affiliate of the Mitsui Group,
one of the six ban-centered Japanese keiretsu or conglomerates. WPCI is
finalizing discussions with Mitsui Trading Company, another Mitsui affiliate
company to distribute International Foam Solution's flagship product Styro
Solve(c), and technology in the Far East in Japan as early as this month.
Millions of dollars are spent each year in the U.S. as well as Asia and Europe,
disposing of polystyrene, (polystyrene is better known as Styrofoam(TM) which is
a Dow Chemical trademark (NYSE: DOW), which is commonly used in food containers.
The current methods are environmentally undesirable. The RCRA (Resources
Conservation and Recovery Act) Report verifies the simple truth that IFS is the
only company in the United States with an environmentally safe, EPA verified
process which can completely eliminate the disposal of polystyrene in our
landfills which now amounts to approximately 4 1/2 million tons annually in this
country alone.
IFS's unique recycling methods the used polystyrene is first turned into
"Polygel(c)" which is then liquefied, filtered and made into pellets, beads,
flakes or manufactured products (such as video cassettes, pens, rulers, paper
clips and holders, signage, etc.). The quality and purity of the recycled
polystyrene makes this another revenue stream for IFS. "The size of the
polystyrene market is so vast (approx. 9 billion pounds per year in the U.S. or
2.7 billion dollars) all that IFS looks to capture is a small percent of this
market 2-5 percent" said Harvey Katz, CEO of IFS.
International Foam Solutions, Inc. CEO Harvey Katz stated today "that WPCI in
Japan has a customer who is establishing a polystyrene recycling center. Their
customer, Mitsui Trading Company, is negotiating with their partner to establish
a new company for this project." This can be as soon as the end of this month.
"When completed - the contract represents a five (5) year commitment between IFS
and WPCI" continued Katz. "This contract will be the largest contract in IFS
history that will produce over ten (10) million dollars per year in sales." WPCI
had IFS quote up to two (2) container loads of Styro Solve(c) per day five (5)
days per week. These container loads will ship weekly or monthly to the new
company in Japan. Japan uses about 230,000 tons of polystyrene per year.
Katz stated when asked, "that it is only prudent for IFS to discuss future
purchases with DuPont(R) as it main supplier of the main component of Styro
Solve(c)."
"DuPont(R) (NYSE: DD) supplies the main component of Styro Solve(c). This
component is non-hazardous, not flammable, and is readily biodegradable.
DuPont(R) is committed to environmental initiatives such as polystyrene
recycling and to providing a reliable supply to IFS as it grows this market.
The Styro Solve(c) system will be featured in the DuPont(R) magazine later this
year." Stated Nadine deVries of DuPont(R).
Companies, schools, businesses, and government facilities using IFS's
proprietary Styro Solve(c) system to dispose of polystyrene typically save 40 to
50% of their waste haulage budgets with our more cost-effective and efficient
method of disposing of polystyrene. The IFS proprietary Styro Solve(c) System
saves money, manpower, and landfills creating a Win-Win situation for local
governments, businesses, commerce, residences, and the environment." Said Katz,
CEO of IFS.
Visit the Company's website at internationalfoamsolutions.com.
The statements made by International Foam Solutions (IFS) may be forward-looking
in nature. Actual results may differ materially from those projected in
forward-looking statements. IFS believes that its primary risk factors include,
but are not limited to: the need for substantial financial requirements; the
need to develop effective internal process and systems; the ability to attract
and retain high-quality employees; changes in the overall economy; changes in
technology; the number and size of competitors in its markets; changes in the
law and regulatory policy; and the mix of product and services offered in the
company's target markets.
CONTACT: International Foam Solutions
Harvey Katz or Tony Bianco, 561/272-6900
or
Investor-gate
Kevin Leigh, 818/993-3227
URL: www.investor-gate.com
businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2000 Business Wire. All rights reserved.
-0-
KEYWORD: FLORIDA JAPAN INTERNATIONAL ASIA PACIFIC
INDUSTRY KEYWORD: CHEMICALS/PLASTICS
ENVIRONMENT |
