Quadrax Announces The Addition of Two New Customers, Substantial Gains in Golf Shaft After Market Sales And Sizeable New Booking Increases At Victor Corp.
PORTSMOUTH, R.I., July 15 /PRNewswire/ -- Quadrax Corporation
(Nasdaq Small Cap Market: QDRX) is pleased to report strong growth in the area of new business development in all of its business units. New customers include golf club manufacturer Echelon Golf, a premier equipment manufacturer with primary presence in the far east and The Fuller Company, a producer of industrial components. The value of the Echelon Golf contract was not disclosed. The Fuller Company has committed to purchasing 11,000 lbs of thermoplastic tape laminate valued at over $360,000. "Quadrax's Advanced Material Systems Group and our Carlsbad, CA-based golf operation are solidifying contracts with new and important customers. As the market continues to recognize the unique features and benefits of our Thermo- Compomsite(TM)material and products, we anticipate that Quadrax's customer base will grow substantially," states Quadrax Chairman and CEO, James J. Palermo.
Market sales of golf shafts are increasing dramatically both through the company's expanded marketing efforts and through its distributor, Golfsmith International. Due to the growing demand for Quadrax's Thermo-Comoposite(TM) golf club shafts, Golfsmith International has expanded the number of SKU's (stocking units) of Quadrax shafts in their catalogue from four units to six units. Additionally, Quadrax has begun to successfully penetrate the professional tours with their Thermo-Composite shafts. In addition to Darryl Anderson, 1994 champion on the long drive tour, Quadrax has signed Brian Barnes and Dennis Coscina on the Senior PGA Tour.Several other professionals have also been playing with Quadrax shafts in tournament play.
Spinergy, a premium high-end bicycle wheel component manufacturer, has
again substantially increased the value of its contract with Quadrax. Shipments are presently being made and are expected to accelerate throughout 1997 and beyond. The value of the most recent incremental increase in the contract is $133,000.
Victor Corporation, Quadrax's wholly-owned subsidiary, has demonstrated strong growth in the ten weeks since being acquired by Quadrax. Commenting on Victor's success, Quadrax Chairman and CEO James J. Palermo says, "With $500,000 in weekly bookings, Victor's continuing improved performance is further validation of the value Victor brings to our shareholders. Victor's number's represent a 20% increase relative to the same months in 1996. The growth opportunity for Victor's business remains strong, and management is fully leveraging that opportunity by tapping new markets and establishing new customer relationships.
Through the efforts of Brad Park, former NY Ranger, Boston Bruin and 1988 NHL Hall of Fame inductee, Quadrax has substantially increased its sales of its Thermo-Composite TP10 hockey stick. Quadrax is currently in the process of expanding its production capacity to meet demand.
Quadrax Corporation produces thermoplastic composite materials using its proprietary fabrication and manufacturing processes for a wide range of high performance commercial and consumer products.
NOTE: Statement made herein that are forward-looking in nature within the meaning of the Private Securities Litigation Reform Act of 1995 are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to, those related to business conditions and the financial strength of the sporting goods industry, particularly for golf shafts, hockey sticks and bicycle wheel components, the level of consumer spending for such products, the ability of the Company to successfully manufacture its products, finance such production and the success of advertising, marketing and promotional campaigns.
SOURCE Quadrax Corporation
CONTACT: Alon D. Kutai, Director of Investor Relations of Quadrax
Corporation, 401-683-6600 |
