ThermaCell Technologies Completes Acquisition of Atlas Chemical
HOLIDAY, Fla.--(BUSINESS WIRE)--Aug. 4, 1997--Thermacell Technologies Inc. (NASDAQ Small Cap: VCLL) announced today that it has acquired 100% of the outstanding stock of Atlas Chemical Company, a privately held specialty paints and coatings manufacturer located in Miami.
Atlas Chemical manufactures and distributes over 200 types of solvent and water based materials including Flex-Lok and Bond-It, two products which have been produced for over 20 years. The company recently reported unaudited annual sales of 2.4 million for the fiscal year ending June 30, 1997.
John Pidorenko, president and chief executive officer of Thermacell Technologies Inc., said, ``This timely acquisition is an important step in the development of our company and accelerates the introduction of our new technologies such as Thermacool to the paint industry. We believe the addition of Atlas Chemical Company to Thermacell will greatly increase our distribution and increase our annual sales to $4 million a year. We also believe this acquisition will allow us to report a profit within the first three months.''
This acquisition gives Thermacell the ability to expand its current product line and introduce them to Atlas Chemical's customers which include major distributors and wholesalers in the paint industry. ACE Hardware, Builders Square, Sherwin Williams and Boeing Aircraft buy from Atlas Chemical. Management believes this additional customer base will result in the substantial growth of Thermacell Technologies over the next three years.
Thermacell Technologies will reduce costs and streamline production by consolidating its coatings manufacturing business with Atlas Chemical into one facility. Atlas will operate as a wholly owned subsidiary of Thermacell and continue to produce its present line of products. Financial terms of the transaction were not announced.
The reader is advised that this release contains forward looking statements of the company and a variety of factors could cause the company's actual results and experience to differ materially from the anticipated results or their expectations expressed. Additional information regarding those factors are available upon request.
For more information, please call Richard Margulies or Eric Low at CMI Public Relations Services Inc., a wholly owned subsidiary of Creative Media International Inc., at (732) 225-1234, fax (732) 225-1230 or Email: NYCMI@aol.com
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Contact:
CMI Public Relations Services Inc.
Richard Margulies or Eric Low
Tel: 732/225-1234
Fax: 732/225-1230
Email: NYCMI@aol.com
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