Plasticon's Attorneys have Completed Due Diligence for Semco Acquisition
8/29/2005 8:30:13 AM
LEXINGTON, Ken., Aug 29, 2005 (PRIMEZONE via COMTEX) -- Plasticon International Inc. (Pink Sheets:PLNI) today announced that Plasticon's attorneys have completed due diligence for the privately financed acquisition of Semco, Inc.
"We are very excited that this process is moving forward," said Jim Turek, President and CEO of Plasticon International, Inc. "We are currently awaiting confirmation of Semco's chemical process through an independent laboratory. We look forward to getting the results as soon as possible so that we can proceed."
According to Mr. Turek, there has been exceptionally strong interest in Semco's products among suppliers and distributors in the industry. Semco's revolutionary surfacing technology provides the only products on the market today that completely waterproof the structures they are bonding to. "Since our announcement about the letter of intent to acquire Semco, we have been inundated with phone calls and inquiries about Semco's product line," Mr. Turek said. "In fact, we already have ten potential regional licensees lined up to distribute Semco's products. The reason for this is simple: Semco's products are both essential and unique. They have the only product on the market which truly prevents water damage. This problem has always plagued the construction industry and costs the U.S. billions of dollars annually."
Like Plasticon International, Semco, Inc. has a deep commitment to being on the cutting edge of technology in their sector. Semco's products, which represent a significant technological advance in the industry, completely waterproof the structure they are bonding to. "Not only are their products unique," Mr. Turek said, "They also perfectly complement our recycled plastic rebar support products. This is product synergy at its best."
Mr. Turek continued, "A perfect example of how are products will work together is the application to bridge construction, which is a huge segment of the construction industry. A very high percentage of bridges are plagued with water damage problems, and that's why companies increasingly have turned to Plasticon's rebar support products. Now we have the opportunity to sell Semco's concrete coating products to those same customers, which adds a critical layer of waterproofing protection." Semco's products add years to the life of the structure by eliminating the absorption of water into concrete. Until now, water damage has corroded the metal rebar support which has been used in bridge construction in the past. "The combination of Plasticon's rebar supports, which are impervious to water because they are made from recycled plastic, and Semco's surfacing products, which completely waterproof the structure they are bonded to, is unprecedented in our sector," Mr. Turek said. "These two products, offered together, offer the perfect waterproofing solution for the construction industry."
About Plasticon International, Inc.
Plasticon International (www.plasticonintl.com) designs, produces and distributes high-quality concrete accessories, transportation signage, plastic lumber and office supplies which are all produced from recycled and recyclable plastics. Plasticon is a leader, an innovator of cutting edge design, engineering, and production of industrial and commercial products. Plasticon is a green Company, environmentally friendly, using recycled plastics to produce its line of products.
SOURCE: Plasticon International, Inc.
Plasticon International, Inc.:
Jim Turek, President and CEO
3166 Custer Drive, Suite 101
Lexington, Kentucky 40517
web site: www.plasticonintl.com
Contact Investor Relations:
Matt Maguire
Ph: 866 843 2775
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