Plasticon Transfers Wholly Owned Inventory of Injection Molds to New Production Facility
Injection Molds Have Been Independently Valued at $10 Million
10/31/2005 8:30:32 AM
LEXINGTON, KY, Oct 31, 2005 (MARKET WIRE via COMTEX) -- Plasticon International Inc. (PLNI) announced today that on October 28, the company moved its wholly owned inventory of injection molds to the Pro Mold, Inc. production facility, to prepare for the completion of the acquisition of Pro Mold on November 9th. The inventory of injection molds has been independently valued at $10 million.
"We want to be prepared to immediately get into production the day after closing the acquisition," said Jim Turek, President and CEO of Plasticon International. "That is the main reason why we decided to move our inventory of injection molds in advance. There is a $1 million backlog in orders for Pro Mold. Additionally, demand has been increasing for our patented recycled plastic rebar support products, so we are very anxious to hit the ground running with our new facility. Acquiring Pro Mold, Inc. is a milestone in the history of the company. Plasticon will no longer rely on contract manufacturing from this point forward. This is the first time that Plasticon will control the manufacturing process from start to finish through its own wholly owned production facility."
The new production facility allows for $20 million in production and sales annually at present production capacity, and $8 million to $10 million in additional production capability with the recent purchase of several new Toyo machines. The total production capacity for the facility in the first year will be between $28 million to $30 million.
For more information about the Plasticon International and for important updates, please visit the Plasticon web site online at www.plasticonintl.com. Plasticon was recently featured in Investor's Business Daily and can be viewed on the Investors.com web site at: investors.com. It can also be viewed on the Plasticon International web site at: plasticonintl.com.
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.
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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