Tell us why the patents valued at "$20 million" do not appear as assets in the Plasticon 10KSB just issued.
According to an independent appraiser and the federal courts, Plasticon's recycled plastic product patents are valued at $20 million.
Plasticon Receives Patent Confirmation for PAC Chair III -- Plasticon's Patents Now Valued at $20 Million
Monday September 12, 8:30 AM EDT
LEXINGTON, Ky., Sept. 12, 2005 (PRIMEZONE) -- Plasticon International Inc. (PLNI), the technology leader of the recycled plastics sector, announced today it has recently received confirmation of the company's patent for the PAC Chair III product, the latest innovation from the company.
The PAC Chair III, in one product, replaces all four conventional metal rebar support products -- wire, galvanized, epoxy coated, and stainless steel. "Our industry first PAC Chair III includes the mesh market and the on-grade market with a single product that is both stackable and self-contained with a sand plate, allowing for 3 heights (2 rebar and one mesh)," said Jim Turek, president and CEO of Plasticon International. "This makes the PAC Chair III the most versatile individual rebar support on the market today."
Sales of the PAC Chair III will be made through Plasticon's exclusive domestic distributor, the largest building materials distribution company in the U.S. with 63 strategically located warehouses nationwide.
"Because the PAC Chair III products are stackable, they are much more convenient for workers in the field," Mr. Turek said. He continued to state that, "Metal rebar supports are not stackable, making it difficult to carry more than 32 at a time in a large box. However, the PAC Chair III is stackable, allowing a worker to carry up to 225 individual supports in that same size box. This product gives the construction industry a tremendous opportunity to increase efficiency and productivity. The PAC Chair III also reduces shipping costs. We are pleased that the demand is so high for our newest product offering, and we believe that the clear advantages this product offers will continue to drive sales."
The PAC Chair III is the most recent patent that the company has received. According to an independent appraiser and the federal courts, Plasticon's recycled plastic product patents are valued at $20 million. Additionally, since the inception of the company, Plasticon has built an inventory of injection molds that the company owns outright, which are presently valued at over $10 million.
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The most recent patent – which has NOT been assigned to Plasticon.
United States Patent D500,243
Turek December 28, 2004
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Rebar, beam and mesh highchair
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Claims
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The ornamental design for a rebar, beam and mesh highchair, as shown and described.
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