2. The Trustee is hereby AUTHORIZED to consummate the purchase agreement with the Buyer for the Assignment of the Patents and the sale of the Tooling and Inventory of the Debtor,
04/11/2008 422 Motion to Sell Property under Section 363(b), filed by Stephen Barnes. Hearing scheduled for 4/17/2008 at 02:00 PM at Lexington Courtroom, 3rd Floor. (Attachments: # 1 Proposed Order) (Barnes, Stephen) (Entered: 04/11/2008)
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Summary of Agreement Terms
8. Pursuant to the Agreement, the Buyer agrees to pay the Trustee $90,000 cash, in exchange for the following: (a) the Inventory; (b) the Tooling; (c) the Patents; and (d) full credit toward payment of a receivable owed by Durajoint USA in the amount of $19,971.91. The Agreement is subject to approval by this Court by April 20, 2008.
04/11/2008 422 Motion to Sell Property under Section 363(b), filed by Stephen Barnes. Hearing scheduled for 4/17/2008 at 02:00 PM at Lexington Courtroom, 3rd Floor. (Attachments: # 1 Proposed Order) (Barnes, Stephen) (Entered: 04/11/2008)
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Plasticon Receives Patent Confirmation for PAC Chair III -- Plasticon's Patents Now Valued at $20 Million
primenewswire.com
LEXINGTON, Ky., Sept. 12, 2005 (PRIMEZONE) -- Plasticon International Inc. (Pink Sheets: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.
For more information about Plasticon International, please visit the Plasticon International web site at www.plasticonintl.com. Plasticon was recently featured in Investor's Business Daily and can be viewed on the Investors.com web site for 30 days starting Monday, August 22, 2005 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.
Note for Plasticon Customers:
To reach BLUELINX, direct customer service line, Eastern Division, please call (800) 839-2588. Please ask for Michael Thornton (ext. 35547) or Thomas Fowler (ext. 35562). To reach the Western Division of BLUELINX, please call (800) 830-7370. Please ask for Mark Gariepy (ext. 66069). A map of the eastern and western divisions of the U.S. for BLUELINX Distribution can be seen on the BlueLinx Corporation website at bluelinxco.com or on the Plasticon International web site at plasticonintl.com.
Disclaimer:
The Company relies upon the Safe Harbor Laws of 1933, 1934, and 1995 for all public news releases. Statements, which are not historical facts, are forward-looking statements. The company, through its management, makes forward-looking public statements concerning its expected future operations, performance, and other developments. Such forward-looking statements are necessarily estimates reflecting the company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the company include, but are not limited to, government regulation; management and maintaining growth; the effect of adverse publicity; litigation; compensation; and other factors which may be identified from time to time in the company's public announcements.
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Plasticon International, Inc.
Investor Relations
Matt Maguire
Ph: (866) 843-2775
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