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Wednesday January 7, 6:33 pm Eastern Time
Company Press Release
Midland Announces Alliance with Industrial Clearinghouse, Inc.
DALLAS--(BUSINESS WIRE)--Jan. 7, 1998--Midland (Nasdaq:MIDL - news) is proud to announce that it has just completed a Strategic Alliance with Industrial Clearinghouse, Inc.
Industrial Clearinghouse is a 10-year-old company specializing in the rapidly evolving field of Disposition Management and Secondary Marketing of industrial products and consumables. Industrial Clearinghouse is well established in this market and has ongoing business relations contracts with many of the largest companies in the US such as Duke Power, Southern Power, Boeing Airport Equipment, Applied Industrial Technologies, Abbott Labs, and others.
The Company is pleased to have completed this ''partnership'' since it directly melds into the operating philosophy of Midland. Acting as a direct agent for Midland, ICH will convert existing business into revenues for Midland. It is expected that in 1998, these gross revenues will exceed one million dollars.
Disposition Management and Secondary Marketing, the specialities of ICH, is an industry whose time has arrived. It involves the disposal of surplus products (new products but surplus to the needs of the existing owner) using sophisticated computer databases to match customer needs with the surplus available. It has been estimated by various sources that this market exceeds one billion dollars per year in the USA. Gross Margins are typically in the 75% range making sales extremely profitable. Midland is well situated to enhance the viability of this market using its propriety copyrighted software, ''INTERCHANGE.XREF,'' along with ''SOFT WRENCH,'' ''PROFIT POOL'' and other in-house programs specially designed for this market. It is our belief that this market will be a major contributor to profits. The Corporate objective is to capture some 10 to 20 percent of this market within five years.
Midland is actively seeking additional Industry related opportunities, merger candidates and acquisitions. This activity along with its continuing search for inventory ''partners'' will insure a profitable 1998 for Midland.
Midland is a fully reporting company and is listed on the NASDAQ Bulletin Board Exchange under the trading symbols of MIDL (Common), MIDLW (Warrants) and MIDLP (Preferred).
Contact:
Midland, Inc., Dallas
Investor Relations, 800/754-4519
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