Here's some news from this morning!
PITTSBURGH, March 5 /PRNewswire/ -- Biocontrol Technology, Inc.
(Nasdaq: BICO) announced today that it has acquired the controlling interest
in International Chemical Technologies, Inc. (ICTI), a Florida company with a
patented revolutionary new metal coating technology that is an alternative for
hard chrome and electroless nickel. Details of the acquisition are limited at
this time, but did involve a minimum down payment with the balance payable
over a three-year period. In 1998, ICTI's potential revenues from the $48
billion metal finishing industry could be as high as $50,000,000 with sizable
profit margins.
Incorporated to produce and market cemkote(R) coating, ICTI, located in
Palm City, FL, has a 10,000 sq. ft. state-of-the-art plating facility capable
of annual chemistry sales of $50,000,000 and plating sales in excess of
$20,000,000. In addition to production, this facility will be
used as a demonstration and training facility for additional plants and
potential licensees of the coating technology. In business since August
of 1997, ICTI has invoiced, tested for, or is in negotiations with companies
such as Ford Motor Company; General Motors; Allied Signal Braking Systems;
Pratt & Whitney Aircraft; USA Today, The New York Times, Los Angeles Times,
and The San Francisco Chronicle.
"Because those who have already used and tested it claim that in the very
near future cemkote will capture the majority of the vast metal alloy coating
business," said Biocontrol Chief Executive Officer Fred E. Cooper, "Biocontrol
expects ICTI and cemkote to generate immediate revenue and be the major profit
center of the company. ICTI is already in serious licensing contract
negotiations with several large coating users."
The metal coating, marketed as cemkote(R), is an alternative for the
approximately ten million metric tons of chromium now used annually worldwide
for plating because cemkote and its application technology deliver a
significantly harder and more abrasive resistant coating without the water and
airborne toxic emissions of chromium plating. These emissions are so much a
concern that the Metal Finishing Subcommittee of the Environmental Protection
Agency's Common Sense Initiative is conducting significant research on
chromium replacement products and improved plating technologies to reduce the
toxic wastes.
Produced in a very stable bath with a closed loop system that produces no
water discharge and clean exhaust air, cemkote is a cost-efficient and
environmentally friendly coating that can be applied to most alloys,
including all steels, titanium and aluminum.
Cemkote is a uniform, nickel boride coating that provides extreme
hardness, corrosion resistance, ductility and low friction. The coating is
harder than tungsten carbide coatings, hard chrome and electroless nickel;
passes ASTM B117 accelerated and salt spray tests of two hundred (200) hours;
and has a lower coefficient of friction than electroless nickel, tungsten
carbide, and hard chrome.
According to the 1996-1997 Market Survey of the Surface Finishing Market
Research Board, the metal finishing industry involves about 10,000 companies,
generating an annual $48 billion in revenue and contributing about $40 billion
to the US gross domestic product. At this time, ICTI plans to license to
these metal finishers the use of the cemkote coating solution; both the
solution and the closed loop production system; or an entire plant for
exclusive use of cemkote. Because only industry standard equipment is needed,
converting to the use of cemkote by plating facilities currently using
chromium or electroless nickel can be accomplished quickly within 2-3 months.
ICTI also plans to seek joint ventures, develop cemkote-coated product
lines, and coat products from other companies in its own facilities.
Literally hundreds of thousands of uses for cemkote exist in all domestic and
international major industries such as aerospace; petroleum; agriculture;
military; tools; mining; textile; printing; automotive; high performance
equipment, etc.
Biocontrol Technology, Inc. (www.bico.com) has its corporate offices in
Pittsburgh, PA and is involved in the development and manufacture of
biomedical devices and environmental products.
This press release contains statements of a forward looking nature.
Shareholders and potential investors are cautioned that such statements are
predictions and that actual events or results may vary significantly.
SOURCE Biocontrol Technology, Inc.
/CONTACT: Investors, Diane McQuaide, 412-429-0673, or fax, 412-279-9690,
or Media, Susan Taylor, 412-279-9455, or fax, 412-279-9447, both of Biocontrol
Technology/
/Web site: bico.com
(BICO)
Don S. |
