Remember this one.... One month later they closed down???
PORTSMOUTH, R.I., Nov. 10 /PRNewswire/ -- Quadrax Corporation
(Nasdaq: QDRX) responded to repeated inquiries from the investment community
as to the status of the company's business and future prospects.
Quadrax is pleased to report that October for Quadrax represented the
largest month for shipments in its history since it began serving the
commercial markets. The Quadrax order backlog (independent of Victor)
currently stands at approximately $2.5 million. The Company has been working
diligently to generate further awareness of its golf club shafts and hockey
stick shafts and other products.
With respect to the Quadrax Golf business, Mike Buck, Vice President of
Sales and Marketing commented, "Our golf business continues to grow as
evidenced by our having the highest sales production of any quarter thus far.
We are continuing to see robust sales through Golfsmith International and
Austad's. Additionally, our aftermarket sales force are selling approximately
$50,000 of shafts per month. Our previously announced relationship with
Taylor Made continues to progress. We also are continuing to work with a
number of other OEM's to utilize our golf club shaft in their fully assembled
club. We are confident that we will have new relationships and contracts in
the near future.
The Company continues to be very excited about our shaft and its benefits.
The marketplace is definitely taking notice to our technology and our shafts
are meeting with increasing acceptance on the major professional tours.
Finally, it is our objective to unveil our line of iron shafts at the PGA
Merchandise show in January."
Brad Park, 1988 N.H.L. Hall of Fame inductee and current Quadrax
representative, has been highly successful at introducing the Quadrax TP-10,
TP-12 Thermo-Composite(TM) and A-20 thermoset hockey sticks to the National
Hockey League, American Hockey League and collegiate teams.
Commenting on the feedback he has been receiving, Brad stated, "I have
been receiving a very good response to our sticks from the professional and
amateur communities alike. Players specifically comment on the sticks'
lightweight and superior feel relative to what they were using. We (Quadrax)
will be receiving our American Hockey League license and are applying for our
National Hockey League license. The licenses are important as they allow
professional players in those respective leagues to use the Quad-Force(TM)
sticks in game play with the Quadrax name fully exposed. Steve Guollo of the
San Jose Sharks and team rookie of the year for the 96'-97' season, for
example, has been using the stick in game play and has scored with it."
Continuing, Brad said, "It is important that we generate professional
sponsorship, as that is what directly influences the retailers and the
consumers buying trends."
Dave Park, General Manager of Quadrax Advanced Materials, regarding
Quadrax's business said, "Our backlog continues to grow and our relationship
with our customers is excellent. Spinergy, our high-end bicycle wheel
manufacturing customer is continuing to see robust demand for the new roks-XE
mountain bike wheel. Martin Connolly, President and CEO of Spinergy says that
they literally cannot produce the wheels fast enough. In addition, the
industrial part of our business is growing handsomely. In fact, two of our
industrial customers have introduced new products made from our materials this
year. These new products are being received so well in their markets that we
are now discussing extended exclusive supply contracts with them at there
request."
John Palermo, President of Quadrax's wholly-owned subsidiary Victor
Electric Wire and Cable, reports, "We are very pleased with our six month
performance since we were acquired by Quadrax. We have thus far generated
$600,000 in cash flow and add $2,000,000 in equity to the Quadrax entity. We
are broadening our customer base and anticipate earning new business with a
variety of companies outside the U.S. Our long term contracts coupled with
our extensive pipeline and quotations for new business should make for a
marked improvement in our 1998 revenues.
Finally, the company indicated that it will release their third quarter
1997 earnings numbers on November 13, 1997.
Quadrax Corporation is a vertically integrated producer of thermoplastic
composite material using a proprietary fabrication and manufacturing process.
The material is used in a wide range of high-performance commercial and
consumer products including golf club shafts, hockey stick shafts, lacrosse
stick shafts and bicycle components.
Statement made herein that are forward-looking in nature within the
meaning of the Private Securities Litigation Reform Act of 1995 are subject to
risks and uncertainties that could cause actual results to differ materially.
Such risks and uncertainties include, but are not limited to, those related to
business conditions and the financial strength of the sporting goods industry,
particularly for golf shafts, hockey sticks and bicycle wheel components, the
level of consumer spending for such products, the ability of the Company to
successfully manufacture its products, finance such production and the success
of advertising marketing and promotional options.
SOURCE Quadrax Corporation |
