ThermaCell Acquires Arizona Paint Company
PR Newswire - March 23, 1998 08:20
Will Expand Distribution to Lucrative Southwest Markets;
To Add Another $1 Million in Annualized Sales Within 12 Months
MIAMI, March 23 /PRNewswire/ -- ThermaCell Technologies, Inc. (Nasdaq: VCLL, VCLLW) has acquired the assets of privately-held Ladehoff Paint Company of Phoenix, AZ, it was announced today. Terms were not disclosed.
John Pidorenko, Chairman, President and CEO of ThermaCell, said the acquisition will serve as a vehicle to expand distribution of the Company's ThermaCool(R) line of insulation enhanced paints and coatings to the lucrative Southern California and Southwest markets. Mr. Pidorenko said plans call for an expanded Ladehoff to add at least $1 million in sales on an annualized basis within 12-months, which would build ThermaCell's run rate to more than $5 million, including the recently announced Distribution America agreement.
In addition to its location, Mr. Pidorenko said Ladehoff offers other strategic advantages. It is a 17-year old company that sells paints and coatings to local distributors and contractors; it specializes in roof coatings, one of ThermaCool's primary target markets; and Ladehoff owns the well-established regional Colorcrest(TM) brand.
Ladehoff is ThermaCell's third acquisition of a regional paint company. In late 1995, ThermaCell acquired the assets of C.F. Darling Paint & Chemicals, Inc. and relocated it to Holiday, FL. In mid-1997, ThermaCell acquired Atlas Chemical Company of Miami, FL.
ThermaCell was founded to develop, manufacture and market insulating materials and coatings using an innovative, microsphere insulation technology. Microspheres are uniform, hollow, glass bubbles that look like fine, white sand. Mixed in paints, coatings and other building materials, microspheres create a barrier that can be more effective and less expensive than conventional insulation. Tests show that ordinary shingles coated with ThermaCool reduces temperatures on the roofs of Florida homes by more than 30%, cutting down the wear on exterior surfaces and air conditioning needs inside. NASCAR Racing Teams report that ThermaCool also reduces the extraordinary heat in driver compartments by 50-60%, improving comfort levels and cutting down the wear on equipment.
Forward-Looking Statements: This news release contains certain
"forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, which provides a new "safe harbor" for these types of statements. To the extent statements in this news release involve, without limitation, product development and introduction plans, the Company's expectations for growth, estimates of future revenue, expenses, profit, cash flow, balance sheet items, sell-through or backlog, forecasts of demand or market trends for the Company's product categories and for the industries in which the Company operates, or any other guidance on future periods, these statements are forward-looking statements. The Company assumes no obligation to update forward-looking statements.
Contact: Gary Fishman, or Susan Romeo, both of The Hudson Stone Group,212-527-4808, for ThermaCell Technologies.
SOURCE ThermaCell Technologies, Inc.
/CONTACT: Gary Fishman, or Susan Romeo, both of The Hudson Stone Group,212-527-4808, for ThermaCell Technologies/
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