Krumholz, president and CEO of Liteglow Industries Inc. (BB:LTGL)
announced Thursday that he will be arriving in China March 30th to
consummate a Joint Venture agreement to open a manufacturing facility.
The new facility will allow Liteglow to expand its capacity for
products, to accommodate the influx of new business. While in China,
visits will also be made to several existing factories and suppliers
to review 20-30 new automotive and electronic items to be added to
Liteglow's product line.
This new facility will allow Liteglow to manufacture their own
line of special driving lights, fog lights, coated bulbs, and other 12
volt mobile electronic products. Liteglow will own one half of the
facility, allowing the company to bring new products to the mass
market quicker and at less cost. Liteglow has several contracts that
are in progress, and hopes to disclose the names of these large retail
customers within a very short time. Liteglow will also explore the
selling of Liteglow products into the Chinese market.
The joint venture manufacturing facility should take
approximately 4 months to become fully operational, and will add
additional profits to Liteglow's bottom line starting in the 3rd
quarter of 1998. Liteglow has also announced plans for a larger line
of credit, with more attractive terms, to be established with a major
banking firm. Three banks are presently competing for Liteglow's
business. This larger credit line will allow Liteglow to increase its
inventories to service several major chain stores, that should be "on
board" sometime in the second quarter of 1998.
Liteglow is a manufacturer, designer, and importer of products
for the automotive and electronic specialty markets. The U.S.
automotive and electronic aftermarkets should exceed 300 BILLION in
combined revenues this year.
Requests for an investor information package should be made by
calling Liteglow Industries Inc. at 800-801-GLOW, or by e-mail at
Spencer@liteglow.com. You can also visit Liteglow at www.liteglow.com.
CONTACT: Liteglow Industries Inc., Pompano Beach
800-801-GLOW
www.liteglow.com
KEYWORD: FLORIDA
INDUSTRY KEYWORD: AUTOMOTIVE RETAIL |
