QTNT -- some hope
Company Expects To Receive Patented Two-Man, Ten-Second Tents By End Of First Quarter
SALT LAKE CITY, Dec. 3 /PRNewswire/ -- Quick Tent Inc. (OTC Bulletin Board: "QTNT"), an emerging company, announced today that the production molds for its patented two-person "quick tent" have been completed, and will be shipped to the Company's manufacturing partner in China this month.
"This is a very significant milestone for Quick Tent," said David L. Taylor, President and Chief Executive Officer. "We now are poised to jettison out of the development stage, and we should soon be seeing significant sales of our very unique product. When the production molds are delivered to our manufacturing partner this month, we will soon be able to begin filling firm purchase orders that we already have in hand. Completion of the production molds is the final major component we needed to enable us to mass-produce and thus commercialize our Quick Tent.
"We expect the first production-run of tents to be in our warehouse by late first quarter," added Taylor. "As soon as the first production-run of two-person tents is complete, design and manufacturing of our three-and four- person tents will then begin. We expect to receive the first shipment of three and four-person tents by the end of April."
In August, Quick Tent received an "open" Letter of Credit from Credit Capital Consultants. Under the terms of the agreement, Credit Capital Consultants, based in Millbrae, Calif., will provide immediate financing to Quick Tent for the purpose of fulfilling incoming purchase orders in a timely fashion.
"Our goals are quite simple," explained Taylor. "We want to sell 50,000 tents nationwide in 1999. From that point, we hope to expand our worldwide market share to four percent within the next four years, ultimately capturing at least 10 percent of the market, or 1.5 million tents worldwide per year. We also want to set new standards in the tent industry by producing tents that will be rated the best in durability, reliability, convenience, ease-of-use, and marketability. Our long-term plan is to be the leading tent manufacturer in the world. With the completion of our molds, we are well on our way."
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