ThermaCell Announces $3 Million VaxCell
Agreement; Also Negotiating to Expand Sales to ICI Paints
SARASOTA, Fla., Dec. 14 /PRNewswire/ -- ThermaCell Technologies, Inc. (Nasdaq: VCLL - news) announced its first agreement to sell large quantities of its innovative VaxCell microspheres, opening up a new revenue stream for the Company. The agreement with Energy Strategies, Inc. of Boca Raton, FL will result in sales of one million pounds of VaxCells,resulting in approximately $3 million added revenues over the course of 1999-2001. Energy Strategies distributes insulation materials.
ThermaCell also announced it was negotiating for its Atlas paints and coatings unit, based in Miami, to supply more product to ICI Paints North American Stores Division, which operates 600 outlets aimed at serving professional contractors and the ''do it yourself'' customer. ICI, the world's largest maker of paints and industrial coatings, is known for several principal paint brands, including Glidden. Worldwide, ICI Paints sales are approximately $4 billion, with the North American operation accounting for a substantial portion of that business.
John Pidorenko, Chairman, President and CEO of ThermaCell, said sales to Energy Strategies and ICI will help increase ThermaCell's revenue run rate to more than $9 million in Fiscal 1999, not including acquisitions or other business development activities under consideration. Mr. Pidorenko noted that ThermaCell is negotiating other, similar VaxCell agreements.
''The Energy Strategies agreement truly launches us in the microsphere supply business,'' said Mr. Pidorenko. ''Developing a VaxCell business has been a major objective since ThermaCell was founded in 1993 and went public in 1997. We have already developed an initial business based on sales of our VaxCell enhanced ThermaCool paints and coatings. We're pleased that we have delivered on a second major opportunity in developing a volume supply business. We look forward to reaping the benefits in the years ahead.''
VaxCell microspheres are microscopically small, evacuated spheres of glass that can be used as a more effective and less expensive material to increase the insulation value or strength of a wide variety of products. ThermaCell Technologies, Inc. is a vertically integrated manufacturer and marketer of technologically enhanced coatings and building materials that provide greater insulation, protection, strength, longevity and value at a lower cost than conventional materials.
Company Contact: Gary Fishman or Kimberly Boshara at 212-527-4808. |
