Keith, here is the information I have collected on AIRP.
I have personally taken a position in this company. Company investor relations person is Rick Kaiser and can be contacted at 1-800-595-9939.
Air Packaging Technologies (NASDAQ BB AIRP) is a developmental company that makes a product called Air Box which is protective packaging that suspends and surrounds a product with a protective barrier of air, cushioning it during shipping and storage. The Air Box is also reusable packaging. They also make a static discharge shielding Air Box. The company perceives their product is going to be important to the wafer, chip and board manufacturing companies. This package is especially important and cost effective for shipping 8, 10, and 12 inch wafers since these wafers are more sensitive during shipment than the smaller wafers. The package meets EPA and MIL standard requirements.
The company holds the following patents: 4,872,558; 4,874,093; 4,918,904; 4,949,530; and 5,272,856
This product when in use looks like the contents are shrink wrapped in an inside plastic case, surrounded by air which is between the inside and outside plastic case. "real neat". Investor relations will send you a sample.
They have certified their packaging with the aid of MOT and believes MOT will use their product in their new billion dollar fab plant. This plant was to be open in February 1996 but has experienced delays. MOT is currently using the Air Box in 4 of their plants and MOT is sending Air Box video tapes to their other 300+ plants for consideration. Each MOT plant is run as a P&L center and decisions for packaging products is made at the plant level. MOT has experienced 45% less shipping damage from using this package.
The company recently received orders for the Air Box from the New Zealand and British Postal Departments. They are currently talking to Federal Express
The company announced in March of 1996 it has hired Mr. J. Hambree the retired CEO from DOW chemical of Canada and Mr. K. Harman from DOW chemical to lead the operations and marketing efforts to take the company from the R&D phase to manufacturing.
(verbal info from investor relations)
Debt $1.25 million.
New loan of $1 million from Europe, this was not an Offshore Regulation S financing.
20 million of shares outstanding.
Total of 50 million shares.
Between 35% to 45% of shares owned by insiders.
Float is approximately 5 million shares.
Financial bottom line break even production is approximately 2.5 million bags per year or $3.5 million of revenues.
Current production capacity is approximately $20 million per year.
Joan |
