Picking up some PEAR right here. BIG NEWS just out.
PEAR Technologies Inc. Acquires ZOS Petrochemicals Industries Corp.
TORONTO, March 1 /PRNewswire/ -- PEAR Technologies, Inc.
(OTC Bulletin Board: PEAR) has acquired ZOS Petrochemicals Industries Corp. of
Toronto, Canada for $12 million in cash and stock.
ZOS Petrochemicals Corp. distributes products for one of the largest
manufacturers of petrochemicals in the world. ZOS Petrochemical's main product
is ABS/SAN (acrylonitrile-butadiene-styrene resin/acrylonitrile-styrene
resin). It is currently adding additional chemical and fiber products to
broaden its product base. ABS is an environmentally friendly alternative to
PVC (polyvinyl chloride).
PEAR Technologies' acquisition of ZOS Petrochemicals Corp. will allow it
to increase the company's market penetration within the plastics/resins
marketplace. Not only will PEAR be able to capitalize on the huge ABS
plastics marketplace, representing millions of pounds distributed annually in
North America alone, but also expand the Company's PEAR resin sales
internationally by way of ZOS Petrochemicals' marketing initiatives.
Applications for ABS/SAN resins include residential, commercial,
automotive, manufacturing, industrial, medical, textile, shipping,
educational, electrical and waste management. Some specific product
applications include pipe fittings for the electrical, plumbing and irrigation
markets, furniture manufacturing, exterior siding, appliances, tools, sports
equipment, medical instruments, toys, electronics (TV & stereo) automotive
parts, household items and computers.
1999, with about $2 million in earnings.
The plastics resins industry is growing at a rate of 5 percent annually,
including the 1998 North American production of over 90 billion pounds of
synthetic resins alone, including ABS, demonstrating the sustained growth of
the plastics marketplace.
that are superior replacements for traditional, and more costly materials.
PEAR holds the exclusive worldwide rights to PolyEther Amide Resin, which was
originally developed by Ashland Chemical for use in strategic defense
applications. PEAR has taken this technology and created a low-cost,
versatile, and superior alternative to traditional fabricating materials.
PEAR is currently developing applications within many industries including
aerospace and automotive.
The statements contained in this release which are not historical facts
contain forward-looking information with respect to plans, projections or
future performance of the company; the occurrence of which involves certain
risks and uncertainties that could cause the company's actual results to
differ materially from expected results. Such risks include the timing of
implementation and the scope and success of the program described here.
SOURCE PEAR Technologies, Inc.
-0- 03/01/99
/CONTACT: PEAR Technologies Investor Relations, 888-338-3367/
/Web site: pearindustries.com
(PEAR)
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