MIAMI, Fla., March 25 /PRNewswire/ -- Holographic Dimensions, Inc.
(OTC Bulletin Board: HGRM) announced today that it has commenced shipping
security holographic materials for the Russia Government #601 Tax Stamp
Program. As previously announced in February, HGRM was awarded the contract to
supply in excess of $130,000,000 (one hundred thirty million U.S. dollars) of
security holograms for the Russia Government #601 Tax Stamp Program over the
next 12 (twelve) months.
Pursuant to Russia Decree #601, a wide variety of consumer products will
incorporate a hologram security device to insure the authenticity of products
produced in Russia, prevent their diversion and effectively insure tax
collection on those products. The project initially invo1ves the production
of over 5 billion holograms for use on liquor bottles, computer and consumer
electronics products.
Concurrent with the delivery of U.S. produced holograms, HGRM and its
joint venture partner Spetsznak will establish an equally owned joint venture
manufacturing facility to service the 601 program, other Russia Govt. Hologram
projects, the CIS, and Western European Holography markets. The project is
projected to double each year over the next 3 years as the 601 Tax Program is
fully implemented.
HGRM is currently producing and shipping in excess of 50,000,000 units, or
approximately $1,300,000 weekly and will expand production to more than
100,000,000 units weekly as the project is implemented. Specific details of
the shipments cannot be disclosed for security reasons.
Pursuant to the terms of HGRM's supply contract for the project, and the
#601 decree, HGRM will be paid as the holographic tax stamps are distributed,
however, no later than 90 days from the date of delivery. To further insure
compliance with the payment term of the supply contract with HGRM,
NeftchimBank has issued a bank guarantee for the project.
According to Kevin G. Brown, President & CEO, "We are now in full
production according to the production requirements of our customer. The
increases in cash flows that this project will provide us with will enable the
Company to pursue strategic mergers, acquisitions, and relationships in
addition to completing the development of several new innovative technologies
the Company is pursuing."
Holographic Dimensions, Inc. is a vertically integrated manufacturer of
holographic imagery. The Company's products are incorporated into a variety of
security products including, but not limited to, credit cards, negotiable
documents, tax stamps, passports, drivers licenses, event tickets, transit
passes, and consumer products for marketing. The Company's customers include
Merck, Lilly, NASA, The Coca-Cola Company, Hoescht and Ameritech, amongst many
others.
HGRM continues to enter new markets and is currently represented with
active sales accounts in Mexico, Columbia, Brazil, Guatemala, Ecuador, Peru,
Argentina, Venezuela, Panama, Uruguay, Canada, Germany, Poland, Russia, Turkey
and South Africa. The Company continues to seek quality representation in all
global markets.
This release may include "forward-looking statements" within the meaning
of section 27A of the Securities Act of 1933 and Section 21E of the Securities
Act of 1934. Although the Company believes that the expectations reflected in
such forward-looking statements are reasonable, it can give no assurance that
such expectations will prove correct. This is neither an offer to buy or sell
a security. This is for informational purposes only, from sources deemed to be
reliable. For more information visit us on the World Wide Web page at
www.hgrm.com or contact:
FNG & Associates, Inc.
3416 Via Oporto
Suite 300
Newport Beach, CA 92663
Tel: 949-723-3830
Fax: 949-723-3833
Contact: George Mottel
SOURCE Holographic Dimensions, Inc.
-0- 03/25/99
/CONTACT: George Mottel of FNG & Associates, Inc., 949-723-3830, or fax,
949-723-3833/
/Web site: hgrm.com
(HGRM) |
