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I was going to start this thread this weekend but the stock is moving today. I have followed MTRT for 3 years now and the following press release indicates to me the company is moving forward...they file w/the SEC and there are about 7.4m shares outstanding. Price at 1.00p is .36/.43 46,000. Do your own R&D. More later: Metal Arts Signs License Agreement with Alcoa ROCHESTER, N.Y., June 7 /PRNewswire/ -- Today, June 7, 1999, Metal Arts (OTC Bulletin Board: MTRT - news) issued the following to their shareholders. Dear Shareholder: We are very pleased to report the signing of a comprehensive agreement with Alcoa Inc. for the use of the Microsmooth® process in chrome plating aluminum automobile and truck wheels. Metal Arts was awarded a contract by the U.S. Department of Energy (DOE) in 1998 to demonstrate and commercialize the Microsmooth® process for plating aluminum wheels. Our partners in that effort are The New York State, Energy Research and Development Authority (NYSERDA) and Alcoa Inc. The total project cost is in excess of $850,000 with Federal and State grants of $640,000 to Metal Arts and the balance in in-kind services and cash from Alcoa and Metal Arts. Metal Arts was one of ten U.S. companies selected in 1998 under the annual DOE NICE3 (National Industrial Competitiveness Through Energy, Environment and Economics) program because of the potential energy and environmental benefits that we have demonstrated with Microsmooth®. This streamlined process can potentially save in excess of 30% of the current cost of chrome plating aluminum wheels which is quite expensive. Metal Arts has granted Alcoa a license for the use of Microsmooth® on forged aluminum automobile wheels and forged and cast aluminum truck wheels. Alcoa is the world's largest aluminum company and the leading manufacturer of truck wheels. Because of aluminum's advantage of weight and appearance this is a large and growing market internationally. In recent years the share of the market for chrome plated aluminum wheels has been growing. If a more cost-effective process could be successfully demonstrated it would create a significant market for Metal Arts to license the process and sell the Microsmooth® aluminum activator directly to wheel platers. The energy savings result from the elimination of certain energy-intensive steps in the current process. The benefit to the environment occurs through the elimination of several toxic chemicals which also provides important worker health and safety benefits. OTHER HIGHLIGHTS Since our last Shareholder communication several milestones have been reached: -- The Microsmooth® formula and process gained 20 years protection with the granting of a patent by the U.S. Patent and Trademark office. This was the first patent issued for its intended use in over 25 years. -- An International Patent Application was filed last year for the major industrialized countries. In the International Preliminary Examination no prior art was found to be particularly relevant which is quite positive. -- Metal Arts signed its first license agreement for the use of Microsmooth® on "Alternate" computer memory disks. These are typically metal matrix composites such as aluminum/boron-carbide or aluminum/silicon-carbide which offer disk drive manufacturers certain operating advantages. ADDITIONAL MARKETS In addition to the original use for which Microsmooth® was designed we have discovered another potentially significant application of the product in anodizing an energy-efficient and inexpensive Hard Coat. Aluminum Anodizing is a huge market and ''Hard Coat'' is a design requirement on fabricated products which is many times more expensive than standard anodize and requires separate, expensive equipment. We have just completed work on a project with grant money provided by NYSERDA. To summarize, we may have invented a hard coat equal to or harder than that produced in the current process, but utilizing standard anodize equipment. We will provide more detail to our Stockholders as further research and development is completed. The international market for a less expensive anodize hard coat is very large. Our metal finishing subsidiary, Coating Technology, Inc. recently completed its move to a new 40,000 sq. ft. facility in Rochester. This modern building provides the Company room for expansion as well as a showcase for the Alcoa/DOE project and the commercialization of Microsmooth®. Eastman Kodak, like many large U.S. companies, has announced plans to close its metal stamping and finishing facilities in Rochester and outsource the work. We are pleased to announce that Coating Technology was recently chosen as one of two regional companies by Kodak to perform certain demanding prototype aluminum and steel finishing services. While the projected work is significant to the company, having secured a coveted place in the Kodak supplier base could lead to many larger production opportunities. The Company's SEC filings are available to Stockholders on the Internet as we file electronically through the SEC Edgar system. Modest losses in the past few years are directly related to the ongoing development effort on Microsmooth®. Metal Arts, through its subsidiary, Coating Technology, and with its patented Microsmooth® technology provides surface finishing solutions to technically demanding applications for U.S. industry. S.J. Dahle President June 1, 1999 This report contains certain statements of a forward-looking nature. Such statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected including; risks related to the ability to continue to develop and produce innovative new products and introduce them in a timely manner; The acceptance in the market place of new products; and other risks outlined in the Company's SEC filing including but not limited to the Annual Report on Form 10-K for the year ended June 30, 1998. The Company undertakes no obligation to update forward-looking information. SOURCE: Metal Arts Company, Inc. | ||||||||||||
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