LEXINGTON, Ky., June 29, 2005 (PRIMEZONE) -- Plasticon International Inc. (Pink Sheets:PLNI) today announced that the privately financed acquisition of Semco, Inc. is in its final stages and is near completion.
"This is a very important week in the history of Plasticon International," said Jim Turek, President and CEO of Plasticon International. "This acquisition will add tremendous value to Plasticon, not only in terms of our product synergies but in terms of the direct impact on our bottom line. Our accountants and lawyers are currently taking the final steps to complete the acquisition. We anticipate that the due diligence process will be completed by this Friday. Closing will take place immediately upon completion of Semco's audit, which is imminent."
According to Mr. Turek, there has been exceptionally strong interest in Semco's products among suppliers and distributors in the industry. Semco's revolutionary surfacing technology provides the only products on the market today that completely waterproof the structures they are bonding to. "Since our announcement about the letter of intent to acquire Semco, we have been inundated with phone calls and inquiries about Semco's product line," Mr. Turek said. "In fact, we already have ten potential regional licensees lined up to distribute Semco's product line. The reason for this is simple: Semco's products are both essential and unique. They have the only product on the market which truly prevents water damage. This problem has always plagued the construction industry and costs the U.S. billions of dollars annually."
Like Plasticon International, Semco, Inc. has a deep commitment to being on the cutting edge of technology in their sector. Semco's products, which represent a significant technological advance in the industry, completely waterproof the structure they are bonding to. "Semco's products are able to waterproof the structure they adhere to because of the advanced technology behind their product line. Their products chemically link and bond with the surface they are applied to, which makes them essential to construction companies and distributors. Not only are their products unique," Mr. Turek said, "they also perfectly compliment our recycled plastic rebar support products. This is product synergy at its best. A perfect example of this would be the application to bridge construction, which is a huge segment of the construction industry. A very high percentage of bridges are plagued with water damage problems, and that's why companies increasingly have turned to Plasticon's rebar support products. Now we have the opportunity to sell Semco's concrete coating products to those same customers, which adds a critical layer of waterproofing protection."
Semco's products add years to the life of the structure by eliminating the absorption of water into concrete. Until now, water damage has corroded the metal rebar support which has been used in bridge construction in the past. "The combination of Plasticon's rebar supports, which are impervious to water because they are made from recycled plastic, and Semco's surfacing products, which completely waterproof the structure they are bonded to, is unprecedented in our sector," Mr. Turek said. "These two products, offered together, are the next killer application for the construction industry."
For more information about Plasticon International, please visit us online at www.plasticonintl.com. For more information about Semco Manufacturing, please visit http://www.semcomfg.com/.
About Plasticon International, Inc.
Plasticon International (www.plasticonintl.com) designs, produces, and distributes high-quality concrete accessories, transportation signage, plastic lumber, and office supplies which are all produced from recycled and recyclable plastics. Plasticon is a leader, an innovator of cutting edge design, engineering, and production of industrial and commercial products. Plasticon is a green Company, environmentally-friendly, using recycled plastics to produce its line of products.
Disclaimer: The Company relies upon the Safe Harbor Laws of 1933, 1934, and 1995 for all public news releases. Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, management and maintaining growth, the effect of adverse publicity; litigation, compensation, and other factors which may be identified from time to time in the Company's public announcements. Statements contained in the press release regarding Semco, are based on information provided by Semco, Inc.
-0- Plasticon International, Inc. Jim Turek, President and CEO 3166 Custer Drive, Suite 101 Lexington, Kentucky 40517 web site: www.plasticonintl.com Contact Investor Relations: Bill Howe (800) 889-0915