ATLANTA, March 3, 2003 (PRIMEZONE) -- Innovative Coatings Corporation (OTCBB:IVGC), a developer, manufacturer, marketer and distributor of unique polymer-based coatings and adhesives for industry, announced today that it has developed a patent-pending finish coating for ceilings and interior walls that eliminates cracks during the construction and movement of manufactured housing units. The Company's highly textured InstaFinish(tm) coating is applied directly to drywall, cures within seconds, is Class A fire rated, and is repairable. The Company expects to market and distribute InstaFinish(tm) through its exclusive agreement with Universal Forest Products, Inc. (Nasdaq:UFPI).
Don Sigler, Chairman of Innovative Coatings Corporation, stated: "We estimate that 3 out of 4 units built by manufactured housing industry have ceiling repairs made during the construction and/or movement of the unit. Considering that over 175,000 units were built last year, our InstaFinish(tm) ceiling coating potentially solves a huge industry problem and could generate very significant revenues for us. Since our distribution and marketing agreement with Universal Forest Products, Inc. is already in place, we expect revenues from this new product to begin as soon as April, 2003 and we expect to sell a minimum of $2,000,000 this calendar year."
President and CEO, Jerry Phillips stated: "The InstaFinish(tm) interior coating complements our StuccoLook(tm) exterior coating system we recently introduced into the manufactured housing industry. Both products, which can be applied with the same equipment, are environmentally friendly, extremely strong, elastic and cost effective. In addition to ceilings, InstaFinish(tm) can be applied to vertical drywall surfaces in lieu of plaster or other finishes. This gives manufacturers much more latitude in what can be offered to the customer. The combination of three coating uses, i.e., the ceilings, the interior walls, and the exterior walls, greatly enhances our potential for significant revenue generation in the very near future from the manufactured housing industry. Introduction of our new coatings into the conventional residential and commercial construction markets will begin in earnest in the next quarter. We are now finalizing regional and national licensing and distribution arrangements for these markets."
About Innovative Coatings Corporation
Innovative Coatings Corporation has developed patented and proprietary formulations and application methods of polyurea-based polymer coatings. These coating have hundreds of potential uses due to their extreme tensile strengths and elasticity, no volatile organic compound emissions, and quick cure times. For Information about Innovative Coatings Corporation on the Internet, see www.instachem.com
The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. 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 to have been correct. Important factors, including general economic conditions, consumer spending levels, competitive activity, government regulations, adverse weather conditions and other factors could cause actual results to differ materially from the Company's expectations. These risk factors and additional information are included in the company's reports on Form 10K and 10Q on file with the Securities and Exchange Commission.