SANTA FE SPRINGS, Calif., Nov. 11, 2003 (PRIMEZONE) -- New Century Companies, Inc (the "Company") (OTCBB:NCNC) announced today it has entered into an agreement with the Machine Tool Distributors that represent Mitsubishi Heavy Industries America to represent and sell the complete line of New Century Turning Centers and special machines.
David Duquette, CEO stated, "We are excited to have such a quality group of machinery dealers selling our products with the support of Mitsubishi Heavy Industries America. We see great opportunity to penetrate new markets in all 50 states and Canada." Mr. Duquette further stated, "The 26 Mitsubishi Machine Tool Dealers with over 100 sales personnel will dramatically increase our sales presence on a personal level in the market place."
About New Century Companies, Inc.
New Century, under its brand name Century Turn, specializes in manufacturing, remanufacturing and retrofitting machine tools, primarily Vertical Boring Mills and large Lathes is assisting in solving the current power crisis. By offering remanufactured Vertical Boring Mills, the Company saves or conserves millions of dollars per year in energy costs by re-utilizing the major castings of each Vertical Boring Mill. These savings, generally in the range of 40% to 60%, allow New Century to be the most price competitive manufacturer of Vertical Boring Mills in the U.S. These cost savings are passed on to New Century customers and afford them the opportunity to manufacture rotating turbine components for power generation at better costs. New Century machines are also used by manufacturers of jet engine components, airplane landing gear parts, oil and gas components, to name a few. New Century currently manufactures its machines in state-of-the-art facilities in Santa Fe Springs, CA. New Century maintains a website at www.newcenturyinc.com.
Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions, and other risks detailed from time-to-time in the Company's ongoing quarterly filings, annual information form, and annual reports. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.