WATKINS, Minn. and VANCOUVER, British Columbia, July 6, 2004 (PRIMEZONE) -- International Barrier Technology Inc. ("Barrier") (OTCBB:IBTGF) (TSX Venture Exchange:IBH), a manufacturer of proprietary fire resistant building materials, has achieved a second consecutive quarter of exceptional year-over-year sales growth and established new sales volume records for the fiscal year, quarter, and month ending June 30, 2004:
-- Fiscal year: Sales volume of 3,359,600 square feet was up 60%
over last year, making fiscal 2004 a breakout year following
flat annual sales that averaged 2,026,700 square feet over the
prior four years.
-- Fiscal fourth quarter: Sales volume of 1,278,300 square feet was
113% greater than last year's fiscal fourth quarter sales of
600,400 square feet, and up 12% over the prior quarterly record
of 1,139,800 square feet set in the last fiscal quarter, ending
March 31, 2004.
-- One-month sales: Sales in June were 617,987 square feet, up 36%
over the monthly record of 455,744 set in March, 2004.
The primary source of the strong fiscal year results was the rapid sales growth in the fiscal third and fourth quarters (157% and 113%, respectively) from Barrier's established market presence in roof deck applications for multi-family housing in Florida and the mid-Atlantic. This was combined with significant market adoption of Barrier's fire-rated sheathing in the commercial modular building market in the first six months of the company's supply agreement with Mule-Hide Products.
"Barrier's transformation in the 2004 fiscal year has been extraordinary," noted Mike Huddy, president. "Growing adoption and recurrent usage of Blazeguard(r) by top US homebuilders and now by leading commercial modular building manufacturers highlights the value of our proprietary fire resistant wood panel. With the June acquisition of the Pyrotite fire resistant technology, we have expanded our market potential from the US to the world and positioned the company to now focus on licensing relationships with established manufacturers to pursue the company's expansion. We have had numerous international inquiries and are actively pursuing licensing opportunities. After years of flat sales, this breakout year has put us on a path toward what we believe will be valuable strategic relationships and continuing growth."
About Blazeguard(r)
Blazeguard(r) fire rated wood panels consist of a sheet of oriented strand board (OSB) or plywood combined with a thin coating of International Barrier's Pyrotite patented fire resistant formulation. A Blazeguard wood panel is able to achieve a Class A, structural flame spread rating (as measured by ASTM E-84 extended to 30 minutes) and its burn-through resistance (as measured by ASTM E-119) is nearly triple that of untreated wood panels. Blazeguard(r) is used in building applications where either a Class A flame spread or burn through resistance rating is required by building code, or where developers/builders generally desire a high quality, environmentally friendly, non-toxic product that delivers superior fire resistance and attributes such as mold and mildew resistance, structural strength and impact resistance.
For more information about Blazeguard: http://www.intlbarrier.com/blazeguard.html.
About International Barrier Technology Inc.
International Barrier Technology, Inc. develops, manufactures, and markets proprietary fire resistant building materials. Its patented, non-combustible, non-toxic Pyrotite formulation has an extraordinary capability: it releases water when exposed to the heat of fire. Barrier's award-winning Blazeguard wood panels exceed International Building Code requirements in every targeted fire test and application, and uniquely combine properties that increase panel strength and minimize environmental and human impact. Blazeguard customers include Centex (NYSE:CTX), D.R. Horton (NYSE:DHI), KB Home (NYSE:KBH), and Lennar (NYSE:LEN). Lowe's Companies (NYSE:LOW), Stock Building Supply, and Mule-Hide Products Co., Inc. are Blazeguard distributors. Pyrotite has potential applications with engineered wood products, paint, plastics, and expanded polystyrene.
International Barrier is part of the DJ Building Materials Index (US).
INTERNATIONAL BARRIER TECHNOLOGY INC.
Per: "MICHAEL HUDDY"
Michael Huddy, President & Director
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS PRESS RELEASE.
For more information please visit:www.intlbarrier.com or www.investorideas.com
Toll free 1.866.735.3519
ir@intlbarrier.comorDawn Van Zant, ECON Investor Relations, Inc.dvanzant@investorideas.com
Forward-Looking Information: The statements in this news release contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve certain risks, assumptions and uncertainties, including but not limited to the ability to generate and secure product sales. In each case actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or modified) will not be realized.