WATKINS, Minn. and VANCOUVER, British Columbia, Oct. 8, 2004 (PRIMEZONE) -- International Barrier Technology Inc. ("Barrier") (OTCBB:IBTGF) (TSX Venture Exhchange:IBH), a manufacturer of proprietary fire resistant building materials, is pleased to report record first quarter (July-August-September 2004) sales revenue of $1,071,594 (U.S.), representing a 162% increase over the previous year's, and the highest first-quarter results in Barrier's corporate history.
"The latest sales figures confirm that Blazeguard(R) is being accepted by an industry increasingly concerned with losses due to fire," says Barrier's President Michael Huddy. "We feel our increasing market penetration in the multifamily residential roof deck markets and in the commercial roof deck markets shall result in exponential growth in our sales and income."
Production volume set an all-time first quarter record amounting to 1,206,300 sq. feet. Barrier's traditional markets, including Blazeguard(R) sales for multi-family roof deck construction projects to builders such as Centex, US Home, and DR Horton, improved dramatically, nearly doubling over the same period last year. Mule-Hide business accounted for approximately 32 percent of sales volume, growing from zero the previous year since the product launch initiated in January.
"Barrier is extremely pleased with the success of the Mule-Hide commercial modular product introduction," reports Michael Huddy.
Mule-Hide Products Co., and its distribution affiliate, ABC Supply, Inc., continue to aggressively promote the new, UL-listed `Class A' and `Class C' roof-deck assemblies, and systematically add new manufacturers to the facilities utilizing the Blazeguard(R) system. With each additional manufacturing company converted to the Blazeguard(R) based system, Barrier is presented with a long-term customer providing both sales volume and consistent cash flow to the Company.
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
Barrier is part of the DJ Building Materials Index (US).
Per: "David J. Corcoran"
David J. Corcoran
CFO, Director
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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.