WATKINS, Minn. and VANCOUVER, British Columbia, Oct. 8, 2004 (PRIMEZONE) -- International Barrier Technology, Inc. ("Barrier") (OTCBB:IBTGF) (TSX Venture Exchange:IBH), a manufacturer of proprietary fire resistant building materials, will celebrate the expansion of the company's manufacturing facility with a groundbreaking ceremony, Wednesday, Oct. 13, 10 a.m.
The groundbreaking ceremony marks the beginning of an estimated $2.7 million expansion of Barrier's manufacturing facility that will include the addition of 15,000 sq. ft. to the existing facility as well as a new production line.
According to Michael Huddy, president and director of Barrier, "Our growth geographically and into new markets in recent months has created the necessity for us to double our capacity."
New products, such as Mule-Hide for commercial modular applications, as well as the addition of distribution into new markets in the western U.S. have resulted in a dramatic increase in sales volume for the company. Improvements to the Watkins facility will allow Barrier to further expand production capacity, increase efficiency and create a state-of-the-art facility.
"This expansion really signifies the beginning of a new chapter in our development as a business," says Michael Huddy. "The fact that we are moving forward with this expansion is a testimony to our success in creating products that are valued by our customers."
In addition to the physical expansion, Huddy estimates the company will increase their workforce by about 30% to handle additional manufacturing, sales and administrative needs.
Editor's Note: The media is welcome to attend the groundbreaking ceremony which will be held at International Barrier Technology, Inc., 510 4th Street, Watkins, Minnesota on the west side of the existing facility.
For more information, contact:
Michael Huddy, Ph. D. International Barrier Technology, Inc. Phone: 800.638.4570 Fax: 320.764.5799 Sean Foy Linnihan Foy Advertising Phone: 612.238.3002 Fax: 612.238.3000 sean@linnihanfoy.com
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).
International Barrier Technology Inc.
Per: "David J. Corcoran"
David J. Corcoran Director
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For more information please visit: www.intlbarrier.com or www.investorideas.com
Toll free 1.866.735.3519
Richard Angle ir@intlbarrier.com or Peter Kletas, ECON Investor Relations, Inc. pkletas@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.