MONTREAL, April 12, 2007 (PRIME NEWSWIRE) -- Beluga Composites Corporation (Pink Sheets:BGCC) is pleased to announce that it has been selected to supply its underground FRP storage tanks to Downstream Operating companies of Royal Dutch Shell plc (NYSE:RDS-A) (NYSE:RDS-B) for the new service stations which they will be constructing in India, Pakistan and Indonesia.
"This agreement with Shell International Petroleum Company Limited is a major milestone for us, and clearly demonstrates that our leading edge UL/ULC certified tanks and manufacturing technology are now well accepted by the major players in the petroleum distribution sector," stated Mr. Dean Panofsky, CEO of Beluga Composites Corporation. "We already have a strong presence in the Southeast Asia area supplying other major petroleum distributors and as a result of the rapidly growing demand we will be expanding our manufacturing capabilities in the region in the very near future. The potential for generating considerable revenues from these industrial markets is very exciting for the Company's future as the Asian market for underground storage tanks has been evaluated at over US$100 million per year," added Mr. Panofsky.
About Beluga Composites Corporation
Beluga Composites Corporation is a manufacturer of fibreglass reinforced plastic (FRP) underground storage tanks (UST) for petroleum products, related accessories and oil/water separators. Its wholly owned subsidiary, Panox Petroleum Products is a member of the Petroleum Equipment Institute and has developed and owns the manufacturing technology which has been granted the Underwriters Laboratories UL 1316 and ULC-615-S certifications for these environmentally safe tanks. Beluga is one of the only companies in the world which presently manufactures tanks which can be certified with both the UL 1316 and the ULC-615-S.
Beluga manufactures single wall and double wall FRP UST that are of higher quality and environmentally safer than steel tanks, being 100% corrosion resistant. Moreover, Beluga's tanks are produced using the next generation FRP UST technology, FILAMENT WINDING, and as such, they are mechanically and structurally superior to FRP tanks produced by the competition which still uses the first generation manufacturing technology, SPRAY UP, which is not computer controlled and depends on a structural type of back fill during installation. Beluga's technology produces a structurally autonomous UST with fully integrated, physical characteristics independent of any consideration for the type of backfill to be used. The key advantages of the Beluga manufacturing process are: efficient and computerized filament wound technology, consistent high quality, controlled modularly designed products and competitive pricing.
The Beluga Composites Corporation logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1604
Forward-Looking Statements
This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We use words such as "anticipate," "believe," "expect," "future," "intend," "plan," and similar expressions to identify forward-looking statements. Forward-looking statements include, without limitation, our ability to increase income streams, to grow revenue and earnings, and to obtain additional Indian gaming and other projects. These statements are only predictions and are subject to certain risks, uncertainties and assumptions, which are identified and described in the Company's public filings with the Securities and Exchange Commission.