SAN FRANCISCO, Nov. 22, 2011 (GLOBE NEWSWIRE) -- Hybrid Coating Technologies Inc. (the "Company") (OTCBB:HCTI) announced today that it has entered into an exclusive licensing agreement with its new partner Hybrid Coatings Canada Inc. ("HCC") for the territory of Canada. As part of the agreement, HCC paid an upfront licensing fee ("Fee") of $150,000 to the Company out of a total Fee owing of $300,000. Other parties to the agreement were Nanotech Industries International Inc. ("NTII") the Company's wholly owned subsidiary and Nanotech Industries Inc. ("Nanotech") the Company's licensor. The balance of the Fee is payable to Nanotech.
"We are looking forward to working with our partner in Canada to penetrate this large potential market for our coatings products," said Joseph Kristul, Chief Executive Officer, "This licensing agreement is an important step towards securing multiple partners in different parts of the world as we continue to execute on our global marketing plan. We are presently in discussions with multiple other potential partners for other territories in the world."
The combined revenue for the Canadian industrial and specialty coatings industry is estimated at $1 billion per annum.
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of Hybrid Coating Technologies Inc. to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, and other risks. Hybrid Coating Technologies Inc undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in Hybrid Coating Technologies Inc. expectations.
About Hybrid Coating Technologies Inc.
Hybrid Coating Technologies Inc is a San Francisco-based innovator focused on improving the quality and safety of coatings and paint for industrial and commercial customers around the world. We are the exclusive licensee of Green Polyurethane™ coatings and paint – the world's first-ever patent protected polyurethane-based coatings and paint products which eliminate toxic isocyanates from the entire production process (licensed by Nanotech Industries, Inc.).
The Problem of Conventional Coatings/Paint and Isocyanates
Conventional polyurethane (PU) paint and coatings have many disadvantages: they are porous, permeable and maintain poor hydrolytic stability. This makes the material highly vulnerable to environmental degradation and ultimately leads to their chemical decomposition, especially when in contact with water. Even worse, the manufacture of conventional polyurethane involves highly toxic components such as isocyanates, which can cause irritation of skin and mucous membranes, chest tightness, difficult breathing, upset stomach, fevers and prolonged exposure has been known to cause severe asthma and even death.
The Green Polyurethane™ Solution
Global coatings and paint companies, suppliers and consumers are seeking green solutions that make business sense. However, "green" has often meant fewer features, higher cost or lower quality. Green Polyurethane™ (also referred to as "HNIPU" - hybrid non-isocyanate polyurethane) provides the world's first sound solution to the environmental and health hazards of isocyanates in polyurethane, costs up to 20% less to apply, and presents significant improvements to the properties of conventional polyurethane.
About Polymate Inc.
Polymate, which is staffed by world-leading materials scientists, largely from the former Soviet Union, is a technology and design company which specializes in providing focused industrial demand oriented research and development in diverse fields, including materials, chemical and environmental engineering. Polymate is exclusively and fully funded by Nanotech Industriesand all the IP developed under this agreement remains the property of Nanotech Industries. Hybrid Coating Technologies Inc. and Nanotech Industrieshave entered into an exclusive licensing and distribution agreement whereby Hybrid Coatings has the right to sell the Green Polyurethane® Binderand Green Polyurethane® Monolithic Floor Coating to the North American market.