ATLANTA, March 13, 2003 (PRIMEZONE) -- Innovative Coatings Corporation (OTCBB:IVGC), a developer, manufacturer, marketer and distributor of unique polymer-based coatings for industry announced today that it's InstaChem(tm) coating technology will be used for coating certain parts of the Carpenter/Engineer Tool Box developed by privately-held Kipper Tools, Inc. for the United States Army TACOM (Tank-automotive and Armaments Command). Kipper Tools, Inc. of Gainesville, Georgia received a ten year $32,000,000 contract from TACOM.
Innovative Coatings Corporation President and CEO, Jerry Phillips stated, "Our participation in this ten year contract validates our superior coating and application technologies for use in hundreds of potential military applications. Our ongoing research and development efforts in the military continue to show merit and benefit over competing technologies. From these efforts, we expect additional inquiries and participation in military contracts in the near future."
Currently, InstaChem(tm) coating technologies are being used in such industries as manufactured housing, commercial and residential construction, architectural shapes and signs, entertainment, aircraft and aerospace, military, and electronics.
About Innovative Coatings Corporation
Innovative Coatings Corporation has developed patented and proprietary formulations and application methods of polyurea-based polymer coatings for industry. These coating have hundreds of potential uses due to their extreme tensile strengths and elasticity, no volatile organic compound emissions, and quick cure times. For Information about Innovative Coatings Corporation on the Internet, see www.instachem.com
The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, consumer spending levels, competitive activity, government regulations, adverse weather conditions and other factors could cause actual results to differ materially from the Company's expectations. These risk factors and additional information are included in the company's reports on Form 10K and 10Q on file with the Securities and Exchange Commission.