WATKINS, Minn.; VANCOUVER, British Columbia, June 30, 2004 (PRIMEZONE) -- International Barrier Technology Inc. ("Barrier") (OTCBB:IBTGF) (TSX Venture Exchange:IBH), a manufacturer of proprietary fire resistant building materials, reports that sales of its fire-resistant wood panels under its supply agreement with Mule-Hide Products Co., Inc. ("Mule-Hide") are growing rapidly and have surpassed the initial sales target of two million square feet on an annualized monthly basis.
Mule-Hide has established an initial end-user base of six regional and national commercial modular building manufacturers, comprising nine plants, using its Class A and Class C rated Mule-Hide(r) FR Deck Panel, the private-label brand it uses to market Barrier's fire-rated sheathing. This success validates the competitive positioning and value proposition of the new Mule-Hide fire resistant oriented strand board (OSB) panels, which meet increasingly stringent requirements for wind and fire resistance in roof deck assemblies in commercial modular structures.
"We are extremely pleased with the product launch and first six months of sales of the Mule-Hide FR Deck Panel," said Kim Hendricks, Mule-Hide president. "We identified an unmet market need for an easy-to-install, fire-rated roof deck assembly that could withstand high winds and fire while providing superior performance at a lower installed cost. After rigorous testing, the Blazeguard treatment applied to a single OSB deck board resulted in a fire resistant deck panel with superior performance and turned a five-step application into four. Mule-Hide roofing systems are the number one choice of modular manufacturers and the Mule-Hide FR Deck Panel positions us for significantly expanded revenue and market share in this segment. We have committed substantial marketing and sales resources to maximize the opportunity with this market exclusive product."
"Mule-Hide applied their marketing expertise and sales resources for a very successful product launch and the results are positively impacting Barrier's sales growth," said Mike Huddy, Barrier president. "With shipments of the Mule-Hide FR Deck Panel going to ABC Supply distribution centers nationwide and being sold to leading commercial modular manufacturers in California, Texas, Indiana, Pennsylvania, Georgia, and Florida, the Mule-Hide fire-rated roof assemblies and technology are becoming a standard in the modular industry. The initial results are exceeding our expectations for growth since finalizing our supply agreement with Mule-Hide in December 2003. Manufacturer forecasts are indicating continued sales growth among existing users as well as a growing number of manufacturers now moving production lines over to the Mule-Hide roof deck assembly."
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 (CTX: NYSE), D.R. Horton (DHI: NYSE), KB Home (KBH: NYSE), and Lennar (LEN: NYSE). Lowe's Companies (LOW: NYSE), 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: "MICHAEL HUDDY" -------------------- Michael Huddy President & Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this press release.
For more information please visit: www.intlbarrier.com or www.investorideas.com
Toll free 1.866.735.3519 or ir@intlbarrier.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.