SAN FRANCISCO, July 11, 2013 (GLOBE NEWSWIRE) -- Hybrid Coating Technologies Inc. (OTCBB:HCTI) is pleased to issue the following corporate update.
The Company operates in the $50 Billion floor coatings sector which is part of the chemicals industry. Our peers typically trade in the range of 20 to 30 times earnings.
The Company has a proprietary polyurethane floor coating technology and is the only company in the world that manufactures polyurethane without toxic isocyanates.
The US EPA (Environmental Protection Agency) is looking to control and potentially outright ban isocyanates in polyurethane and mentioned the Company's technology as an alternative to toxic polyurethane in its Action Plan against isocyanates (see page 4 Figovsky and Shapovalov) http://www.epa.gov/oppt/existingchemicals/pubs/actionplans/mdi.pdf
On June 25, 2013 the Occupational Safety and Health Administration (OSHA), a division of the US Department of Labor, initiated a National Emphasis Program to protect workers from the serious health effects from occupational exposure to isocyanates. Isocyanates are found in polyurethane based products. According to the OSHA, "Workers exposed to isocyanates can suffer debilitating health problems for months or even years after exposure which could result in death."
The Company is presently in discussions with several large industry players and expects to enter into commercialization agreements with some potential partners during 2013 and is targeting to generate revenues in the range of $8M to $10M with net income of between $2.5M and $3.3M for its fiscal year of 2014.
"We are very optimistic with the progress that the company has undergone and the interest that the industry is showing for our technology," said Joseph Kristul, President and CEO of Hybrid, "and we are confident that we will enter into commercialization agreements for our products in the near future."
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
Hybrid Coating Technologies (HCT) 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 polyurethanes 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. Furthermore, strict and costly health & safety measures have to be implemented in the manufacture and application of conventional polyurethane due to the toxicity of isocyanates. This is why regulatory bodies around the world are now looking toward phasing out the use of isocyanates.
The Green Polyurethane™ Solution
Green Polyurethane™ (also referred to as "HNIPU" - hybrid non-isocyanate polyurethane) is a "hybrid" material, which combines the high chemical resistance properties of epoxy and advanced durability and wear resistance properties of polyurethane, making it the perfect application for high traffic and corrosive surface areas. As a hybrid material with superior properties, Green Polyurethane ™ can be applied in one coating in most cases, providing a welcome cost-saving substitute to currently used multi-layered flooring applications. Green Polyurethane™ also provides the first sound solution to the environmental and health hazards associated with isocyanates in polyurethane. Its safety features allow it to be applied without the interruption of business due to public exposure, creating up to an additional 30-60% savings on application costs for customers.