Submitted by: Eurotech, Ltd.
Posted: Jun 28, 2002 – 12:00 AM EST
Todd J. Broms, CEO, Issues Shareholder Update
Todd J. Broms, CEO, Issues Shareholder Update
Jun. 28 /CSRwire/ - FAIRFAX, Virginia - Eurotech, Ltd. (AMEX:EUO), www.eurotechltd.com, announced today the development of A-HNIPU, a new acrylic-based addition to its Hybrid Non-Isocyanate Polyurethane (HNIPU) family of products.
The expanded HNIPU product line now includes epoxy and acrylic bases for paints, coatings, sealants and adhesives in addition to its unique HNIPU rigid and semi-rigid foam.
When A-HNIPU is incorporated into new formulations of advanced performance paints, coatings, sealants, adhesives and foams, the Company believes the outcome will be superior performance for industrial applications. Initial test results indicate a high gloss, excellent adhesion, good hardness and chemical resistance. Additional analysis and testing is underway.
Todd J. Broms, President and Chief Executive Officer, stated: "The development of the acrylic-based A-HNIPU formulation is an important addition to the HNIPU family of products which is being marketed in the United States and Europe as the next generation polyurethane.
"A-HNIPU has been designed to address specific industry needs. The HNIPU family of products, including A-HNIPU, has improved performance properties over standard polyurethane while eliminating health and safety issues associated with the use of isocyanates since it is an isocyanate-free product. Isocyanates are toxic. A-HNIPU production does not involve use of toxic isocyanates and therefore allows for a healthier workplace and greater industrial safety.
"We envision that industrial companies will incorporate HNIPU into new formulations for their paint, coatings, sealants, adhesives and foam product lines in addition to various other uses like formed automotive components such as dashboards for both OEM and aftermarket, sound reducing fabrics, insulation applications for pipes and refrigeration and molded packaging.
"We believe that A-HNIPU and the HNIPU suite of products, covering industrial interior and exterior needs, adhesives and sealants and foam market segments, is advancing towards commercialization. In addition to on-going discussions with potential licensing partners, we are also marketing A-HNIPU and seeking additional potential licensing partners for both use and production."
This press release is another in a series of biweekly reports to its shareholders by Todd J. Broms, President and Chief Executive Officer.
Mr. Broms said that the Company plans to continue reporting to shareholders biweekly through press releases, updating the status of its operations, until Fall 2002. At that time, the Company plans to present its long-range strategic plans to the investment community at a meeting held in New York City.
Due to the upcoming Fourth of July holiday, the next biweekly update will be issued the week of July 22, 2002.
-- Acoustic Core(TM) APTIS(TM) Walk-Through Portal - Phase 2 - Fabrication of the APTIS(TM) Walk-Through Portal, intended to detect plastic explosives concealed on a person and hidden in passengers' baggage, is expected to be completed during the month of July, ahead of schedule. Once completed, Phase 3 - Phase Field Testing will begin, a key component of which is data acquisition testing. Empirical data will be tested against theoretical models to refine the signal processing design approach.
-- Acoustic Core(TM) Portable Hand-Held Device - The APTIS(TM) design team is conducting a detailed analysis and concept design for a hand-held device (point-and-analyze), intended to detect plastic explosives hidden in any object such as clothing, shoes, briefcase, and packages. The new hand-held portable device uses the Company's proprietary Acoustic Core(TM) technology and has similar acoustic and electrical components as the APTIS(TM) Walk-Through Portal. The evaluation is a process that will completed prior to the initiation of a product development and marketing plan for design, prototype fabrication and marketing of the contemplated of a hand-held portable device.
About Eurotech, Ltd.
Eurotech is a corporate asset manager seeking to acquire, integrate and optimize a diversified portfolio of manufacturing and service companies in various markets. Our mission is to build value in our emerging technologies and in the companies we acquire and own, providing each with the resources it needs to realize its strategic business potential.
Our emerging technology business segment develops and markets chemical and electronic technologies designed to improve the environmental and security sectors by means of their unique or superior characteristics and reduced manufacturing and/or use risks.
Our portfolio of technologically advanced products includes (i) proprietary materials created to specifically solve the serious problems of how nuclear and other hazardous wastes are cost effectively contained, (ii) advanced performance materials for use in industrial products such as coatings and paints, (iii) automatic detection of explosives and illicit materials, and (iv) cryptographic systems for secure communications, all of which can be used in Homeland Security.
More information about Eurotech, its technologies and current investor information may be obtained by visiting the Company's web site at www.eurotechltd.com.
"Safe Harbor Statement" Under the Private Securities Litigation Reform Act of 1995
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of Eurotech officials during presentations about Eurotech, are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act").
Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by management, are also forward-looking statements as defined by the Act.
Some of the factors that could significantly impact the forward-looking statements in this press release include, but are not limited to: insufficient cash flow to continue to fund the development and marketing of the Company's products and technology, a rejection of the Company's products and technologies by the marketplace and disputes as to the Company's intellectual property rights. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties, and assumptions about Eurotech, its technology, economic and market factors and the industries in which Eurotech does business, among other things.
These statements are not guarantees of future performance and Eurotech has no specific intention to update these statements. More detailed information about those factors is contained in Eurotech's filings with the Securities and Exchange Commission.
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