FARMINGTON HILLS, Mich., Nov. 12, 2008 (GLOBE NEWSWIRE) -- LBO Capital Corp. (Other OTC:LBOA), a Colorado corporation ("LBO Capital"), announced formation of a Joint Venture between its subsidiary, Global Tech International, Inc. ("Global Tech"), a Delaware corporation located in Fraser, Michigan, and Weldmation, Inc. ("Weldmation"), a privately owned Michigan corporation located in Madison Heights. Global Ventures Technology Group, LLC ("Global Ventures"), a Michigan limited liability company to be formed, will produce innovative industrial products including composite building construction materials, automotive components and complete high tech assembly systems.
Initially, Global Ventures will be funded and it will operate from Weldmation's 60,000 square foot building. Weldmation will contribute cash plus use of its building; and Global Tech will contribute cash, licensed technology and manufacturing equipment.
Global Ventures will be licensed by Global Tech to use its proprietary Powder Impression Molding ("PIM") system, Encapsulation Molding Technology ("EMT") and Molecular Metamorphosis Technology ("MMT") (protected by patents both issued and pending). Training programs will introduce technicians to unique techniques for manufacturing lightweight materials from recycled plastic waste and desired new additives such as magnesium, all ultimately encased in plastic skins, the final products allowing no harmful VOC (Volatile Organic Compounds) emissions. In many cases, Global Ventures will use feedstock of mixed plastic waste, providing advantageous "green" plastic waste management while, at the same time, it manufactures new and improved commercial products.
Earl E. Kansier, CEO, stated: "Global Ventures will provide us with fresh products and capability to provide stronger, lighter weight components with anti-corrosive properties. For years, Weldmation has supplied products to well known customers such as Carrier, Rheem, Trane, BMW, Ford, Mitsubishi Motors, GM, General Dynamics, Whirlpool and more."
Mario DiNello, CEO of Global Tech, commented, "Southeast Michigan is well endowed with manufacturing talent needed by Global Ventures, and some new employees will be required to supplement the capable technical staff employed by Weldmation and already familiar with sophisticated assembly systems and robotic welding. Formation of Global Ventures provides Global Tech an opportunity to work directly with Weldmation as a full systems production partner with proven capability to design, manufacture and implement entire cost saving platforms for our customers."
Global Tech is a member of the United States Council for Automotive Research (USCAR) and has invested years of development into commercialization of innovative products such as lightweight composite pickup beds and dumping pickup beds, sewer pipes and housing wall panels. A broad range of products incorporating PIM/EMT methods and recycled waste materials have been tested and proven to significantly reduce weight, add strength and cut fuel costs. Also, PIM/EMT products are stronger and more durable than those manufactured from traditional materials such as metal, fiberglass, wood and concrete.
Since 1961, Weldmation has been a full service provider of welding, fabrication, assembly and factory automation systems for the marine, automotive, aircraft, aerospace, white goods and defense industries. It excels in design, build, installation and launch of automation and tooling assembly processes. Weldmation is an ISO 9001 2000 Standard certified company, having previously received other customer certifications and quality awards.
LBO Capital Corp., founded in 1987, strives to acquire proven and attractive intellectual property and technology, and to capitalize on them through licensing arrangements with operating companies which recognize the benefit from access to these carefully selected assets of LBO Capital Corp.
The statements included in this news release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1934, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in the Company's Securities and Exchange Commission filings, economic downturns affecting the operations of the Company or any of its business operations, adequate financing to achieve the new strategic plans, the impact of competition, the success of products in the marketplace and the unavailability of financing to complete management's overall plans and objectives. The forward-looking statements contained in this news release speak only as of the date hereof and the Company disclaims any intent or obligation to update these forward-looking statements, except as required by law.