ATLANTA, Jan. 28, 2003 (PRIMEZONE) -- Innovative Coatings Corporation (OTCBB:IVGC), a developer, manufacturer, marketer and distributor of unique polymer-based coatings for industry announced today that Chandeleur Homes, a division of Champion Enterprises, Inc. (NYSE:CHB), has been certified as an approved applicator of Innovative's new StuccoLook(TM) polymer exterior finish for manufactured and modular homes.
Mr. Jerry Phillips, President of Innovative Coatings Corporation, said "Our certification of Chandeleur as an approved applicator of our unique polymer exterior finish system is the first of many strategic relationships we will forge within the manufactured and modular housing industry. This product is proving to be extremely popular with consumers because it provides a very strong, waterproof, flexible and energy-efficient finish, while maintaining an aesthetically pleasing look."
Innovative Coatings Corporation's lightweight patent-pending coating process is applied in-plant which allows each unit to be shipped to dealers and ultimately the consumer without cracking. In addition, the coating prevents moisture intrusion while giving the consumer a genuine stucco look similar to that obtainable on site built housing. Although per unit cost to the consumer varies according to the style of the unit, the coating system is very cost effective when compared to other upscale exterior finishes.
About Innovative Coatings Corporation
Innovative Coatings Corporation has developed patented and proprietary formulations and application methods of polyurea-based polymer coatings. 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
About Champion Enterprises
Champion Enterprises, Inc., (NYSE:CHB) headquartered in Auburn Hills, Michigan, is the parent corporation for a family of companies that manufacture and retail manufactured and modular housing. The company also provides retail customer financing through its wholly owned subsidiary, HomePride Finance Corp. Champion has approximately 8,500 employees throughout the continental U.S. and western Canada.
The Champion family of homebuilders is the nation's largest housing manufacturer, with 37 homebuilding facilities located in 16 states and two Canadian provinces, and has produced almost 1.6 million homes since the company was founded, more than any company in the industry. Champion is one of the largest manufactured housing retailers in the U.S., with 116 Company-owned retail home centers in 24 states. Its homes are also sold by more than 600 retail locations that have joined the Champion Home Center retail distribution network and by 600 builders and developers. For more information on Champion, interested parties can view the corporate website at www.championhomes.net.
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.