MONTREAL, May 6, 2005 (PRIMEZONE) -- Beluga Composites Corporation (Pink Sheets:BGCC) announced today that it has acquired Panox Petroleum Products Inc. of Montreal, Canada.
On April 25th, 2005, the company entered into a definitive agreement with Panox Petroleum Products Inc. ("Panox"), a Canadian corporation based in Montreal, whereby Beluga acquired all of the shares of common stock of Panox and options to purchase common shares of Panox in exchange for common shares of Beluga.
The acquisition of Panox establishes Beluga as a world leader in the manufacturing and sales of UL and ULC certified underground flammable-liquid storage tanks, related accessories and oil/water separators. With operations already in Canada and soon in Philippines and India, Beluga is now poised to accelerate its planned growth in its field.
The technology owned by Panox for fiberglass reinforced plastic (FRP) tanks to be manufactured by Beluga, has been evaluated by a credible third-party experts at over U.S.$75 million.
Beluga now becomes the only company worldwide to hold the Underwriters Laboratories (UL) certification as well as the Underwriters Laboratories of Canada (ULC) certification for the quality of its FRP tanks and related products.
About Beluga Composite Corporation and Panox Petroleum Products Inc.
Beluga Composites Corporation is a manufacturer of underground flammable-liquid storage tanks, related accessories and oil/water separators. Panox Petroleum Products Inc., now a wholly subsidiary of the Company, owns the technology that holds the Underwriters Laboratories (UL and ULC) certification for the fiberglass reinforced plastic (FRP) tanks manufactured by Beluga. Beluga is the only company in the world to have received both UL 1316 and ULC 615-S quality recognition. Beluga manufactures single-wall and double wall FRP tanks that are of higher corrosion resistant and environmentally safer than steel tanks currently used in most gas stations.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
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