MONTREAL, Sept. 28, 2005 (PRIMEZONE) -- Beluga Composites Corporation (Pink Sheets:BGCC), an international leading manufacturer of underground flammable-liquid storage tanks and is the only company in the world which owns the technology that has earned both of the Underwriters Laboratories' UL1316 and ULC-615-S certifications for fiber glass reinforced plastic (FRP) underground storage tanks for petroleum products, today announced:
Formation of Joint Venture Partnership with TW & Co. La Germania creating Beluga Composites Inc. Taguig City, Philippines
"The Joint-Venture with TW & Co. La Germania (www.lagermania.com.ph), although definitively announced today, has been essentially in operation for the last several months," said Dean Panofsky, Chairman of Board, Beluga Composites Corporation. "Our Joint Venture will manufacture all Beluga products, single wall and double wall fiber glass reinforced plastic (FRP) underground storage tanks and oil/water separators for all of the major petroleum companies for the Philippines market."
"Strategically and culturally, La Germania is a perfect fit for Beluga Corporation" said Mr. Frederick TE, President of La Germania. "Mr. Panofsky has successfully leveraged Beluga's proprietary technical manufacturing processes and UL Certifications as key assets which when added to La Germania's seasoned manufacturing infrastructure, positioned us most favorably to fill current and future orders with Beluga's major oil company contracts."
In addition, Beluga Composites Inc. Taguig City, Philippines was recently fully certified as an Underwriters Laboratory listed company with UL1316 for their FRP tanks.
Note: Please see file page on Underwriters Laboratories by clicking http://www.online-login.com/z_clcode_3088141_clcode_z.aspx
This news is exceedingly important as most major oil companies now prefer to only place orders for Underground Storage Tanks (USTs) with manufacturers that are certified with Underwriters Laboratories UL1316 and meeting the EPA's mandated guideline compliancy requirements for Underground Storage Tanks.
About TW & Co. La Germania:
TW & Co. La Germania is a leading Appliances manufacturer in the Philippines and Taiwan for more than 30 years. La Germania is extremely well-suited for this alliance as it has a solid financial base, a strong knowledge of the Asian and Philippines Market, and has had many years of manufacturing experience. Beluga is very pleased with this partnership and is most confident that the synergies of the two companies will ensure for a very successful and profitable future. Beluga is very much aware of the fact that the entering of a new market in a different culture could be at times difficult and frustrating for the North American personality. It is specifically for this reason that Beluga has developed its expansion plans to always look for a local experienced manufacturing enterprise to work with in developing any new market. Beluga considers itself most fortunate in having worked with La Germania prior to having established the joint venture relationship and having gotten to know its management as having a very similar philosophy of quality and efficient workmanship at all levels of the manufacturing process.
Forward Looking Statements:
The momentum of Beluga's leadership position in the market due to their UL listing Certifications and EPA guideline compliant FRP USTs are being fully recognized and validated as several major oil companies are currently placing orders that already will require Beluga to run their manufacturing plant at full capacity. Anticipated short-term, mid-range and long-term demand of Beluga's FRP USTs as indicated by major oil companies' current negotiations and projections with Beluga suggest that Beluga's market position is extremely well strategically aligned to meet the dramatic demand, increases and growth potential as the recognized Manufacturer of choice of major oil companies for their FRP USTs. La Germania's financial strength, existing manufacturing infrastructure, and expert knowledge and commercial relationships in the Asian and Philippines Markets, will be a significant asset for the growth development of Beluga Composites Inc. This Joint Venture with TW & CO. La Germania, clearly validates the significant advantages that Beluga Composites Corporation has in attracting key partnerships that will enable them to sustain the explosive growth potential in establishing new manufacturing plants in various industrial regions.
About Beluga:
Beluga Composites Corporation is a manufacturer of UST, related accessories and oil/water separators. Member of the Petroleum Equipment Institute, Beluga has the technology and holds the Underwriters Laboratories UL 1316 and ULC-615-S certifications for fiber glass reinforced plastic (FRP) underground storage tanks for petroleum products. We are the only company in the world which presently holds both the UL 1316 and the ULC-615-S.
These two certifications were obtained after having produced a number of tank samples and undergone a series of exacting tests supervised by Underwriters Laboratories.
Beluga manufactures single wall and double wall FRP USTs that are of higher quality and environmentally safer than steel tanks, being 100% corrosion resistant. Moreover, Beluga's tanks are produced using the next generation FRP UST technology, FILAMENT WINDING, and as such, they are mechanically and structurally superior to FRP tanks produced by the competition which still uses the first generation FRP UST technology, SPRAY UP, which depend on a structural type of back fill during installation. Beluga's technology which produces a structurally autonomous UST with fully integrated, physical characteristics independent of any consideration for the type of backfill to be used. The key advantages of the Beluga manufacturing process are: efficient and computerized filament wound technology, consistent high quality controlled modularly designed products and competitive pricing.
The Beluga Composites Corporation logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=1604