MAINZ, Germany, Dec. 15, 2005 (PRIMEZONE) -- Coattec Industries, Inc. (Pink Sheets:CTCK) today announced that the Company will target the residential reroofing market upon entering the U.S. marketplace with its roofing foils. The Company, which has experience with roofing foil and underlays for non-flat tile roofs most commonly seen in single homes throughout Europe, plans to maintain this focus in the American markets.
The U.S. demand for roofing is set to reach $12.7 billion in 2008, representing 1.4 percent year-over-year expansion, with a majority of growth being seen in residential reroofing. In 2005, studies indicate that three quarters of the roofing market in the U.S. was comprised of reroofing of residential homes and this trend is forecasted to continue. Coattec management believes that this trend will create more opportunities for business development in the U.S. markets.
Bernd Meinecke, President and CEO of Coattec Industries, commented, "We anticipate that the residential reroofing market will provide Coattec with great market opportunities. While new construction should remain relatively strong, reroofing will continue to comprise more and more of the U.S. roofing foil marketplace over the next few years. This trend can benefit Coattec because homeowners perform more due diligence on roofing foils during the reroofing process as opposed to new construction and are more likely to see the value in high quality roofing foils for energy cost reduction and roof protection."
For further information, please visit www.coattecindustries.com.
About Coattec Industries, Inc.
Coattec Industries owns the exclusive license to technology to create a proprietary coating that has applications in various industries, primarily the residential housing market. The main use of the Company's coating will be for roofing foils and housewraps that provide insulation and a humidity barrier while inhibiting the growth of mold in new homes. The coating's antibacterial properties make it useful in other industries including the home improvement industry as filters for air conditioning units, the automotive industry as a potential replacement for PVC, and the glass industry for abrasion control.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.