MAINZ, Germany, Nov. 8, 2006 (PRIMEZONE) -- Coattec Industries, Inc (Pink Sheets:CTCK), supplier to the roofing industry, announces progress in the planned introduction of new ridge vents into the U.S. market.
The meetings organized by Coattec Industries, Inc., during the summer with the German company Meinecke Dachtechnologie and with DiversiPlast from Minnesota were very helpful to understand the different market and product conditions in the U.S. and EUR markets. The contact with and between those two companies is excellent. However, it became evident, that the new products proposed for the U.S. market do need some design changes, which took some time before they reached their final configuration. This is causing later product launching dates than originally anticipated and with it a delay in the planned business volume, but the three parties to this business do not want to sacrifice accuracy and top market potential for speed in announcements and eagerness in marketing.
The decision has been taken that the first products scheduled for the U.S. market are a distinctly improved ridge vent design. The design work during the recent months concentrated on bringing this new ridge vent design in line with the best possible market price, in order to have a competitive edge in all aspects, technically and commercially. The latest samples produced in Germany are presently under test in Minnesota, they do definitely look promising. This positive development has resulted in the decision to already reserve production space in Germany.
In a conference last week the final design for the new ridge vent was decided upon and a series of samples is now being produced for final testing and for the different U.S. registration processes. Still this month the installation of the special production unit in Germany will be started on, so that the new schedules can be met. The present target for introducing this new ridge vent product line to the market is now the Roofing Expo in March 2007 in Las Vegas, U.S.A.
This release contains forward-looking statements and projections, made in reliance on Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The company has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements have known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any results, performance or achievements expressed or implied by such forward-looking statements. Actual results could differ materially from those set forth in such forward-looking statements.