BABYLON, NY, Dec. 11, 2006 (PRIME NEWSWIRE) -- Stuart Leviton, President and CEO of Integrated Camera Optics, Corp. (Pink Sheets:IGCO) has stated that IGCO has agreed to acquire 25% member ownership of Bridgeport Fabricated Stone, LLC (BFS) for 40 million restricted common shares of IGCO stock and a cash component to be determined.
BFS is building a fabricating plant in Bridgeport, CT that is expected to open in the summer of 2007.This factory will do high-tech finishing and cutting of BRETONSTONE(r) slabs shipped from Europe. This plant can produce 500,000 square meters of such finished product which is less than 10% of the projected increase in demand for this product in the domestic U.S. At this time, BFS is planning to double this capacity in 2009.
BRETONSTONE(r) slabs have been produced since the early 1960's and Breton's commitment to research and development has resulted in a structurally and aestatically improved stone product. These products are used in commercial construction globally and are to be found in some of the worlds most prestigious new buildings. BRETONSTONE(r) slabs have many advantages over traditional Marble, Granite or other stone. In addition, BRETONSTONE(r) slabs offer a significant price advantage over other natural and synthetic products. www.breton.it
BFS agrees to invest a minimum of $500,000 in Treasury shares of IGCO over a period of time to be agreed upon.
Representatives of IGCO and BFS will each sit on the Board of Directors of the other company.
IGCO has the right to market the BFS product line to mutually agreed upon customers and shall be paid a commission for such sales.
IGCO has elected to enter into this agreement in order to enhance share holder value.
IGCO is seeking to strategically diversify its business to: 1) broaden its revenues and profits and 2) develop income streams from businesses that have commercially viable innovative technologies. Such technologies are expected to provide consistent growth in revenues and profits. The diversification of related technologies is designed to enhance shareholder value by providing diversification.
Both companies agree to work together toward the successful strategic advancement of their respective products and will seek avenues of mutual cooperation to increase the shareholder and membership values of their firms.
Statements contained in this release which is not historical facts may be considered "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not a guarantee of future performance. Unknown risks, uncertainties, as well as other uncontrollable or unknown factors could cause results to materially differ from the results, performance, or expectations expected or implied by such forward-looking statements.