MINNEAPOLIS, April 13, 2009 (GLOBE NEWSWIRE) -- Northern Technologies International Corporation (Nasdaq:NTIC), today announced that the State of Minnesota, Department of Administration, Materials Management Division has recently selected NTIC as a vendor for providing Natur-Tec(r) Compostable Plastic Bags to various state agencies. In addition, under Minnesota's Cooperative Purchasing Venture (CPV), entities such as counties, cities, townships, school districts, charitable organizations and community clinics are also eligible to procure Natur-Tec(r) compostable plastic bags from NTIC at the prices and terms negotiated with the State.
"We are very proud that the State of Minnesota has selected our Natur-Tec(r) compostable plastic bags" said Patrick Lynch, CEO of NTIC. "This is especially timely in the light of recently introduced bills in the Minnesota House and Senate (HF403 / SF383) that would require the use of compostable plastic bags for yard waste collection in the seven-county Twin Cities metro area. We are pleased to be a part of the movement that is positioning Minnesota as a leading hub for bioplastics."
NTIC's Natur-Tec(r) branded compostable plastic bags are manufactured using NTIC's patented and proprietary technologies and are intended to replace conventional petroleum-based plastics. The exceptionally broad Natur-Tec(r) bioplastics portfolio spans flexible film, foam, rigid injection molded materials and engineered plastics. Natur-Tec(r) compostable products, such as shopping and grocery bags, lawn and leaf bags, can liners, and pet waste collection bags, are engineered to be fully biodegradable in a professionally managed composting environment. Unlike the competing plastic products claiming to be 'degradable' or 'oxo-degradable' that only break down into smaller plastic fragments, Natur-Tec(r) compostable plastic products will breakdown into water, CO2 and biomass within 180 days in accordance with the ASTM D6400 standard for compostable plastics and are certified 100 percent biodegradable and compostable by the Biodegradable Products Institute. For more information, visit (www.bpiworld.org).
Natur-Tec(r) products are engineered using a proprietary blend of natural polymers and organic materials to create biobased and biodegradable plastics. These products do not contain any conventional plastics such as polyethylene, polypropylene or polystyrene. By using Natur-Tec(r) products as an alternative to conventional plastics, industry and consumers are able to reduce their carbon footprint and move towards a zero carbon or carbon neutral footprint. For more information, visit www.natur-tec.com.
About Northern Technologies International Corporation
Northern Technologies International Corporation develops and markets proprietary environmentally beneficial products and technical services either directly or via a network of joint ventures and independent distributors in over 50 countries. NTIC's primary business is corrosion prevention. NTIC has been selling its proprietary ZERUST(r) and EXCOR(r) rust and corrosion inhibiting products and services to the automotive, electronics, electrical, mechanical, military and retail consumer markets, for over 25 years. NTIC also offers worldwide on-site technical consulting for rust and corrosion issues. NTIC's technical service consultants work directly with the end users of NTIC's products to analyze their specific needs and develop systems to meet their technical requirements. In addition, in fiscal 2008 NTIC launched a new product line of compounds and finished products based on a portfolio of proprietary bio-plastic technologies under the Natur-Tec(tm) brand. NTIC also is in the advanced stages of commercially launching plastic waste to fuel conversion technology and is in various stages of development with respect to several other emerging businesses.
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Forward-Looking Statements
Statements contained in this press release that are not historical information are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the future market demand for and sales of NTIC's ZERUST(r) and Natur-Tec(tm) (biodegradable plastics) products, the success of NTIC's other emerging new businesses, including its process technology that converts plastic waste into fuel and the application of its corrosion inhibiting technology into the oil and gas industry, the effect of NTIC's recent cost control measures and such other statements which can be identified by words such as "expect," "anticipate," "estimate," "will," "would," or words of similar meaning and any other statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of NTIC's management and are inherently subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied. Such potential risks and uncertainties include, but are not limited to, in no particular order: NTIC's dependence on the success of its joint ventures and technical fees and dividend distributions that NTIC receives from them; NTIC's relationships with its joint ventures and its ability to maintain those relationships; risks associated with NTIC's international operations; exposure to fluctuations in foreign currency exchange rates; the current financial crises affecting the U.S. and worldwide banking system and financial markets; contraction of the U.S. and worldwide economies, including in particular the U.S. automotive industry; the level of growth in NTIC's markets; NTIC's investments in research and development efforts; acceptance of existing and new products; increased competition; the success of NTIC's emerging new businesses; the costs and effects of complying with changes in tax, fiscal, government and other regulatory policies, including rules relating to environmental, health and safety matters, NTIC's reliance on its intellectual property rights and the absence of infringement of the intellectual property rights of others and current and potential litigation. More detailed information on these and additional factors which could affect NTIC's operating and financial results is described in the company's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. NTIC urges all interested parties to read these reports to gain a better understanding of the many business and other risks that the company faces. Additionally, NTIC undertakes no obligation to publicly release the results of any revisions to these forward-looking statements, which may be made to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events.