DULUTH, Minn., June 21, 2013 (GLOBE NEWSWIRE) -- IKONICS Corporation (Nasdaq:IKNX), a Duluth-based imaging and materials technology company, today announced it will be added to the Russell Microcap(R) Index, effective at the close of the market on June 28, 2013.
CEO Bill Ulland commented, "We are pleased to be added to the Russell Microcap Index. Inclusion in this index is a testament to our traditional business and the recent expansion of Ikonics into the aerospace and automotive industries where our proprietary technologies create significant value for our customers. We believe that the inclusion in the Russell index will expand our visibility to a broad range of institutional buyers, and we are gratified that Ikonics has gained this additional opportunity for recognition within the investment community."
The Russell Microcap Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks consist of the smallest 1,000 securities in the small-cap Russell 2000(R) Index, plus the next 1,000 eligible securities, based on a ranking of all U.S. equities by market capitalization. Membership in the Russell Microcap Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indices and funds.
About Ikonics Corporation:
Ikonics Corporation has been a public company for 61 years, initially manufacturing photochemical products for the screen printing industry. Recently, the company has combined its strengths in photochemistry with newly acquired industrial inkjet printing and patent-pending Particle Beam technologies to enter the aerospace and automotive industries. Its aerospace applications range from use by NASA to the machining of carbon fiber composites for the Airbus A350. The company recently announced a project with Lockheed Martin to investigate the use of Particle Beam technology for the machining of Ceramic Matrix Composites, a material used in the most advanced jet engines. The company's Digital Texturing (DTX) enterprise is a patent-pending technology for creating textured surfaces in automobiles and on other surfaces, coupled with an integrated 3D texture prototyping capability. The technology is currently in use in Germany and Detroit for broad a range of vehicles, and the company believes represents a major savings in time and cost to users.
This press release contains forward-looking statements regarding the effect of the Company's inclusion in the Russell Microcap Index,, industry trends and new products, technologies and business initiatives that involve risks and uncertainties. Actual results could differ materially as a result of downturns in the aerospace industry, unexpected production delays by the Company's customers, lack of acceptance of new products and technologies, introduction of new products or technologies by competitors, the effects of domestic and global economic conditions, inherent risk and uncertainty in the protection of intellectual property rights, the ability to control operating costs without impacting growth, the importance investors place on the Company's stock being included in a particular index or fund, as well as the factors described in the Company's Forms 10-K, and 10-Q, and other reports on file with the SEC.