SAN FRANCISCO, Nov. 29, 2011 (GLOBE NEWSWIRE) -- Hybrid Coating Technologies Inc. (OTCBB:HCTI) announced today that pursuant to the terms of its Licensing Agreement with Nanotech Industries Inc., it has exercised its option to manufacture and sell Green Polyurethane™ coatings and paint in Europe on an exclusive basis. For more information, please see the 8K filed on July 8, 2011 at www.sec.gov
"We have been working with multiple potential partners in Europe over the past year and our products have successfully undergone rigorous testing," said Joseph Kristul, Chief Executive Officer. "We are now in advanced commercial discussions with multiple potential European partners for distribution and licensing as we look to expand our presence in the European continent."
As Europe continues to strengthen its regulations against the use of products that contain toxic isocyanates such as polyurethane floor coatings, Hybrid is in a unique position as the world's first producer of polyurethane floor coating products made without the use of isocyanates at any point in the manufacturing process.
The combined revenue for the European industrial and specialty coatings industry is estimated at $12 billion per annum.
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of Hybrid Coating Technologies Inc. to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, and other risks. Hybrid Coating Technologies Inc. undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in Hybrid Coating Technologies Inc. expectations.
About Hybrid Coating Technologies
Hybrid Coating Technologies (HCT) is a San Francisco-based innovator focused on improving the quality and safety of coatings and paint for industrial and commercial customers around the world. We are the exclusive licensee of Green Polyurethane™ coatings and paint – the world's first-ever patent protected polyurethane-based coatings and paint products which eliminate toxic isocyanates from the entire production process (licensed by Nanotech Industries, Inc.).
The Problem of Conventional Coatings/Paint and Isocyanates
Conventional polyurethane (PU) paint and coatings have many disadvantages: they are porous, permeable and maintain poor hydrolytic stability. This makes the material highly vulnerable to environmental degradation and ultimately leads to their chemical decomposition, especially when in contact with water. Even worse, the manufacture of conventional polyurethane involves highly toxic components such as isocyanates, which can cause irritation of skin and mucous membranes, chest tightness, difficult breathing, upset stomach, fevers and prolonged exposure has been known to cause severe asthma and even death. Furthermore, strict and costly health & safety measures have to be implemented in the manufacture and application of conventional polyurethane due to the toxicity of isocyanates. This is why regulatory bodies around the world are now looking toward phasing out the use of isocyanates.
The Green Polyurethane™ Solution
Green Polyurethane™ (also referred to as "HNIPU" - hybrid non-isocyanate polyurethane) is a "hybrid" material, which combines the high chemical resistance properties of epoxy and advanced durability and wear resistance properties of polyurethane, making it the perfect application for high traffic and corrosive surface areas. As a hybrid material with superior properties, Green Polyurethane ™ can be applied in one coating in most cases, providing a welcome cost-saving substitute to currently used multi-layered flooring applications. Green Polyurethane™ also provides the first sound solution to the environmental and health hazards associated with isocyanates in polyurethane. Its safety features allow it to be applied without the interruption of business due to public exposure, creating an additional 30-60% savings on application costs for customers.
About Polymate Inc.
Polymate, which is staffed by world-leading materials scientists, largely from the former Soviet Union, is a technology and design company which specializes in providing focused industrial demand oriented research and development in diverse fields, including materials, chemical and environmental engineering. Polymate is exclusively and fully funded by Nanotech Industries and all the IP developed under this agreement remains the property of Nanotech Industries. Hybrid Coating Technologies Inc. and Nanotech Industries have entered into an exclusive licensing and distribution agreement whereby Hybrid Coatings has the right to sell the Green Polyurethane™ Binder and Green Polyurethane™ Monolithic Floor Coating to the North American and European markets.