** Why HCTI is up 60% in last two days on low volume!!!
Hybrid Provides Overview of Significant Milestones Achieved During 2015
Hybrid Coating Technologies Inc.
December 17, 2015 9:12 AM
GlobeNewswire
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SAN FRANCISCO, Dec. 17, 2015 (GLOBE NEWSWIRE) -- Hybrid Coating Technologies Inc. (HCTI) is pleased to provide an overview of the significant milestones that have been achieved during this year.
Entered into $4M distribution agreement and received $160,000 preliminary order from US based distribution partner.
Finalized a joint development agreement in principal with a Fortune 500 partner for a potential revenue of $20M per annum and expect to execute a definitive agreement next month.
Entered agreement in principal to move forward on negotiations for an LOI for the joint development of foam products with a Fortune 500 company.
Expect the commercial launch next year of a coating product developed by a Fortune 500 partner using Hybrid’s non isocyanate platform technology.
Developing a non isocyanate spray foam insulation formula to be used with Hybrid’s Fortune 500 collaborator’s spray foam equipment. The insulation industry is currently valued at $35 billion.
Entered into agreement with a major foam manufacturer for the joint development of mattress, furniture and shoe foam. Hybrid’s partner has numerous Fortune 500 clients, several of whom are part of the ©Zero Discharge of Hazardous Chemicals group www.roadmaptozero.com, such as Nike, New Balance and Adidas. The combined value of the shoe, Mattress and Furniture verticals for the polyurethane industry is expected to reach $10 billion by 2018.
Received interest from European distributors for commercial orders in 2016.
Received the prestigious Presidential Green Chemistry Award, awarded by the US EPA, American Chemical Society and the White House.
Appointed an ex section chief of the US EPA to its advisory board with a 30 year career focused on implementing strategies to limit the use of isocyanates with the goal of an eventual outright ban.
“This year has been the most significant to date for the company as we have advanced on numerous fronts, from winning the most prestigious award in the US for environmental technology to entering into our first definitive commercial agreement and receiving our first commercial order,” said Joseph Kristul, President and CEO, “We are presently working with five Fortune 500 companies and are in discussions with several others as well as working with other large and medium sized companies and expect 2016 to be a significant year for the company as sales start to ramp up from various verticals.”
