CDVJ: HOUSTON, Jun 8, 2004 (BUSINESS WIRE) -- CortDev, Inc. (CDVJ:
Pink Sheets) today is pleased to announce that it is in negotiations to develop several production facilities for a European Biotech Syringe Company ("the Company"). This Company is currently in acquisition negotiations with CDVJ's subsidiary, Coastal Holdings Inc. (CSJJ: Pink Sheets). The Company currently has the capacity to produce approximately 100M units of the retractable syringes at its Hungarian factory. However, due to anticipated high levels of global demand for its products, the Company must double the capacity at this factory and seek to construct other facilities. The Company's plans are to develop plants in other major worldwide centres in the US, Israel and Canada. CDVJ will be responsible for the construction, development and management of these production facilities. The projected gross amount of these contracts is approximately $5M.
The Company is well-positioned in the safety syringe marketplace due to the fact that it has reached the stage of having a patented, multilicenced product with a present production capability in excess of 100M units. The Company has developed a product that can go to market at a very low unit cost and can be an important niche player in this $1.6B market (2005 est., source Theta reports) with massive growth potential.
CDVJ CEO Andrea Cortellazzi stated, "These contracts will be beneficial to CortDev and will serve to diversify and expand its revenue base and profitability. This is a very positive development for all shareholders of the company. Further details of the development plans will be announced as soon as they become available."
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