INSEQ Granted Exclusive Manufacturing and Distribution Rights to OneLid(TM) Monday July 18, 10:00 am ET
MOUNT ARLINGTON, N.J., July 18 /PRNewswire-FirstCall/ -- INSEQ Corporation ("INSEQ") (OTC Bulletin Board: INSQ - News), today announced its execution of an amendment to its agreement with GreenShift Industrial Design Corporation ("GIDC") granting INSEQ exclusive manufacturing and distribution rights to GIDC's OneLid(TM) appliance. ADVERTISEMENT
Under the terms of the amendment, INSEQ's manufacturing division will design and build the automation equipment necessary to meet GIDC's production benchmarks, and then manufacture, distribute and sell OneLid(TM) appliances to retail and selected wholesale clients in the food services industry. GIDC will provide financial support and will receive a royalty equal to 10% of all gross sales of OneLid(TM) appliances, with a minimum royalty requirement of $1 million in 2006 and $2 million in 2007.
Some industry sources estimate that the food services industry disposes more than 10 billion unused plastic beverage lids per year in the U.S. alone with a retail value of about $50 million per year. Unused plastic lid waste is generated mostly because of how lids are currently handled and dispensed - most conventional methods force consumers to handle multiple lids in order to pick up a single lid, which creates waste, clutter and other sanitary issues.
OneLid(TM) is designed to minimize waste by ensuring that food service customers are presented with only one lid and by allowing restaurant staff to easily improve the handling of their inventory. With a sleek, customer friendly design and a form factor that allows for convenient placement, OneLid(TM) appliances will be an affordable way for food service establishments to save money on purchases while reducing waste disposal costs.
"We are extremely excited to have this opportunity," said Tony Warnecke, president of INSEQ's design and manufacturing subsidiary. "GreenShift has set some aggressive but achievable goals relative to its Early Adopter sales targets and we are very much looking forward to getting to work immediately."
Kevin Kreisler, INSEQ's chairman and the chairman and chief executive officer of GreenShift Corporation (OTC Bulletin Board: GSHF - News), said that "OneLid(TM) is a simple but, in our view, potent example of how we can be smarter about how we use our resources and how we can be more profitable by doing so -- GIDC estimates that OneLid(TM) appliances will allow operators of food service establishments to save from $1,000 to as much as $3,000 per year."
"While the exact size of the OneLid(TM) target market is difficult to assess with precision, industry sources estimate that the global market for these appliances is in excess of 1.5 million units," added Warnecke. "Devices that attempt to accomplish the same goals as OneLid(TM) are currently on the market, but they are, in our view, ineffective and not customer-friendly and their form factor is cumbersome. While these devices retail for about $200 per unit, they are not widely used."
Kreisler added: "GIDC's design goals here were to devise an appliance that increased profit for its target market and then to leverage that profit to achieve a compelling environmental gain. With OneLid(TM), that gain can be measured in the reduced generation of waste, reduced consumption of fossil fuels and reduced emission of greenhouse gases. The speed with which this environmental gain becomes real, and the magnitude of the gain, will be directly related to how quickly INSEQ can move product to its planned future customers."
"The purpose of GIDC's Early Adopter Program is to test a new pricing model that we believe will enhance sales cycles and get more product out on the street quicker -- under the program, INSEQ will sell OneLid(TM) appliances to early-adopters for no up-front cost but will instead charge on a per-lid basis for a defined period of time," concluded Kreisler.
GIDC and INSEQ plan to start marketing OneLid(TM) this quarter to specific early-adopters, and OneLid(TM) specifications and other relevant information will be made available next month.
About INSEQ Corporation
INSEQ Corporation is a publicly traded company whose mission is to facilitate the efficient utilization of primary and secondary commodities including metals, chemicals, fuels and plastics. More information on Inseq is available online at http://www.inseq.com .
INSEQ is 70% owned by GreenShift Corporation (OTC Bulletin Board: GSHF - News), a business development corporation whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and contribute to the resolution of environmental challenges.
Safe Harbor Statement
This press release contains statements, which may constitute "forward- looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Incode Technologies Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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