Published:
Plasticon Transfers Wholly Owned Inventory of Injection Molds to New Production Facility
Injection Molds Have Been Independently Valued at $10 Million
Plasticon International Inc. (OTC: PLNI)
announced today that on October 28, the company moved its wholly owned
inventory of injection molds to the Pro Mold, Inc. production facility, to
prepare for the completion of the acquisition of Pro Mold on November 9th.
The inventory of injection molds has been independently valued at $10
million.
"We want to be prepared to immediately get into production the day after
closing the acquisition," said Jim Turek, President and CEO of Plasticon
International. "That is the main reason why we decided to move our
inventory of injection molds in advance. There is a $1 million backlog in
orders for Pro Mold. Additionally, demand has been increasing for our
patented recycled plastic rebar support products, so we are very anxious to
hit the ground running with our new facility. Acquiring Pro Mold, Inc. is a
milestone in the history of the company. Plasticon will no longer rely on
contract manufacturing from this point forward. This is the first time that
Plasticon will control the manufacturing process from start to finish
through its own wholly owned production facility."
The new production facility allows for $20 million in production and sales
annually at present production capacity, and $8 million to $10 million in
additional production capability with the recent purchase of several new
Toyo machines. The total production capacity for the facility in the first
year will be between $28 million to $30 million.
For more information about the Plasticon International and for important
updates, please visit the Plasticon web site online at
www.plasticonintl.com. Plasticon was recently featured in Investor's
Business Daily and can be viewed on the Investors.com web site at:
http://www.investors.com/corporatenews/nw111.asp. It can also be viewed on
the Plasticon International web site at:
http://www.plasticonintl.com/manofrecycledplastic.pdf.
About Plasticon International, Inc.
Plasticon International (www.plasticonintl.com) designs, produces, and
distributes
high-quality concrete accessories, transportation signage, plastic lumber,
and office supplies which are all produced from recycled and recyclable
plastics. Plasticon is a leader, an innovator of
cutting-edge design, engineering, and production of industrial and
commercial products. Plasticon is a green Company, environmentally
friendly, using recycled plastics to produce its line of products.
Disclaimer: The Company relies upon the Safe Harbor Laws of 1933, 1934, and
1995 for all public news releases. Statements, which are not historical
facts, are forward-looking statements. The Company, through its management,
makes forward-looking public statements concerning its expected future
operations, performance and other developments. Such forward-looking
statements are necessarily estimates reflecting the Company's best judgment
based upon current information and involve a number of risks and
uncertainties, and there can be no assurance that other factors will not
affect the accuracy of such
forward-looking statements. It is impossible to identify all such factors.
Factors whish could cause actual results to differ materially from those
estimated by the Company include, but are not limited to, government
regulation, management and maintaining growth, the effect of adverse
publicity; litigation, compensation, and other factors which may be
identified from time to time in the Company's public announcements.
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Daily News
Tags: ,Chemicals:Plastics and fibers, RealEstateandConstruction:Construction, ,INTHPINK,KY,LEXINGTON, KY
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