nCoat Announces Collaboration Plans With German Hi-Tech Coating Firm
Wednesday November 28, 3:39 pm ET
WHITSETT, NC--(MARKET WIRE)--Nov 28, 2007 -- nCoat, Inc. (OTC BB:NCOA.OB - News) ("nCoat" or the "Company") is pleased to announce it has entered into a Letter of Intent ("LOI") with the European engineering firm of Target Electronic Service GmbH ("Target").
The LOI formalizes a business relationship between Target (
www.target-electronic.de) and nCoat, specifically for the purpose of collaborating together for expansion of each of their business interests in the United States as well as in Europe respectively. To help facilitate this expansion, nCoat expects to increase the common capital stock of Target by nearly 30% within 90 days following the execution of this LOI.
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Both Parties propose to collaborate in areas of mutual technical and business benefit, including furthering development of both Target and nCoat's international revenue and operating footprint in their respective primary markets. Preliminary collaboration plans include (1) cross sales opportunities to existing coating customers, (2) exploration of opportunities for Target to use nCoat coating products with Target application services, and (3) the development of joint engineering collaboration for future product and service offerings. Furthermore, both companies hope to further explore the development of integrated business structures and synergistic financing options towards the best joint interest of both companies.
"The collaboration with Target represents a win-win for both companies," said Paul Clayson, CEO of nCoat. "The cross platform opportunities and customer synergies are very significant."
Target primarily provides the application of protective coatings (conformal coatings) on electronic assemblies (circuit boards). The company principally uses proprietary processes and currently coats in excess of one million assemblies annually.
Additionally, Target offers specialized finishing processes utilizing state-of-the-art precision robotics driven by proprietary software applications. Many of the coatings and processes are developed and prototyped specifically for individual customer needs. Target's primary market advantage is in design and process flexibility. Target works with some of the most well known European manufacturers including; Miele, Hella, Siemens, Audi, Ferrari, Porsche, Bosch and many others. The company provides major manufacturers with high volume outsourced services that do not fit the economic models at the larger firms. Target's service focus is the ability to tailor and adapt to the logistic demands of their clients, ensuring timely delivery of finished, high quality products.
For additional information, please contact Investor Relations at: +1-866-435-8958
About nCoat, Inc. (OTC BB:NCOA.OB - News)
nCoat, Inc. is an emerging nanotechnology company with new nano-formulated and traditional coatings that make it an international leader in the development and marketing of coatings applied to metal, ceramics, fabric, and other materials. The Company specializes in nanotechnology research, commercialization, licensing, and distribution, and through its subsidiary companies develops and distributes commercially viable proprietary nanotechnology and traditional coatings products. At nCoat, we invite the world to "Innovate with us..."
Notice Regarding Forward-Looking Statements
Except for statements of historical fact, the information presented herein may contain forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which nCoat, Inc. has little or no control. Additionally, words such as "may," "will," "expect," "believe," "anticipate," "estimate," "project," or "continue" or comparable terminology used in this release may identify forward-looking statements. We disclaim any obligation or intention to revise or update any forward-looking statements for any reason. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this statement.
ON BEHALF OF THE BOARD
nCoat, Inc.
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Paul S. Clayson, Chief Executive Officer