CTI Industries Corporation (NASDAQ Capital Market - CTIB), a manufacturer and marketer of packaging and storage bags and pouches, metalized balloons, latex balloons, novelty items and printed and laminated films, today announced that it has received notice from S.C. Johnson & Son, Inc. (“SC Johnson”) that SC Johnson has elected to renew the Supply and License Agreement among them for the manufacture and supply of zippered airtight vacuum storage bags which SC Johnson sells under the ZipLoc® name. The agreement was for an initial term expiring on June 30, 2011 and provides for two renewal terms of two years each, at the option of SC Johnson. By the notice received on February 11, 2011, SC Johnson has elected to renew the agreement for a two year term commencing on July 1, 2011.
CTI Industries is one of the leading manufacturers and marketers of metalized and latex balloons, develops, produces and markets bags and pouches for storage and packaging applications and produces laminated and printed films for commercial uses. CTI markets its products throughout the United States and in a number of other countries.
This press release may contain forward-looking statements within the meaning of Section 17A of the Securities Act and Section 21E of the Securities Exchange Act. Actual results could differ materially from those projected in the forward-looking statements, which involve a number of risks and uncertainties, including (i) the risks of generating and maintaining sales in a highly competitive market, (ii) the ability of the Company to enter into or maintain contracts or relationships with customers, distributors, licensors and suppliers, (iii) manufacturing risks, as well as other risks and uncertainties reported by the Company in its SEC filings, and such statements should also be considered in conjunction with cautionary statements contained in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K.
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