SAN FRANCISCO, July 11, 2013 (GLOBE NEWSWIRE) -- Hybrid Coating Technologies Inc. (OTCBB:HCTI) is pleased to issue the following corporate update.
The Company operates in the $50 Billion floor coatings sector which is part of the chemicals industry. Our peers typically trade in the range of 20 to 30 times earnings.
The Company has a proprietary polyurethane floor coating technology and is the only company in the world that manufactures polyurethane without toxic isocyanates.The US EPA (Environmental Protection Agency) is looking to control and potentially outright ban isocyanates in polyurethane and mentioned the Company's technology as an alternative to toxic polyurethane in its Action Plan against isocyanates (see page 4 Figovsky and Shapovalov) http://www.epa.gov/oppt/existingchemicals/pubs/actionplans/mdi.pdf On June 25, 2013 the Occupational Safety and Health Administration (OSHA), a division of the US Department of Labor, initiated a National Emphasis Program to protect workers from the serious health effects from occupational exposure to isocyanates. Isocyanates are found in polyurethane based products. According to the OSHA, "Workers exposed to isocyanates can suffer debilitating health problems for months or even years after exposure which could result in death." The Company is presently in discussions with several large industry players and expects to enter into commercialization agreements with some potential partners during 2013 and is targeting to generate revenues in the range of $8M to $10M with net income of between $2.5M and $3.3M for its fiscal year of 2014. "We are very optimistic with the progress that the company has undergone and the interest that the industry is showing for our technology," said Joseph Kristul, President and CEO of Hybrid, "and we are confident that we will enter into commercialization agreements for our products in the near future." CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS