SAN FRANCISCO, Nov. 09, 2016 (GLOBE NEWSWIRE) -- Hybrid Coating Technologies Inc. (OTC Pink:HCTI) is issuing this press release to summarize the key milestones achieved by the company in 2016 and to give a general outlook for 2017. Coatings in 2016: Industrial Finishes & Systems (IF), Hybrid's U.S. distributor, has made significant progress in distributing Hybrid's products in the U.S. with large flooring installations in various parts of the country. Hybrid is currently working with IF to carry out new independent testing of its products, which will allow it to further distinguish the mechanical and chemical resistance superiority of its products over other products in the market. Hybrid made significant progress in establishing sales in Europe. The company is now currently working with companies who plan to use Hybrid's proprietary zero isocyanate catalysts in Italy, France, Spain and Germany. The company has also put a significant amount of time and effort into lowering its manufacturing costs. Part of this effort includes the setup of a new toll manufacturer now manufacturing Green Polyurethane™ for Hybrid in Europe to serve its European based clients. The company made considerable in-roads in Southeast Asia in 2016. After testing at Chinese state agencies, Hybrid's floor coating formulations were found to be far superior to conventional floor coating systems currently on the market. Hybrid now has multiple Chinese companies who have tested its products and who now want to do large scale field trials. The company is also working with five large coatings companies in South Korea and Japan who are interested in Hybrid's zero isocyanate polyurethane. Hybrid's Fortune 500 coatings partner used Hybrid's zero isocyanate catalyst to develop and launch their own commercial coating product with a second product also expected to be launched. Foam in 2016: Hybrid entered into a joint development agreement with a Fortune 500 partner with a potential $20M per year revenue for Hybrid post development and after a reasonable ramp up period.