SAN FRANCISCO, Dec. 17, 2015 (GLOBE NEWSWIRE) -- Hybrid Coating Technologies Inc. (OTCBB: HCTI ) is pleased to provide an overview of the significant milestones that have been achieved during this year.
Entered into $4M distribution agreement and received $160,000 preliminary order from US based distribution partner.
Finalized a joint development agreement in principal with a Fortune 500 partner for a potential revenue of $20M per annum and expect to execute a definitive agreement next month.
Entered agreement in principal to move forward on negotiations for an LOI for the joint development of foam products with a Fortune 500 company.
Expect the commercial launch next year of a coating product developed by a Fortune 500 partner using Hybrid’s non isocyanate platform technology.
Developing a non isocyanate spray foam insulation formula to be used with Hybrid’s Fortune 500 collaborator’s spray foam equipment. The insulation industry is currently valued at $35 billion.
Entered into agreement with a major foam manufacturer for the joint development of mattress, furniture and shoe foam. Hybrid’s partner has numerous Fortune 500 clients, several of whom are part of the ©Zero Discharge of Hazardous Chemicals group www.roadmaptozero.com , such as Nike, New Balance and Adidas. The combined value of the shoe, Mattress and Furniture verticals for the polyurethane industry is expected to reach $10 billion by 2018.
Received interest from European distributors for commercial orders in 2016.
Received the prestigious Presidential Green Chemistry Award, awarded by the US EPA, American Chemical Society and the White House.
Appointed an ex section chief of the US EPA to its advisory board with a 30 year career focused on implementing strategies to limit the use of isocyanates with the goal of an eventual outright ban.
“This year has been the most significant to date for the company as we have advanced on numerous fronts, from winning the most prestigious award in the US for environmental technology to entering into our first definitive commercial agreement and receiving our first commercial order,” said Joseph Kristul, President and CEO, “We are presently working with five Fortune 500 companies and are in discussions with several others as well as working with other large and medium sized companies and expect 2016 to be a significant year for the company as sales start to ramp up from various verticals.”
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of Hybrid Coating Technologies Inc. to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, and other risks. Hybrid Coating Technologies Inc undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in Hybrid Coating Technologies Inc. expectations.
About Hybrid Coating Technologies
Hybrid Coating Technologies (HCT) is a San Francisco-based innovator focused on improving the quality and safety of foams, coatings, and adhesives for industrial and commercial customers around the world. We are the exclusive licensee of Green Polyurethane™ foam, coatings, and adhesives – the world’s first-ever patent protected polyurethane-based foam, coatings, and adhesive products that eliminate toxic isocyanates from the entire production process (licensed by Nanotech Industries, Inc.) and the 2015 recipient of the Presidential Green Chemistry Award.
The Problem of Conventional Foams/ Coatings/Paint and Isocyanates
Conventional polyurethane (PU) paint and coatings have many disadvantages: they are porous, permeable and maintain poor hydrolytic stability. This makes the material highly vulnerable to environmental degradation and ultimately leads to their chemical decomposition, especially when in contact with water. Conventional PU foams such as spray foam insulation are applied via a spraying mechanism that sends toxic isocyanates in the air – exposing workers to the dangers of toxic isocyanates. Strict and costly health & safety measures have to be implemented in the manufacture and application of conventional polyurethane due to the toxicity of isocyanates. This is why regulatory bodies around the world are now looking toward phasing out the use of isocyanates.
The Green Polyurethane™ Solution
Green Polyurethane™ (also referred to as “HNIPU” - hybrid non-isocyanate polyurethane) is a “hybrid” material that combines the high chemical resistance properties of epoxy and advanced durability and wear resistance properties of polyurethane, making it the perfect coating application for sanitary, high traffic and corrosive surface areas. As a hybrid material with superior properties, Green Polyurethane ™ can be applied in one or two coatings, providing a welcome cost-saving substitute to currently used multi-layered coating applications. Its safety features allow it to be applied without the interruption of business due to public exposure, creating an additional 30-60% savings on application costs for customers. As a foam, Green Polyurethane™ provides high R values up to 6.0, energy savings up to 30% and improved tensile strength over conventional foam without using dangerous isocyanates.
Recent Anti-Isocyanate Regulatory Pressure
US EPA MDI Action Plan: The US EPA (Environmental Protection Agency) is taking progressive action to regulate and potentially ban isocyanates and has mentioned Hybrid’s technology as an alternative to toxic polyurethane in its MDI Action Plan against isocyanates (see page 4 Figovsky and Shapovalov) http://www.epa.gov/oppt/existingchemicals/pub...ns/mdi.pdf .
OSHA National Emphasis Program: 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 OSHA, "Workers exposed to isocyanates can suffer debilitating health problems for months or even years after exposure which could result in death."
California’s Department of Toxic Substances Control (DTSC) on March 13, 2014 selected isocyanates and two others substances from a list of 1,100 toxic components that it will focus on with the goal of potentially banning them altogether within the next two years. The announcement is part of a bigger effort to educate consumers and manufacturers about product safety under the Green-Chemistry Law, which went into effect in California last year. Under the law, the agency has jurisdiction to ban these products altogether after following proper protocol. That process includes workshops, a public comment period and requiring manufacturers that want to sell these products in California to determine whether it would be feasible to use safer ingredients.
The US EPA on January 8, 2015 announced that it was taking action to protect consumers from new uses and imports of harmful isocyanates in polyurethane. The EPA’s proposed action, a Significant New Use Rule (SNUR) under the Toxic Substances Control Act (TSCA), would require manufacturers (including importers) to notify the EPA at least 90 days before starting or resuming new uses of isocyanates in polyurethane based consumer products. The EPA would then have the opportunity to evaluate the intended use of and if necessary, to take action to prohibit or limit all products containing over one tenth of one percent of the chemical including imported products that make their way into the United States.
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