Brunswick Wins Innovator Award
BRUNSWICK, Maine - Brunswick Technologies Inc. (NASDAQ:BTIC) was recently presented with the International Innovator of the Year award by Governor Angus King, Jr. on behalf of the Maine International Trade Center. The award was given in recognition of BTI's efforts to transform a traditional Maine industry like textiles into the 21st century using innovative technology.
"This is a major honor for the company," stated Martin Grimnes, BTI CEO and Chairman. "It demonstrates the importance of BTI's strategy to continually improve our process and product, and not rely on laurels and past successes, especially in the evolving composites market. My philosophy is, fall in love with your customer, not your process."
As a world class manufacturer of advanced reinforcements for the composites industry. BTI sets a good example for other traditional industries in the state, according to a Trade Center spokesperson.
Other contributions cited were Martin Grimnes's instrumental role in the Maine Composites Alliance, a business association to promote the state as the "Silicon Valley" for composite development, and BTI's commitment to international trade. Last year, the company acquired a leading manufacturer of reinforcements for the composite industry in the UK to strengthen its growth in Europe.
Examples of products manufactured with BTI engineered reinforcements include: ballistic armor, boats, snowboards, railcars, truck panels, wind blades, airframe structures, automotive parts, marine pilings, bridges, and offshore oil and gas production equipment. BTI has manufacturing facilities in the Maine, Texas and the UK.
Matters discussed in this news release with respect to expected financial results and future events, including any discussion, expressed or implied, of the Company's anticipated revenue growth, operating results and future earnings per share are forward-looking statements (identified by the words "expect", "estimate", "project", "plans", "believe", and similar expressions) that involve known and unknown risks and uncertainties. For these statements the Company claims the protection of the safe harbor of the Private Securities Litigation Reform Act of 1995. The Company's future operating results are dependent on its ability to achieve increased sales and to control expenses. Factors such as lower than expected inflation, product cost fluctuations, changes in product mix, continued or increased competitive pressures from existing competitors and new entrants (both fiberglass and non-fiberglass), including price cutting strategies and deterioration in general of regional economic conditions are all factors which could adversely affect sales projections. Additionally, the Company's operating results may be negatively affected by (i) difficulties and uncertainties associated with the merger of three of the Company's large distributors, (ii) fluctuations in valuation of the pound Sterling versus other European currencies and the US Dollar, (iii) the failure to obtain necessary capital for the expansion of facilities and acquisitions, (iv) unforeseen results of the Y2K problem and (v) the inability to continue to improve production capacity and scheduling. These and other risks are detailed from time to time in the Company's SEC reports, including Form 10K for the year ended December 31, 1998.
Contact: Brunswick Technologies Inc. Lisa Sheprow, 207/729-7792