Prime Industrial to Invest in Composite Solutions
SAN DIEGO, Oct. 25 - Composite Solutions, Inc. (CSI) (OTC Bulletin Board: KIPS), announced today that it has reached an agreement with Prime Industrial Co., Ltd. of Korea ("Prime"), whereby Prime will invest $2M US Dollars into CSI.
As an equity partner, Prime will launch and run new construction and retrofit projects in Asia that incorporate CSI's revolutionary composite technologies. For this purpose, Prime will make additional investments in Asia as necessary to optimize the Asian market. Of particular interest to Prime is CSI's carbon shell system (CSS) for new construction applications. The shells are lightweight stay-in-place structural forms that eliminate the need for conventional steel reinforcement (rebar) in concrete structures. The use of such forms is expected to lead to faster and more affordable construction, as well as more efficient use of concrete. Additional benefits include the elimination of traditional rebar corrosion problems and the need for heavy lifting equipment. CSI's and Prime's managements predict a multibillion-dollar market potential for new construction applications of this technology in Asia.
CSI provides end-to-end solutions for a variety of industries that use fiber-reinforced polymer (FRP) composites. Using technology developed by and licensed from the University of California, San Diego, CSI offers a comprehensive package from analysis through construction. Primary uses of the technology include revolutionary new construction, structural strengthening, earthquake retrofitting, and blast hardening of a variety of structures. For more information, visit CSI's website at http://www.CompositeSolutionsInc.com.
Except for historical information contained in this document, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this document, words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the company and its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the company's management, as well as assumptions made by and information currently available to the company's management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the regulatory, reimbursement and trade environment; and the risk factors reported from time to time in the company's reports.
SOURCE Composite Solutions, Inc.
CONTACT: Cheryl Monblatt-Allen, Investor Relations and Corporate Communications of Composite Solutions, Inc., 858-459-4843, ext. 301, IR@CompositeSolutionsInc.com