|
PRESS
RELEASE # 84
(Released Via Business Wire:)
April 22, 2010
FLAME SEAL COMMENTS UPON BUCKMAN PRESS RELEASE, EXPANSION,
PRELIMINARY 1ST QTR REVIEW AND ANNUAL STOCKHOLDERS' MEETING
BUCKMAN's PRESS RELEASE
Buckman's press release, having completed their thorough internal review, has now been released via
businesswire.
They have also placed the announcement, for publication in next issues, in four
target trade magazines:
National Hardwood
Coatings World Kerry
JPCL
JCT-Journal of Protective Coatings & Linings
EXPANSION DECISION REACHED
Flame Seal
Products, Inc. (FSP) has selected its expansion property, located in Stafford,
Texas, in Fort Bend County on the outskirts of Houston. The property meets all
critical aspects of the Search Team's criteria, including power and water
supply, sprinklers, labs, offices, and manufacturing space requirements for up
to four complete production systems. The facility should be ready within 30-45
days.
2010 1st QUARTER REVIEW
SALES:
First Quarter Reports will be completed and distributed on or before the May
15 deadline. A preliminary review shows that Flame Seal had record quarterly
revenue, achieving 90% of its 1st quarter forecast, with
approximately $450,000 in sales derived from sources as expected. By way of
comparison, the first quarter revenues alone equaled 65% of all of 2009 revenues
of $694,241 and are a harbinger of future anticipated growth and profitability.
During the Quarter there was a high level of commitment of Company resources on
the above noted expansion project, ongoing work interfacing with our new
partner, and preparing for the American Coatings Trade Show in Charlotte, NC.
Management is strongly encouraged by the sales growth considering the intense
focus on "non sales" activity to properly position the company for success. The
Company expects to file a Quarterly Report by May 15, that will elaborate on the
results of operations.
SPUF MARKET:
Flame Seal and SPI completed a review and evaluation of over 2 Million square
feet of applications of Flame Seal-TB on Polyurethane Foam thus far. There were
a few cases of adhesion problems reported, which were thoroughly evaluated. The
cause has consistently proven to be applicator error, which supports good
quality control of Flame Seal-TB.
Flame Seal decided to take pre-emptive action by organizing a Nation Wide
Certified Applicator Training Program to take complete control of all
applications of Flame Seal-TB. This will eliminate these errors, and the
problems they may cause, as sales volumes escalate. Flame Seal will phase in
the program during the next six months. This will provide the customer and fire
officials alike the assurance of consistent performance and accountability for
these important life-safety issues.
SPUF TESTING PROGRAM: To date SPUF Manufacturers have successfully passed 14
Certified tests of Flame Seal-TB over their respective foams, which represent
approximately 85% of the market. ICC Certifications have been received by some,
while others are imminent. Sales inquiries are already increasing a great deal
due to these developments. Combined with the Certified Applicator Training
process, this completes a comprehensive program for SPUF Insulation customers,
which will provide them the roadmap for the highest level of assurance possible
assuring them all fire codes and safety guidelines will be met.
Details regarding each
specific manufacturer cannot be released without approvals and or edits by each
company. Such will be released in the press as clearances are received
from each respective company. Such releases have been under review by said
companies for 2-3 weeks, and their edits / approvals are expected shortly.
LEATHER MARKET:
Sales of Leather Seal
have also grown as expected, as new agents gain ground in that market.
This effort is being capably and energetically coordinated by Craig Keyser,
Flame Seal's Vice President of Marketing.
Additionally, Flame Seal anticipates making future newsworthy releases
regarding progress with our partners, the American Coatings Trade Show, and the
various SPUF manufacturers as they are approved.
STOCKHOLDERS's MEETING...
Due to the all-encompassing focus on
solidifying partnerships, the American Coatings Trade Show and the establishment
of our nation-wide Certified Applicator Program for Flame Seal-TB, as well as
tending to daily business and other issues, the stockholders meeting will
necessarily be held in June and will be announced as soon as possible.
From the President:
Hello fellow shareholders. As everyone is
keenly aware by now, we have made tremendous strides on several crucial fronts
during the first quarter of 2010. Due to a number of factors, the Company
and the stockholders will be better served by holding this meeting in June.
There are many reasons for this, not the least of which is my health. I
have been unable to travel recently, and have been limited in activities outside
of the office due to a major eye operation to save my eyesight. We have
not made a big deal out of this because it has not affected progress on any
projects because of our excellent staff, to whom I have delegated most of the
day-to-day operations, as well as thorough forward planning. However, the
shareholders meeting is, for obvious reasons, primarily in my court to manage.
Also, many stockholders have expressed concern over the April time frame because
of difficulty taking time off from work and/or school with their children.
Some suggested after school is out. As things are turning out, with my
lengthy, and difficult recovery from eye surgery, that will be the best time
frame for me anyway.
In the mean time, I will
make information available as things develop, such as with the American Coatings
Trade Show, Cert Applicator training program, codes work, etc. I
will say that, based on preliminary feedback from Craig Keyser and others in
attendance, the AC trade show was a tremendous success, which demonstrates to me
that we picked the right partner, and that the foundation is fast being built
for the sustainable and diversified growth we've been seeking. We'll elaborate
further in a future release as we assess our tangible progress.
Further, our first QTR report will be out by our mid-May deadline, which
will give us a chance to discuss that at the meeting as well. I thank those of
you who knew about my eyes, and your well wishes. I look very much forward
to "seeing" everyone who attends in June.
Michael D. Kiser
BACKGROUND:
FLAME SEAL PRODUCTS, INC. (FLMP) became a public company and began
trading March 27, 2000 on the OTC (Non-BB "Pink Sheets") stock market.
Flame Seal Products, Inc. is the Transfer Agent of record.
For shareholder
inquiries contact:
Flame Seal Products (symbol:
FLMP)
www.flameseal.com
713-668-4291
FLAME SEAL
PRODUCTS, INC. 4025 Willowbend Blvd. # 310, Houston,
Texas, 77025 USA, (713) 668
4291 office, (713) 668 1724 fax, www.flameseal.com;
© Copyright of Flame Seal Products, Inc. All rights
reserved, ® Registered Trademark of Flame Seal Products,
Inc., TM Trademark of Flame Seal Product inc.
|
