Permanent Technologies Inc. President Issues an Open Letter to Shareholders Regarding Recent Developments and Direction in 2016
Permanent Technologies Inc. (OTC: PERT) Has Been Active Over the Past Year in Pursuing New High-Volume Commercial and Industrial Customers while Establishing Strategic Partnerships and Acquisition Candidates
Quincy, MA – February 17, 2016 – Permanent Technologies, Inc. (Pinksheets: PERT.PK) today issued a letter to shareholders from the company’s President Frederick Barry II to update shareholders, potential investors and the general public on recent developments and its plans for this year.
Over the past year we have been identifying and pursuing opportunities for our TineLok™® Vibration Proof Fastening System in commercial and industrial markets, worldwide.
In furtherance of achieving this goal, in December, 2014, we entered into a marketing agreement with BroadBrand International Limited (“BroadBrand”) to license our products into the Asian markets, starting with China. An additional 13 countries have been identified, each of which, we believe, can utilize our vibration proof fastener assembly systems. We believe that this partnership strengthens Permanent’s sales position and gives us a knowledgeable outsourced sales staff.
I am also pleased to report we’ve been successful on the following fronts. Here are the specifics of these activities:
First, the company has re-designed its website for informational and web sales purposes, which can be viewed at www.tinelok.com
We have also mapped out a strategy for 2016, which is dependent upon obtaining financing, which there can be no assurance, to acquire distribution and /or manufacturing entities. Ideally, Permanent desires to manufacture its product on its own through an acquisition of a manufacturing entity and also hopes distribute its product in the United States with the addition of an internal sales force that would already be part of a distribution entity.
Alternatively, Permanent can license its products overseas through its already established relationships.
Currently, Permanent Technologies is in negotiations with two acquisition candidates and has been reviewing due diligence for each candidate. We believe that each of the candidates can give the company the reach into multiple industries including automotive, aerospace, construction, plumbing & valves with our fastener components. We also will add HVAC and electronic components to our product mix. These target entities are all ISO 9001:2008 certified and have access into the Department of Defense, where we believe there are many potential sales opportunities. On the manufacturing front, the candidate is a profitable entity that can produce our vibration proof product in house and has engineering and prototyping capabilities. Prototyping is an integral manufacturing process that enables Permanent to control client inquiries, from engineering through the final approved production, controlling the process from new application to sale.
The Tinelok™® fastener assembly is currently beginning testing stages with the largest railway company in the US, for use in frog switches and track crossovers. Along these lines, Permanent began dialogue to test its product on subway cars, tracks, and platforms where vibration issues are a constant problem causing their current fasteners to wear and break repeatedly.
Permanent Technology has continued its efforts to secure an order with the U.S. Navy on its Hovercraft ships, by testing a new lightweight aluminum vibration proof fastening system, a follow up to two years of successful testing in a stainless steel product. The company has tested the aluminum variant product sixteen out of a required twenty five hours for completion. Additionally, we are in discussions with the new Hovercraft designs, in which our Tinelok™® product can be incorporated into designs which would be likely that future ship builders to purchase our components.
Finally, Permanent has established a new wholly owned subsidiary Permanent Consulting Solutions (“PCS”). This division was established to assist in the sale of established manufacturing and distribution companies. PCS, has two such engagements.
We will report updated details of our progress to shareholders on a timely basis.
Frederick Barry II
About Permanent Technologies, Inc.
Permanent Technologies is the inventor and manufacturer of the award winning TineLok™® Fastening System — a family of fasteners that are designed to hold tight in the most demanding, extreme and harshest conditions, environments and applications.
The TineLok™® Fastening System’s vibration-proof, self-locking technology is an affordable alternative to traditional fasteners when increased safety, reliability, operating life and reduced maintenance is desired or required.
The Company has been granted numerous patents both in the U.S. and internationally for the TineLok™® technology. For more information please visit www.tinelok.com.
Forward Looking Statements:
This press release contains certain “forward-looking” statements involve a number of risks and uncertainties. Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company’s best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such Forward-looking statements. It is impossible to identify all such factors, factors that could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, the Company’s ability to develop operations, the Company’s ability to consummate and complete an acquisition, the Company’s access to future capital, the successful integration of acquired companies, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition, sales and other factors that may be identified from time to time in the Company’s public announcements.
This press release is provided for information purposes only and is not intended to constitute an offer to sell or a solicitation of an offer to buy securities.
Permanent Technologies, Inc.
Frederick Barry II, President