Permanent Technologies Inc. CEO Issues an Open Letter to Shareholders to Recap the Company’s Significant Achievements in 2012
Permanent Technologies Inc. (OTC: PERT) Has Been Active This Year in Pursuing New High-Volume Commercial and Industrial Customers and Establishing Strategic Partners to Help Ensure Design, Production and Tooling Capabilities Commensurate With These Markets Requirements
Press Release: Permanent Technologies Inc. – Thu, Dec 20, 2012 10:28 AM EST
HUNTINGTON, NY–(Marketwire – Dec 20, 2012) – Permanent Technologies (PINKSHEETS: PERT today issued a letter to shareholders from the company’s CEO Patrick Tremblay to update shareholders, potential investors and the general public on the progress and achievements the company has made over the past twelve months.
Over the past year we have devoted considerable energies to identifying and pursuing opportunities for our TineLokTM ® Vibration Proof Fastening System in commercial and industrial markets. We determined that in order to achieve this goal we had to bolster our design, production and tooling capabilities. I am pleased to report we’ve been successful on both of these fronts. Here are the specifics of these activities:
In May of 2012, Permanent Technologies, Inc. undertook changes related to the outsourcing of its manufacturing capability. Over the past six months, the Company has contracted with a new Long Island based manufacturer.
This company has provided Permanent with increased scale along with expertise and design knowledge that was not previously available to it. Permanent has been working with this manufacturer to finalize prototypes for both Military and Commercial markets. In doing so, design, prototypes and pre-production samples have been built from the ground up, in a manner consistent with the company’s existing Trademarks and Patents.
We have developed a simpler, less costly design that adheres to our existing U.S. and International patents. We’re confident this new one-piece, easy-on/off fastener innovation can be a major breakthrough for applications in commercial markets where clamp load and reusability are critical.
In January of 2012, Permanent Technologies began discussions with one of the largest faucet manufacturers in the USA. The goal was to explore production of a fastener system capable of solving a long standing performance issue, related to vibration.
This is an opportunity for TineLokTM ® to replace all current fasteners in use by this company across all of their product lines (Wholesale, Retail, Distributors, Plumbing Supply and New Home Installation businesses) in all of their operating markets across the world.
In discussing sales opportunities with some of the company’s prospective customers, there is an opportunity to further expand manufacturing capability by licensing TineLokTM ® production to these customer’s own manufacturing suppliers.
We’ve had a very productive year establishing a key relationship in the manufacturing area and currently are poised to enter the military and commercial markets with confidence. The company has also been very active in identifying and pursuing opportunities in the marketplace to enhance its competitive position relative to: identifying new customers, JV Partners and sub-contracting relationships with established prime suppliers and OEMs. We will report updated details of our progress to shareholders on a timely basis.
Patrick Tremblay, CEO