The branch will be operated by the Urecoats subsidiary, Infiniti Paint Company, Inc. ("Infiniti"), which currently markets and sells specialty adhesives, sealants, coatings, paints, and foams out of its Pompano Beach, Florida location to roofing and general contractors.Infiniti, which had $2.35 million in sales in FY 2000, was acquired by Urecoats in September 2001 to establish a distribution channel for Urecoats products as well as to diversify Urecoats' product line through Infiniti Brand products. By replicating Infiniti's business model for expansion, Urecoats will continue to expand into new locations.
Urecoats retains the experience of Infiniti's principals and will begin to leverage Infiniti's long-standing relationships with suppliers, manufacturers and its existing customer base.
"When we acquired Infiniti, our intent was to utilize this profitable established footprint to open new distribution locations in major U.S. markets," said Timothy Kardok, President and Chief Executive Officer, Urecoats Industries. "The Infiniti location in Orlando establishes a major market distribution channel for our products and ensures a high level of availability and service for contractors in the region. The opening of this outlet puts us on target with our stated plans to launch an Infiniti branch in December 2001. We intend to open at least 10 more Infiniti locations within the next few years. Our long-range vision is to grow Urecoats through internal expansion and create additional distribution channels to better service our customers."
UrecoatsRSM-100 is a revolutionary sealant made from recycled crumb rubber, polyurethane, asphalt and other chemical agents. Spray applied hot, using the BlueMAX application system, it bonds to and forms a seamless and flexible membrane around concrete, steel and other materials, making them impervious to weather, age, and deterioration. The product's bonding and elastomeric characteristics make it far more durable than other competitive products in a similar price range.