Press Release Summary = Coattec Industries Inc. (Other OTC:CTCK.PK ) announces: On
February 16, 2007, a meeting was held with DiversiPlast and the German company
regarding the business of the new ridge vent.
Press Release Body = FRANKFURT, Germany, Feb. 26, 2007 (PRIME NEWSWIRE) -- Coattec Industries Inc. (Other OTC:CTCK.PK ) announces: On February 16, 2007, a meeting was held with DiversiPlast and the German company regarding the business of the new ridge vent. Coattec Industries had to report a present lack of funding of the company. The supplier Meinecke Dachtechnologie and the buyer DiversiPlast from Minneapolis had previously agreed to a stand-alone business role of Coattec. This way of dealing with the business now being declared impossible to be performed by Coattec Industries, and as no other compromise between the parties could be agreed on, Coattec Industries will not be able to do this business and consequently will not be present at the Roofing Show in March in Las Vegas.
Instead, Coattec Industries will have to concentrate on ways and means to secure adequate funding, and on the licensing of its know-how in the field of underlays and house-wrap to U.S. companies, which requires much less working capital. DiversiPlast has agreed to discuss this in a meeting set for May this year.
This release contains forward-looking statements and projections, made in reliance on Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The company has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements have known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any results, performance or achievements expressed or
implied by such forward-looking statements. Actual results could differ materially from those set forth in such forward-looking statements.