Product category:
Cladding and Facades
News Release from: International Barrier Technology
Edited by the Buildingtalk Editorial
Team on 06 April 2004
International Barrier Acquires Pyrotite
International Barrier have aquired Pyrotite Fire Retardant Technology for US$1m to pursue global sales growth.
Fire Retardant Technology for US$1 Million to Pursue Global Sales Growth Watkins, MN; Vancouver, BC, April 1, 2004 - International Barrier Technology, a manufacturer and marketer of fire resistant building materials, has acquired from Pyrotite Corporation, by way of an Agreement for Sale of Technology dated March 31, 2004, the Pyrotite fire retardant technology, Pyrotite trademark, US and international patents, and know-how (collectively, "Pyrotite Technology") Based on Barrier's success in developing a US market and sales for Blazeguard, its award-winning, fire resistant wood panel, this acquisition now enables the company to pursue global sales growth of Blazeguard and the Pyrotite Technology by developing opportunities in new countries, new applications, and through new business strategies including licensing
This article was originally published on Buildingtalk on 17 Mar 2005 at 8.00am (UK)
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Barrier agreed to purchase the Pyrotite Technology for US $1 million and has deposited $50,000.
The balance is due by June 29, 2004.
The agreement excludes certain specific applications that are not part of Barrier's current business or intended business plan, for which Pyrotite Corporation will pay Barrier a royalty.
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"The Pyrotite Technology acquisition is an historic milestone and begins a new era for International Barrier," said Mike Huddy, president.
"We have established the merits of Blazeguard and the Pyrotite Technology through our successful sales efforts with some of America's largest homebuilders and building material suppliers.
With $8.7 billion in residential and commercial property damage caused by fire in the US in 2002, and $3.0 billion in damage caused by the California wildfires alone in 2003, there are clearly significant unmet needs for effective materials to help protect people and property from fire.
We believe these needs are mirrored in many other countries.
Blazeguard and the Pyrotite Technology can help meet these needs, and securing ownership of the technology positions us to dramatically expand our market opportunities and sales, leverage the capital and expertise of partners or licensees, and maximize profit potential." Barrier's acquisition of the Pyrotite technology provides the following opportunities and benefits: * Eliminates sales royalties payable by Barrier.
* Geographic extension from the US to global markets: Many countries use construction methods and have emerging building codes favoring building materials that help protect people and property from fire, adding significant new target markets.
* New applications: Eliminating sales royalties payable by Barrier and access to international markets creates substantial incentive for Barrier to develop, market, and/or license new applications.
Barrier's Blazeguard wood panels are currently used as fire resistant sheathing in residential and commercial modular buildings.
Potential fire resistance applications in engineered wood products, paint, plastics, and expanded polystyrene dramatically broaden the array of new product and market opportunities.
* Licensing and other business models: Barrier will have the unrestricted ability to establish licensing and other business arrangements with third parties worldwide.
This enables Barrier to leverage the market presence, capital, and know-how of companies with expertise in particular applications and countries to accelerate the commercialization of Blazeguard and Pyrotite.
Barrier intends to raise additional funding to complete the technology acquisition and for business development and working capital.
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