05 April 2001
05 April 2001
Envirokare Tech’s wholly owned subsidiary, Envirokare Composite Corp. has entered into a licensing agreement with Thermoplastic Composite Designs, Inc. a composite systems engineering and design company which has developed the Thermoplastic Flow Forming Process (TPF) to manufacture Envirokare's proprietary E Pallet.
Envirokare and ECC also entered into a Merger Agreement with TCD which provides that TCD will merge with ECC if Envirokare's shares trade at a specified level during the next thirty months. Charles Stein, Chairman of Envirokare, issued the following statement, ""Today's announcement is a culmination of months of negotiations and product testing. We look forward to working with TCD and taking the next steps towards commercialization of our E Pallet and additional products that we contemplate developing.""
The TPF process was created to produce large structural parts and represent a revolutionary breakthrough in thermoplastic composite manufacturing. Traditionally large structural parts have been made through labor-intensive hand applications, which have made the parts produced with thermoplastic composites expensive and exclusive to industries where performance superseded cost. The TPF process provides the manufacturer a cost-effective mechanical method of production. Industries showing interest in the TPF process include Aerospace, Automotive, Construction, Transportation, Marine and Material handling. The agreements will allow Envirokare to concentrate on marketing and manufacturing while TCD continues to provide research and development of new products.
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