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ZCL Composites Inc. Acquires Parabeam

03 October 2002

ZCL Composites Inc has completed the acquisition of Parabeam Industries B.V from Gamma Holding N.V. in the Netherlands.

The purchase price was approximately $675,000 paid on closing. Gamma Holding N.V., a public company listed on the Amsterdam Stock Exchange, is a high-tech textile-based manufacturer.

Parabeam manufactures a three-dimensional glass fabric, also known as Parabeam, which is used by ZCL in the manufacture of double wall tanks and tank lining products. Parabeam operates from facilities in Helmond, Netherlands, and has 9 employees.

""While Parabeam did not meet the strategic objectives of Gamma Holding, the fabric is a key component of our products,"" said Ven Côté, President & CEO of ZCL. ""This acquisition will ensure the supply of this raw material as we move forward with the expansion of our tank manufacturing and lining operations. It will also serve as a beachhead in Europe.""