Thursday, September 23, 2004
International Barrier Reports Dramatic Increase in Sales Volume
July-August Sales are the Best Fiscal Year Start in Corporate History
Watkins, MN, Vancouver, BC, September 23, 2004 - International Barrier Technology Inc. ("Barrier") (IBTGF: OTCBB; IBH: TSXV), a manufacturer of proprietary fire resistant building materials, has reported sales volume for the period of July - August, 2004 of 800,700 sq.ft., a 175 percent increase over the same period the previous year. Sales revenue was $682,700 (US), a $431,500 gain from lasts year's two-month total.
"Barrier is extremely pleased with the success of the Mule-Hide commercial modular product introduction," said Michael Huddy, International Barrier's President. "Mule-Hide and its distribution affiliate, ABC Supply, Inc., continue to aggressively promote the new, UL-listed Class A and Class C roof deck assemblies and systematically add new manufacturing customers to the group of facilities utilizing the Blazeguard based system. With each new manufacturing company converted to the Blazeguard based system, Barrier is presented with a long-term, consistent customer helping to not only increase sales volume but to provide consistency in month to month business."
Mule-Hide business accounted for approximately 29 percent of the July - August, 2004 sales volume, growing from zero sales the previous year and since the product launch initiated in January, 2004. Sales from Barrier's traditional markets, including Blazeguard sales for multi-family roof deck construction projects to builders such as Centex, US Home, and DR Horton, have also improved dramatically. Sales to markets other than the Mule-Hide system nearly doubled in the reported two month period, year to year.
With these sales volumes, the company is positioned to achieve consistent profitability. Positive cash flow is expected to help fund building and production line improvements that have been initiated to enable production capacity to meet increasing demand as well as improve efficiency and gross and net profit margins.
About International Barrier Technology Inc.
International Barrier Technology, Inc. develops, manufactures, and markets proprietary fire resistant building materials. Its patented, non-combustible, non-toxic Pyrotite formulation has an extraordinary capability: it releases water when exposed to the heat of fire. Barrier's award-winning Blazeguard wood panels exceed International Building Code requirements in every targeted fire test and application, and uniquely combine properties that increase panel strength and minimize environmental and human impact. Blazeguard customers include Centex (CTX: NYSE), D.R. Horton (DHI: NYSE), KB Home (KBH: NYSE), and Lennar (LEN: NYSE). Lowe's Companies (LOW: NYSE), Stock Building Supply, and Mule-Hide Products Co., Inc. are Blazeguard distributors. Pyrotite has potential applications with engineered wood products, paint, plastics, and expanded polystyrene
Barrier is part of the DJ Building Materials Index (US)
INTERNATIONAL BARRIER TECHNOLOGY INC.
Per: "David J. Corcoran"
David J. Corcoran
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS PRESS RELEASE.
Forward-Looking Information: The statements in this news release contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve certain risks, assumptions and uncertainties, including but not limited to the ability to generate and secure product sales. In each case actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or modified) will not be realized.
International Barrier Technology Inc.
Richard Angle, 866-735-3519
ECON Investor Relations, Inc.
Peter Kletas, 866-948-0848
Source: International Barrier Technology Inc.
« back to news releases page