FFI Announces Japanese License Agreement
INDIANAPOLIS, Aug. 4, 2006 -- Fortune Industries, Inc. (AMEX:FFI) announces that Nor-Cote International, Inc. ("Nor-Cote"), a wholly-owned subsidiary, has entered into a licensing agreement with Mino International, Ltd. ("Mino") of Minami, Japan.
Under terms of the agreement, Nor-Cote granted to Mino a license and technology transfer to manufacture, market and sell UV curable inks to specific global markets and customers. The companies will also jointly develop products primarily focused on the Japanese automotive industry. Additionally, Nor-Cote will supply materials for future Mino production.
"Over the next 36 months, we believe that the market conditions will shift consumption in Asia from solvent-based to ultraviolet ink applications due to substantially faster processing speeds, reduced floor space requirements, energy savings, and its environmental-friendly impact. Our strategic advantages in membrane switch technology, spacer inks, and in-mold design provides significant value to businesses such as Mino's customer's operations. We are excited about this licensing agreement and believe we are positioned for similar future growth opportunities," stated John Fisbeck, CEO.
Mino is a Japanese manufacturer in the field of conventional solvent based screen printing inks. Mino also commercializes products previously invented or otherwise produced by other parties in the field of ultraviolet-curable screen printing inks.
Nor-Cote is a manufacturer of ultraviolet ("UV") curable screen printing inks. Nor-Cote's products are used for flat-screen and rotary-screen printing on many types of plastics, metals, and other substrates compatible with the UV curing process. Typical applications are plastic sheets, loose-leaf binders, bottles & containers, CD/DVD disks, rotary-screen printed labels, POP, decal, membrane switch overlays and electroluminescent lamps.
Additional information about Fortune Industries, Inc. and Nor-Cote International, Inc. can be found at http://www.ffi.net/ or http://www.norcote.com/ .
About Fortune Industries, Inc.:
Fortune Industries provides technology solutions to businesses categorized in three operating segments, Wireless Infrastructure, Ultraviolet Technologies & Electronics Integration, and Human Resource Solutions. The Wireless Infrastructure segment provides wireless turnkey solutions directly to carriers in 20 states and provides other specialty infrastructure services. The Ultraviolet (UV) Technologies and Electronics Integration segment provides worldwide state-of-the-art UV ink technology solutions and sales and installation of commercial electronics. The Human Resource Solutions segment provides professional employment organization (PEO) services to small and medium sized businesses with up to 1,000 employees in over 30 states including human resource consulting & management, employee assessment, training, and benefits administration. Fortune Industries is publicly traded on the American Stock Exchange under the symbol FFI.
More information can be found at Fortune Industry's website at http://www.ffi.net/
This news release contains statements that constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. The words "expect," "estimate," "anticipate," "predict," "believe" and similar expressions and variations thereof are intended to identify forward-looking statements. These statements may appear in a number of places in this release and include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things, trends affecting the Company's financial condition or results of operations. The readers of this report are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences, include, but are not limited to, the risks and uncertainties that are discussed under the heading "Management's Discussion and Analysis or Plan of Operations." The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers should carefully review the risk factors disclosed within Form 10-KSB for the year ended August 31, 2005 and other documents filed by the Company with the Securities and Exchange Commission.