The Bullhide Liner Corporation Begins Restructuring
28 April 1999
The Bullhide Liner Corporation Begins Restructuring Resulting in Savings of $250,000 Annually
SPOKANE, Wash.--April 28, 1999--The Bullhide Liner Corporation (OTC BB:BULH) announced today that it has begun the process of restructuring the Company by closing its corporate office in Spokane, Washington, and moving it permanently to South Florida, saving Bullhide approximately $250,000 in annualized costs. A new office and training facility has already been established in South Florida and plans are in effect to maintain Bullhide's operation in Spokane as a local distributor. It is anticipated that the move to South Florida will be completed May 1, 1999.The annualized cost savings will result primarily from: the consolidation of administrative functions within Bullhide; the elimination of personnel, the centralization of Bullhide's distribution network; and, the renegotiation of supply contracts, which will result in materials and supplies procurement savings. The restructuring and growth plan also includes a redefinition of Bullhide's core product categories and the elimination of those business and product lines that do not fit core categories.
According to Mr. W. Gordon Freeman, Bullhide's Chief Executive Officer, "This major restructuring and growth plan is designed to substantially reduce our cost structure and grow the business by cutting expenses, streamlining operations, and eliminating unprofitable segments of the business to ultimately restore higher levels of profitability to Bullhide. In particular, the move to South Florida, once completed, will produce lower shipping costs, more efficient daily operations, and savings on supplies, which will save not only the Company money, but the dealers as well. These savings will, no doubt, ultimately be seen in a substantial increase in shareholder equity."
The Bullhide Liner Corporation has a revolutionary patent pending polyurethane-based material initially targeted for the pick-up truck bedliner market. With its superior strength, toughness, anti-skid properties and excellent chemical resistance, Bullhide has expanded into the industrial flooring market. Additionally, when spray molded onto metal, wood, fiberglass or concrete, this product provides: superior protection from corrosion and deterioration; chemical containment; sound dampening; waterproofing; and, equipment protection. For more information visit Bullhide's web site at www.bullhide.com.
This material was prepared by Strategic Investors Group (SIG) for the Company discussed herein, based upon Company supplied information or other sources believed to be reliable. The information is not guaranteed by SIG for accuracy or to be all-inclusive. The foregoing discussion contains forward-looking statements that involve risks and uncertainties. Actual results could differ from those discussed in this release. This material is for informational purposes only and is not an offer or solicitation to buy or sell securities. SIG, its affiliates, and/or its officers, directors and employees may from time to time have a position in these securities.