Worldwide PetroMoly Reports a 125% Increase in Sales
24 February 2000
Worldwide PetroMoly Reports a 125% Increase in Sales
HOUSTON--Feb. 24, 2000--Worldwide PetroMoly Inc. (OTCBB:MOLY) announced today that sales for the second fiscal quarter of 2000 were up over 125 percent compared to the same quarter of 1999, at $311,408 versus $139,610 respectively.The Company's 2000 second quarter net losses were approximately $(331,056), which includes about a 66 percent cost of sales. However, the gross margins were diminished by a factor of 8% from temporary discounts and allowances to key industrial customers using natural gas equipment.
"For the third quarter in a row, we are seeing record sales and the trend continues on. We continue to anticipate growth on a much larger scale in the foreseeable future as our retail and industrial distribution plans are successfully implemented and increased brand awareness is achieved through our advertising campaign," said Lance J. Rosmarin, president of Worldwide PetroMoly. "The increase in sales volume this quarter reflects our retail sales to PEP Boys, the nation's leading automotive retail and service chain and our venture into a growing industrial base for companies which are beginning to use our technology. We are also gearing up for an anticipated significant increase in sales and production volume throughout the calendar year 2000 and beyond."
For a free web link to the Company's fiscal 2000 first quarter filing or information on the company and on PetroMoly products and technology, please visit the Company's Web Site at: http://www.petromoly.com. Click "Go" on SEC Filings under Corporate information to view the quarterly filings.
Worldwide PetroMoly Inc. manufactures, markets and distributes high-performance lubricants for use in all types of motor vehicles, compressor engines and railroad locomotives. PetroMoly products incorporate a new proprietary process technology called molytech(TM). These products contain stable and suspended molybdenum disulfide (moly), a hard and extremely low-friction metal, which fills in the micro-porous, crater-like surfaces of pistons, rings and cylinder walls. This creates a more efficient engine environment and prevents metal-to-metal contact, thereby reducing friction, heat and wear. Moly is a slick and powerful antioxidant, known to have the world's lowest coefficient for friction. Worldwide PetroMoly has been a sponsor in the 1999 and 2000 Indy Racing League, with driver Robby Unser.
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Words such as "expects," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct. The Company has no obligation to update or revise these forward-looking statements to reflect the occurrence of future events or circumstances.