SOURCE: IWT Tesoro Corporation

November 29, 2006 14:07 ET

American Gres, Inc. Signs Project Management Agreement With Italian Tiles Technology, Inc. for Domestic Tile Production

WESTPORT, CT -- (MARKET WIRE) -- November 29, 2006 -- IWT Tesoro Corporation (OTCBB: IWTT) announced today that American Gres, Inc., one of its wholly owned subsidiaries, entered into a Project Management Agreement with Italian Tiles Technology, Inc. and its principals for the design, development, and management of a fully equipped, technologically advanced tile manufacturing facility in the US. Initial tile production is expected to begin in the fourth quarter of 2007.

Henry J. Boucher, IWT Tesoro's CEO, stated, "We are pleased to consummate this relationship with Italian Tiles Technology. IWT's strength in merchandising and distribution combined with Italian Tiles Technology's design and management capabilities will greatly increase product throughput in this growing market."

In addition, Mr. Boucher said that "Italian Tiles Technology brings an experienced team for the domestic production of high-quality tile. This domestic production will supplement our current imports, ensuring that IWT can continue to meet market demands going forward and provide the quality products our customers have come to expect."

About IWT Tesoro

IWT Tesoro Corporation is one of the few publicly traded tile distributors that are wholesale-driven. The Company does not compete with its own customers by having dealer stores as part of its business model. Instead, The Company is a merchandising resource for its customers, maintaining the philosophy that it is its customers' supplier, NOT their competition. This is a distinct reason as to why the Company has been so successful. This wholesale focus is at the core of IWT Tesoro Corporation's long-term growth and market strategy. Through IWT, as well as IWT Transport Inc., a subsidiary of the Company that operates as a licensed freight carrier, and its foreign subsidiary IWT Tesoro International Ltd., IWT Tesoro Corporation is focused on creating, marketing and delivering exclusive and premium flooring brands that meet varied customer needs.

Certain statements in this press release may constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, the Company's business and financing plans, regulatory environments in which the Company operates or plans to operate, and trends affecting the Company's financial condition or results of operations, the impact of competition, the start up of certain operations, roll out of products and services and acquisition opportunities. When used herein, the words "believes," "expects," "plans," "estimates" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance and achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Contact Information

  • CONTACTS:

    Henry J. Boucher, Jr.
    CEO
    IWT Tesoro Corporation
    Phone: 1-203-221-2770
    Email: Email Contact

    R. Nicholas Brack
    Managing Director
    Baxter Partners, LLC
    Phone: 1-561-624-0014
    Email: Email Contact