SOURCE: Permanent Technologies Inc.

Permanent Technologies Inc.

December 20, 2012 10:28 ET

Permanent Technologies Inc. CEO Issues an Open Letter to Shareholders to Recap the Company's Significant Achievements in 2012

Permanent Technologies Inc. (OTC: PERT) Has Been Active This Year in Pursuing New High-Volume Commercial and Industrial Customers and Establishing Strategic Partners to Help Ensure Design, Production and Tooling Capabilities Commensurate With These Markets Requirements

HUNTINGTON, NY--(Marketwire - Dec 20, 2012) - Permanent Technologies (PINKSHEETS: PERT) today issued a letter to shareholders from the company's CEO Patrick Tremblay to update shareholders, potential investors and the general public on the progress and achievements the company has made over the past twelve months.

Dear Shareholders,

Over the past year we have devoted considerable energies to identifying and pursuing opportunities for our TineLok Vibration Proof Fastening System in commercial and industrial markets.

We determined that in order to achieve this goal we had to bolster our design, production and tooling capabilities.

I am pleased to report we've been successful on both of these fronts. Here are the specifics of these activities:

In May of 2012, Permanent Technologies, Inc. undertook changes related to the outsourcing of its manufacturing capability. Over the past six months, the Company has contracted with a new Long Island based manufacturer. 

This company has provided Permanent with increased scale along with expertise and design knowledge that was not previously available to it.

Permanent has been working with this manufacturer to finalize prototypes for both Military and Commercial markets. In doing so, design, prototypes and pre-production samples have been built from the ground up, in a manner consistent with the company's existing Trademarks and Patents.

We have developed a simpler, less costly design that adheres to our existing U.S. and International patents. We're confident this new one-piece, easy-on/off fastener innovation can be a major breakthrough for applications in commercial markets where clamp load and reusability are critical.

In January of 2012, Permanent Technologies began discussions with one of the largest faucet manufacturers in the USA. The goal was to explore production of a fastener system capable of solving a long standing performance issue, related to vibration.

This is an opportunity for TineLok to replace all current fasteners in use by this company across all of their product lines (Wholesale, Retail, Distributors, Plumbing Supply and New Home Installation businesses) in all of their operating markets across the world.

In discussing sales opportunities with some of the company's prospective customers, there is an opportunity to further expand manufacturing capability by licensing TineLok production to these customer's own manufacturing suppliers.

We've had a very productive year establishing a key relationship in the manufacturing area and currently are poised to enter the military and commercial markets with confidence.

The company has also been very active in identifying and pursuing opportunities in the marketplace to enhance its competitive position relative to: identifying new customers, JV Partners and sub-contracting relationships with established prime suppliers and OEMs.

We will report updated details of our progress to shareholders on a timely basis.

Sincerely,

Patrick Tremblay, CEO

About Permanent Technologies, Inc.

Permanent Technologies is the inventor and manufacturer of the award winning TineLok Fastening System -- a family of fasteners that are designed to hold tight in the most demanding, extreme and harshest conditions, environments and applications.

The TineLok Fastening System's vibration-proof, self-locking technology is an affordable alternative to traditional fasteners when increased safety, reliability, operating life and reduced maintenance is desired or required.

The Company has been granted numerous patents both in the U.S. and internationally for the TineLok technology. For more information please visit www.TineLok.com.

Forward Looking Statements:

This press release contains certain "forward-looking" statements involve a number of risks and uncertainties. Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such Forward-looking statements. It is impossible to identify all such factors, factors that could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, the Company's ability to develop operations, the Company's ability to consummate and complete an acquisition, the Company's access to future capital, the successful integration of acquired companies, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition, sales and other factors that may be identified from time to time in the Company's public announcements.

This press release is provided for information purposes only and is not intended to constitute an offer to sell or a solicitation of an offer to buy securities.

Contact Information

  • Contact Information:
    Permanent Technologies, Inc.
    Patrick Tremblay
    email: Email Contact
    phone: (917) 692-9080