SOURCE: Permanent Technologies, Inc.

February 08, 2011 07:00 ET

Permanent Technologies, Inc. Issues Update and Outlook for 2011

Permanent Technologies Outlines Progress Achieved in Creating New Opportunity for Its TineLok Vibration-Proof Fastening System, Along With Company Strategic Plans for the Upcoming Year

HUNTINGTON, NY--(Marketwire - February 8, 2011) - Permanent Technologies (PINKSHEETS: PERT) announced today its revised outlook and updated plans for 2011.

In October 2010, Mr. Patrick Tremblay joined Permanent Technologies as a Senior Advisor, and took on the role of Chief Executive Officer. His primary goal: raise awareness in the market, create new market opportunities for TineLok in the DoD (Department of Defense) and the OEM segment and further extend the Company's existing relationship with the Department of the Navy to become an approved contactor on its Hovercraft program.

The Company believes that Mr. Tremblay's efforts have been extremely successful. He has introduced TineLok into major OEM's and Government General Contractors that have the ability to integrate TineLok into the products and programs they build.

Permanent Technologies now has direct connections into suppliers of our primary target segments; military, aerospace, heavy equipment, automotive and others.

"I'm really pleased with the reception TineLok has been getting from the major manufacturers, integrators and OEMs we've approached so far," said Mr. Tremblay. "And in my experience this level of interest generally leads to significant opportunity."

"We're also seeing keen interest from major fastener distribution companies in supplying TineLok as a replacement for existing products to their existing customers. It is however possible the Company would license our intellectual property to these companies and earn licensing fees and royalties on sales."

"At this point I also think it makes sense for Permanent Technologies to consider becoming a fully reporting public company. We understand what's required to do this and are willing to devote the resources needed to get the job done."

"In our opinion the benefit of the transparency of being a fully reporting company is increased credibility to the billion-dollar customers we seek and to potential investors as well," Mr. Tremblay concluded.

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, as defined in the United States Private Securities Litigation Reform Act of 1995 that 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:
    Permanent Technologies
    Patrick Tremblay
    Email Contact
    (917) 692-9080