COX Technologies & Shape Global Technology Form Joint Venture to Produce Innovative `'Home Comfort Control'' Units.Business Editors BELMONT, N.C.--(BUSINESS WIRE)--Feb. 24, 2000 COX Technologies Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :COXT) and Shape Global Technology Inc. Thursday announced a joint venture agreement to develop, manufacture, and market a more efficient, innovative line of "home comfort control" temperature units. Terms of the agreement were not disclosed. The units, designed with leading-edge technology used to control heating and cooling in home environments, are expected to be less than half the cost of currently available units. Providing the most efficient home temperature control, the units will display information on a large LCD (Liquid Crystal Display) A display technology that uses rod-shaped molecules (liquid crystals) that flow like liquid and bend light. Unenergized, the crystals direct light through two polarizing filters, allowing a natural background color to show. screen and provide easily programmable settings using a home computer. They also may be programmed without a personal computer. The joint venture between COX Technologies and Shape Global Technology will take advantage of specific strengths provided by the two companies. COX will provide the units' internal electronics using advanced technologies, and Shape Global will engineer the external casings Ca´sings n. pl. 1. Dried dung of cattle used as fuel. and handle nationwide sales and marketing. "We are very excited about our partnership with Cox Technologies," said Peter Ciriello, chief executive officer of Shape Global Technology, "because it will enable us to deliver to our market vastly superior temperature control products in the shortest time possible." Ciriello continued, "This joint venture is a powerful combination of electronics with mechanical and plastics engineering and design skills that will allow us to commercialize a unique new technology for the control of home heating and cooling systems cooling systems for housed animals include spraying of roofs with water, evaporative pads with fans, foggers and misters; for pastured animals shelter from the sun by trees or artificial shade devices and cooling ponds are used. ." Shape Global has a long history of developing and marketing proprietary precision molded plastic products. The initial product will be a stationary unit attached to a wall. Subsequent products will be cordless cord·less adj. Having no cord, usually using batteries as a source of power: a cordless telephone. cord , allowing the homeowner to move the comfort control unit to different areas of the home to ensure maximum accuracy and operating cost efficiency. "By teaming up with Shape Global Technologies, COX is able to quickly move into the consumer products market offering a very inexpensive unit that eliminates the usual confusion of programming temperature in the home," explained Uri M. Dahan, senior vice president of engineering for COX Technologies. "Typically, programming a home comfort control unit for heating and cooling is more difficult than programming your VCR VCR: see videocassette recorder. VCR in full videocassette recorder Electromechanical device that records, stores on a videotape cassette, and plays back on a TV set recorded images and sound. . Our new easy-to-use product will be very beneficial to the consumer." The home comfort control units will be sold through do-it-yourself hardware retail outlets retail outlet n → punto de venta retail outlet n → point m de vente retail outlet retail n → and through contractors in the construction industry. The initial market for the new product will be the replacement market for existing home comfort control units. Ultimately, homeowners will be able to purchase original units bundled with software. Based in Belmont, COX Technologies has been providing time-temperature management solutions for perishable per·ish·a·ble adj. Subject to decay, spoilage, or destruction. n. Something, especially foodstuff, subject to decay or spoilage. Often used in the plural. commodities since 1976. It is an industry leader in food safety technology and quality assurance systems for all facets of the food industry. For more information about COX Technologies, visit its Web site at www.coxtechnologies.com. Since 1973, Shape Global Technology Inc., with headquarters in Kennebunk, Maine
Kennebunk, typically pronounced /'kɛnibʌŋk/ (KEN-ee-bunk) among locals but often /'kɛnəbʌŋk/ (KEN-uh-bunk) or , has been a leading manufacturer of media and data storage components for the computer and entertainment industry. They have manufacturing and distribution facilities in Maine, Alabama and Washington. For more information about Shape Global Technology Inc., visit its Web site at www.Shapenet.com. Statements in this release about future results are preliminary and based on partial information and assumptions, and actual results may differ. Except for historical information presented, the matters discussed in this announcement contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including the development and growth of markets targeted by COX Technologies, the acceptance of time-temperature monitoring recorders by customers, the impact of competition, government regulations, general economic conditions in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and abroad and other risks detailed from time to time in the company's public disclosure filings with the U.S. Securities and Exchange Commission. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion