Cooling tower manufacturer launches international joint venture -- new corporation planned.CHICKASHA, Okla.--(BUSINESS WIRE)--Sept. 12, 1995--Tower Tech Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :TTMT TTMT The Taj Motel Trio (band) ) and Shriram Cooling Towers LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability of India announce the formation of an international joint venture company. The proposed name is Shriram Tower Tech. Shriram Tower Tech will market and build cooling towers throughout India and Sri Lanka Sri Lanka (srē läng`kə) [Sinhalese,=resplendent land], formerly Ceylon, ancient Taprobane, officially Democratic Socialist Republic of Sri Lanka, island republic (2005 est. pop. . Gross annual sales for the first year are projected to reach 8 million (U.S.) dollars. In five years, gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. are projected to reach between 20 to 30 million (U.S.) dollars per year. Tower Tech Inc. will own 49 percent of the company, the Shriram Cooling Towers LTD will own 51 percent of the company. In the future is it intended that 45 percent of holdings will be presented to the Indian public market. The cooling tower market in India is currently estimated to be between $120 million to $150 million (U.S.) dollars annually. Market share is segmented between HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free , chemical processing, process applications, steel power, utilities, and other heavy industries. The annual growth for these market segments is projected to be between 8 percent and 15 percent annually. Shriram Cooling Towers LTD is entering into the joint venture with Tower Tech Inc., "to acquire state of the art modular cooling tower technology to expand the existing range of towers available." Shriram plans to construct new facilities to manufacture the Tower Tech modular cooling tower. Shriram is also greatly increasing its engineering and marketing infrastructure in order to support the requirements of the joint venture company. Shriram Cooling Towers LTD is a member of the Shriram Group Madras Madras. 1 State and former province, India: see Tamil Nadu. 2 City, India: see Chennai. . The group is based in Madras, India, with estimated annual sales in excess of $300 million (U.S.). The Shriram Group Madras is involved in financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. with an estimated 750,000 customers. Investment services, merchant banking, funds management and publications are also included in its financial portfolio. Other areas include auto ancillaries, project engineering services, conveyor equipment, cooling towers, civil engineering, water and waste treatment plants, consumer products and packaging. The Shriram Group has collaborations with ARAI Seisakusho of Japan, Emson Research of the USA, and ITT-Way Assuato of Italy for some of its product lines. Mitsubishi and Arai Seisakusho of Japan have equity participation in one of the Shriram Group Companies. Tower Tech Inc. holds several 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. patents, with other U.S. and foreign patents pending for its unique modular forced draft counterflow packaged cooling tower. Other U.S. and foreign patents are pending for its modular concrete field erected cooling tower. Tower Tech Inc. offers to Shriram its high-tech cooling towers, manufactured of premium materials and of an innovative mechanical design. Tower Tech packaged cooling towers are constructed of premium grade pultruded fiber reinforced plastic. Tower Tech currently markets the modular cooling towers through a national network of 25 domestic manufacturers representatives. Internationally, Tower Tech is negotiating various joint venture agreements throughout the world. A joint venture with Ingemel LTD of Colombia has been scheduled for signing on Oct. 15, 1995. The agreement will serve the Andean Pact Andean Pact A regional trade pact that includes Venezuela, Colombia, Ecuador, Peru, and Bolivia. nations which include Venezuela, Peru, Ecuador, Argentina, Panama and Colombia. The Andean cooling tower market is estimated to be between $25 to $30 million dollars (U.S.) annually. Asian markets also are of growing interest to Tower Tech. Tower Tech Inc. manufactures and markets modular cooling towers made primarily of fiberglass reinforced plastic or concrete. Portable cooling towers are also leased for temporary and emergency use. CONTACT: Tower Tech Inc., Chickasha Charles D. Whitsitt, 405/222-2876 |
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