Frisby and Schoeller Textil, AG Announce Joint Venture Agreement.Business Editors WINSTON-SALEM, N.C. and SEVELEN, Switzerland--(BUSINESS WIRE)--April 11, 2000-- Schoeller Frisby Technologies GmbH Will Market, Distribute and Sell Products to Broad Range of European Industries Frisby Technologies, 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 :FRIZ) the developer of patented ComforTemp(R) DCC (1) (Direct Cable Connection) A Windows 95/98 feature that allows PCs to be cabled together for data transfer. DCC actually sets up a network connection between the two machines. (TM), the No. 1 brand of dynamic climate control materials, and Schoeller Textil AG, one of the world's most recognized and innovative suppliers of high performance fabrics today announced the formation of Schoeller Frisby Technologies GmbH. This Switzerland-based joint venture will be the exclusive marketer, seller and distributor of ComforTemp(R) brand foams and fabrics and schoeller(R)-ComforTemp(R) brand textiles to all markets within Europe and to the US-based fashion industry. The venture expands upon the license agreement between the two companies that was announced in December 1998. Schoeller has established a strong base of over 50 customers for ComforTemp(R)-based products in the sports, fashion and performance apparel industries, including Andrew Marc, BMW BMW in full Bayerische Motoren Werke AG German automaker. Founded as an aircraft engine manufacturer in 1916, the company assumed the name Bayerische Motoren Werke and became known for its high-speed motorcycles in the 1920s. , Bogner, Gucci, K-2, Pierre Cardin
- Accelerated development of business opportunities within new European industrial, commercial and consumer markets. - The broadening of the ComforTemp(R) and schoeller(R)-ComforTemp(R) product ranges by combining the companies' marketing resources and technical expertise in the areas of textile design and thermal management to develop new products. - An efficient, focused, and coordinated marketing and communications campaign and sales strategy in Europe. Frisby will include the venture's financial results with Frisby's consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge . The effective date of the venture is January 1, 2000. The Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the venture is Hans-Jurgen Huebner, president of Schoeller Textil, AG. Hans-Jurgen Huebner, stated, "Schoeller has built its reputation on identifying and capitalizing on new, break-through technologies before our competitors. Frisby's dynamic climate control materials are one of the most exciting innovations in the textile industry to come along in decades. We have had great initial success with our schoeller(R)-ComforTemp(R) range of fabrics in sportswear and apparel, but the potential uses extend well beyond apparel. Formalizing this relationship to take these products to new industries is a sound strategic business decision." In commenting on these latest developments, Greg Frisby, Chairman and CEO of Frisby Technologies stated, "There is no better partner with whom to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the European market opportunity than Schoeller. The formalization for·mal·ize tr.v. for·mal·ized, for·mal·iz·ing, for·mal·iz·es 1. To give a definite form or shape to. 2. a. To make formal. b. of this strategic joint venture with Schoeller will enable each company to build upon the strengths of each brand while eliminating any duplication of effort in accommodating the growing demand for products containing ComforTemp(R) materials. Schoeller has an excellent reputation world wide and we look forward to the benefits that can be derived from their many, successful relationships and depth of experience in Europe." Schoeller Frisby Technologies GmbH will also act as a non-exclusive agent of Frisby and Schoeller to market, distribute and sell certain products to manufacturers of end-use products for Asia, excluding Japan. Schoeller Textil, AG, located in Sevelen, Switzerland is a 130-year-old company that supplies innovative fabrics and technologies to a world wide customer base for sports, fashion, industrial health and safety and industrial design. For more information, visit the Schoeller Web site at www.schoeller-textiles.com. Frisby Technologies is a global leader in the development of dynamic thermal management solutions for the apparel, footwear and sporting goods Noun 1. sporting goods - sports equipment sold as a commodity commodity, trade good, good - articles of commerce sports equipment - equipment needed to participate in a particular sport , packaging, home furnishings, healthcare and electronics industries. ComforTemp(R) DCC(TM) dynamic climate control materials can be found in products from major manufacturers such as Titleist and FootJoy Worldwide, Timberland, Schoeller Textil, Spyder Active Sports, Wolverine World Wide Wolverine World Wide NYSE: WWW is a footwear manufacturer. They have their own brand, Wolverine Boots and Shoes, and also make footwear for other companies, such as Caterpillar and Harley-Davidson. Wolverine also makes shoes and boots for the military. , Orvis, Wells Lamont, LaCrosse lacrosse (ləkrôs`), ball and goal game usually played outdoors by two teams of 10 players each on a field 60 to 70 yd (54.86 to 64.01 m) wide by 110 yd (100.58 m) long. Two goals face each other 80 yd (73. Footwear and Herman Survivors. For more information, contact Frisby Technologies at (877) 444-COMFORT, visit the ComforTemp(R) Web site at www.comfortemp.com, or join the Frisby electronic news distribution list by sending your e-mail address See Internet address. e-mail address - electronic mail address to investors@frisby.com. This press release contains certain 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 relate to Frisby Technologies' future plans and objectives. Those statements are subject to numerous risks and uncertainties that could cause actual results, performance and achievements to differ materially from those described or implied in the forward-looking statements, and reported results should not be considered an indication of future performance. Those potential risks and uncertainties include without limitation the uncertainty of the economic environment for the remainder of this year, the need for further development of certain of Frisby Technologies' products and markets, the development of alternative technologies by third parties, the uncertainty of market acceptance and demand for the company's products in the future, and Year 2000 issues affecting the company and its customers and suppliers. Those potential risks and uncertainties are detailed in Frisby Technologies' filings on Form 10-KSB for 1998 and Forms 10-QSB with the Securities and Exchange Commission. |
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