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Earthstone International, LLC to Seek New Investment Funds as First Phase of Planned Expansion Commences.

Business Editors/Environment Writers

PLANO, Texas--(BUSINESS WIRE)--Oct. 9, 2003

Intellectual Property Company Focused on Enhanced Marketing and

Additional Applications for Its Proprietary White Foamed Glass

Technology

Earthstone International, LLC today announced that it has retained Allegiance Capital Corporation, a Dallas-based, full-service investment banking firm to raise $9-12 million in investment funds to be used to increase the marketing effort behind the company's current product lines of non-toxic, chemical-free, home-improvement and cleaning products and to fuel research and development efforts on the use of its white foamed glass technology for residential and commercial building products.

All of Earthstone International's products are made from finely ground recycled waste glass, which is combined with non-toxic foaming agents in a patented heating and cooling process to produce white foamed glass in varying degrees of hardness and abrasiveness. The white foamed glass is used to create a variety of household and commercial products that offer superior alternatives to items such as sandpaper, grill, pool and household cleaners, power sanders and building materials.

Over the past year, sales of the company's consumer product lines, which include heavy duty, non-toxic PureClean(R) cleaning products and QuikSand(R) and PowerSand(R) abrasive products have increased more than threefold as the company has secured national distribution through retailers including Home Depot, Lowe's, Menards, Ace Hardware, Fred Meyer, and Wal-Mart, among others.

"Our technologies allow us to take recycled glass, which is inexpensive and plentiful, and turn it into a variety of effective and innovative consumer and commercial products," said Scott Corriveau, Earthstone International's chief executive officer. "Indeed, our technologies go beyond being environmentally friendly, they're actually environmentally restorative. Earthstone International is a perfect example of an emerging company that can not only make money for investors but also makes sense for the environment," Corriveau said.

Earthstone International plans to further apply its white foamed glass technology to produce replacements for a variety of highly toxic and highly flammable residential and commercial building materials currently on the market. Corriveau said that much of the company's second phase growth is expected to come from the larger building materials market, which represents more than $4 billion in market opportunities.

The company has a joint venture agreement with the Diagnostic Instrumentation and Analysis Laboratory (DIAL) at Mississippi State University for development of white foamed glass for lightweight, moisture resistant roofing systems, interior and exterior wall panels and exterior below-grade insulation. Preliminary research indicates that white foamed glass will be lightweight, moisture proof, non-flammable and insect resistant while providing good insulation.

Earthstone International is a privately held company that was co-founded in Santa Fe, N.M., in 1993 by "eco-preneurs" Andrew Ungerleider and Gay Dillingham as a response to the destructive, unsafe and unhealthy strip-mining of pumice for industrial and household products.

Since 1993, the founders and several other early-stage investors have provided nearly $29 million to establish and patent-protect the white foamed glass production process, construct a 10,000 square foot manufacturing facility in Santa Fe, New Mexico, build inventory and market its lines of sanding and cleaning products to major retail and wholesale chains.

About Earthstone International LLC

With its headquarters in Plano, Texas, Earthstone International LLC is a privately held company co-founded in Santa Fe, New Mexico in 1993 by "eco-preneurs" Andrew Ungerleider and Gay Dillingham. The company utilizes proprietary technology to develop white foamed glass, which has been shown to outperform and outlast traditional abrasives such as sandpaper, sanding sponges and commercial cleaners. The company currently manufactures high-performance, heavy duty, non-toxic cleaning and sanding products for the consumer, do-it-yourself, grill and BBQ, pool and spa, woodworking, home and garden and remodeling markets. For more information, visit www.earthstoneintl.com.

About Allegiance Capital Corporation

Allegiance Capital Corporation is a Dallas-based, full-service investment banking firm specializing in the middle-market segment. More information about Allegiance Capital Corporation can be found at www.allcapcorp.com.
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Publication:Business Wire
Geographic Code:1USA
Date:Oct 9, 2003
Words:643
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