May 22 2007
nCoat, Inc. wishes to report that the selection of Whitsett, North Carolina as its headquarters and center for expansion into Nanotechnology has already exceeded Company expectations.
nCoat's corporate management and its wholly owned subsidiaries nTech, Inc. ("nTech") and High Performance Coatings, Inc. ("HPC") are operational and fully functional as cohesive business units headquartered within the new 65,000 square foot plant which includes facilities anchoring East Coast operations, and combined production, marketing, sales, engineering, manufacturing and distribution.
nCoat chose the Whitsett location as the result of a partnership with the state's Office of Economic Development. North Carolina provided a valuable asset base for the Company including a commitment to nanotechnology research, customer fit education at community colleges, a dedicated and highly educated work force, economic incentives, as well as introductions to several of the over 300 automotive, truck, defense, and aerospace parts manufacturers within a 200-mile radius from the new Headquarters location. Especially worth noting is the preexisting demand for HPC products in the motor sports industry, a highly competitive, innovative and growing sector with many major teams headquartered nearby.
"The proximity to our customer base has cut transportation cost and the inherent logistical expenses. Our customers have fully embraced our relocation," said Paul Clayson, CEO of nCoat. "The work of North Carolina public officials to integrate nCoat into economic development, nanotech and regional growth strategies has accelerated our integration here. The workforce has far exceeded our expectations for quality and quantity. This has been a very successful move for us."
The headquarters relocation of HPC was a major milestone for HPC. HPC growth has necessitated larger and more automated systems. Relocating to this industry rich region for the 25 year old company afforded new facilities and equipment, new customers, increased business from existing customers and multiple new prospects for business. Company officials project that the new HPC facility will bring 200-300 new jobs to the region over the next three years. Since its launch, the new facility has focused on protective and appearance coatings for heat management, corrosion & abrasion resistance, and friction reduction utilizing proprietary products including the development of nanotechnology based formulations delivering significant new levels of performance.
Of equal importance to nCoat's long term goals is the climate of local government commitment as shown by North Carolina's Board of Science and Technology (www.ncscienceandtechnology.com) which has publicly recognized that the importance of nanotechnology will be as critical to the future of the State as biotechnology is to its present. This visionary attitude is reflected at the federal level, through the auspices of the National Nanotechnology Initiative ("NNI") (www.nano.gov/) which has been allocated over $1.5 billion to nanotechnology research in the federal government's most recent budget. The NNI proposes to spend $3.7 billion over the next four years to fund nanotechnology R&D through the recently enacted 21st Century Nanotechnology Research and Development Act.
Equally important to the overall success of the Company is the rapidly growing demand and opportunity for innovative leadership in the Nanotechnology sector itself. The National Science Foundation (www.nsf.gov/), predicts that over the next 10-20 years, nanotechnology will fundamentally transform science, technology, and society, and as such, it holds tremendous potential for North Carolina and the nation. Current estimates hold that nanotechnology will open a $2 trillion plus market in 10-15 years and grow the worldwide workforce by at least 2 million people. North Carolina public officials have hailed nCoat as one of the early firms in the state to employ a workforce involved in the use of nano-formulated products.