Korean Construction Company Signs Agreement to Use CSI Technology
Wednesday September 15, 6:00 am ET

LA JOLLA, Calif.--(BUSINESS WIRE)--Sept. 15, 2004--Composite Solutions, Inc. (CSI) (OTCBB:KIPS - News) announced that Composite Solutions, Korea (CSK) has concluded an agreement with Center Industry, a large commercial development and construction firm headquartered in Seoul. Under the terms of this agreement, CSK will supply CSI's patented Composite Shell System (CSS) for a 12-story, seven-million square foot manufacturing and steel distribution center to be constructed near Seoul. This $750M construction project is to be completed by December, 2007. Detailed specification of the number and type of CSS to be used will be determined as the design is finalized.
CSK markets CSI technology in Korea under terms of an exclusive licensing agreement signed in 2003. The CSI-CSK partnership has completed four technology demonstration projects (total CSI revenue of $1.1M) in Korea over the past 16 months. CSS is a stay-in-place form for concrete piers, columns, and girders. It nearly eliminates the need for the reinforcing steel bars (rebar) that dominate the cost for these structural components.

"This agreement represents a major milestone in our effort to develop a large business around CSI's composite materials technology," said Mr. Frank Park, CSK Chief Executive Officer, "Center Industry is an innovative company interested in using new and better construction techniques, and so is an ideal customer for CSK to accelerate market acceptance of CSI's new technology."

"CSI has placed a high priority on efforts to gain credibility in the Korean market, and we are very pleased with the progress demonstrated by this agreement," said Dr. Thomas Bache, CSI President and Chief Executive Officer. "We look forward to supporting CSK and Center Industries as we define in detail how CSS will be used in this very large project."

CSI provides innovative new technology solutions for a wide variety of civil engineering and construction applications. The core technology is integration of fiber-reinforced polymer (FRP) composite materials with traditional construction materials for dramatic improvements in structural performance.

Thats pretty good news!

As of June 30, 2004, 23,510,569 shares of Common Stock were outstanding.

O/S isn't that large either.
 

Share Statistics
Average Volume (3 month): 9,227
Average Volume (10 day): 2,000
Shares Outstanding: 23.51M
Float: 18.80M
% Held by Insiders: 20.04%

nice chart:looks like a big contract fof this company,.

http://stockcharts.com/def/servlet/SC.web?c=kips