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LEXINGTON, Ky., Aug. 24, 2005 (PRIMEZONE) -- Plasticon International Inc. (Pink Sheets:PLNI) is pleased to announce that their Board has approved the retirement of 200 million shares, the first step in a process designed to decrease the total outstanding shares and increase shareholder value.
"We believe that the retirement of shares will add tremendous value for our shareholders," said Jim Turek, President and CEO of Plasticon International. "This is the first step in a share restructuring process. The restructuring will be reflected in a share price that is more truly representative of the actual value of Plasticon's shares. We firmly believe that this is in the best interests of both our shareholders and the company."
Mr. Turek added that Plasticon International is committed to a program designed to enhance shareholder value through a comprehensive strategy, starting with this initial retirement. As a part of this restructuring strategy, the Company plans to undertake a buy back program for still additional outstanding shares.
The retirement of 200 million shares is in addition to positive earnings. Plasticon recently announced that it is profitable as of the second quarter in 2005. "We believe that the retirement of shares will be significant as the first step in a process that should result in a better reflection of the value of Plasticon's shares," Mr. Turek concluded.
For more information about Plasticon International, please visit the Plasticon International web site at www.plasticonintl.com.
About Plasticon International, Inc.
Plasticon International (www.plasticonintl.com) designs, produces, and distributes high-quality concrete accessories, transportation signage, plastic lumber, and office supplies which are all produced from recycled and recyclable plastics. Plasticon is a leader, an innovator of cutting edge design, engineering, and production of industrial and commercial products. Plasticon is a green Company, environmentally-friendly, using recycled plastics to produce its line of products.
Plasticon International, Inc. Jim Turek, President and CEO 3166 Custer Drive, Suite 101 Lexington, Kentucky 40517 web site: www.plasticonintl.com
Disclaimer: The Company relies upon the Safe Harbor Laws of 1933, 1934, and 1995 for all public news releases. Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, management and maintaining growth, the effect of adverse publicity; litigation, compensation, and other factors which may be identified from time to time in the Company's public announcements.
CONTACT: Plasticon International, Inc. Investor Relations: Matt Maguire (866) 843-2775
-------------------- It will run when you least expect it. :) Posts: 1161 | From: NC | Registered: Mar 2005
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Suffering from split personality disorder -- but still ove my PLNI no matter what thread I am on!
Posts: 797 | From: Phoenix | Registered: Jul 2005
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Chopper... How about summarizing everything that PLNI is doing right now
1) Acquisitions and importance of each 2) Share structure 3) Audit, otcbb
-------------------- A good friend will bail you out of Jail. A great friend will be sitting next to you saying... Damn that was fun! :) Posts: 3353 | Registered: Nov 2004
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Don't forget research on plastic rebar, contracts in the pipes, distribution deal, announced buybacks..... and on and on till the break of dawn
Posts: 797 | From: Phoenix | Registered: Jul 2005
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Guys, I will start the recapitulation post on PLNI unless someone else is doing it. Stop me now if you are doing it yourself...
Posts: 797 | From: Phoenix | Registered: Jul 2005
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Thank you mrgr8avill, You are more than welcome to get this thread up to speed. GLTA
quote:Originally posted by mrgr8avill: Guys, I will start the recapitulation post on PLNI unless someone else is doing it. Stop me now if you are doing it yourself...
-------------------- It will run when you least expect it. :) Posts: 1161 | From: NC | Registered: Mar 2005
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Turek will deliver every single outstanding item. Here is the list again:
1. Jim retires shares. DONE DONE DONE. And a buy back too!!! 2. SEMCO audit and acquisition completed. 3. SEMCO's products get picked up by BlueLinx. 4. ProMold audit and acquisition completed. 5. New domestic contracts announced 6. New international distribution channels and contracts announced. 7. PLNI audit completion and announced. 8. OTCBB application filed. 9. Plastic rebar development completed
Posts: 72 | Registered: Apr 2005
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Hey Grynder, Nice to see your alive after the run in with the wild life. LOL This is a typical trading pattern in a run. Almost at the bottom for the next leg up.
-------------------- It will run when you least expect it. :) Posts: 1161 | From: NC | Registered: Mar 2005
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Plasticon International is a 17-year old firm located in Lexington, KY. It is in the business of producing rebar supports, lumber, signage, and office products from recycled plastic. Of these, it's primary focus now is on rebar supports, with testing underway for plastic rebar. Its rebar supports have gained Department of Transportation approval for use in all 50 US states. The company is led by Jim Turek, CEO. Its website is www dot plasticonintl dot com Visit the Plasticon Website
All historic PR's dating back to 2004 can be found at their website's press room, or by Clicking Here This is a brief outline of what I believe to be the most pertinent aspects of the company's recent history:
Their patents on plastic rebar supports were tested in court, which placed a value on them of $16Million
They own injection molds for their product that THEY value at approximately $10 million
In May 2005, they announced the planned acquiustion of Semco, a producer of a unique concrete sealant product designed to prevent the damaging effects of water on concrete materials
In May, they announced a planned move to the OTCBB with production of financial audits
In June, they announced a distribution deal with R&S, one of the nation's leading suppliers of conrete products for their rebar supports.
In June, they announced a new process that reduces production costs by 20%
In June, they announced that R&S had increased its original product order by 50%
In June, they announced that their growth and restructuring would be accomplished with NO REVERSE SPLIT
In June, they announced that the company was profitable as of 2Q 2005
In July, they announced a contract for a projected 10-year supply of raw materials
In August, they announced the proposed acquisition of Pro-mold, an established plastic injection molding firm in the St. Louis area
In August, they announced that the Pro-Mold acquisition would increase inhouse production capacity to $20 Million
In August, they hired Big Apple Consulting as an IR/PR firm to help them achieve their growth objectives
This morning, they announced a retirement of 200 million shares as the first step in a planned buyback program designed to increase pps
The Financials
A/S is in the range of 2 to 2.4 billion, with the most common figure being 2 Billion
O/S is in the range of 1.4 to 2Billion, with the most common data 1.4, and the most recent possibility 2.0
Float is approximately 400 million
The Bad
There have been two missed deadlines quoted by MR. Turek involving the audit deadline. No announcement of the Semco closure has yet been made. No recent update on the status of plastic rebar products.
The Good
Since hiring Big Apple Consulting (BAC), the company appears to be meeting its deadlines.
News of Semco deal closure is anticipated any day.
Today's retirement announcement is a good indication of the company's "putting its money where its mouth is."
BAC has produced an audit projection in the middle to end of September -- they haven't been wrong yet.
News of rebar testing could come any time.
The recent highway bill signing provides significant increases in the amount of future expenditures in public works projects throughout the nation.
Always do your own DD before making any investment decisions. This is by no means construed as a complete list of the company's history, projections, or risk. It is only intended to give a very brief overview of what this investment is to many of us on this thread.
quote:Originally posted by Chopper: Hey Grynder, Nice to see your alive after the run in with the wild life. LOL This is a typical trading pattern in a run. Almost at the bottom for the next leg up.
This is my "pocket stock" Chop. Nice n strong as it climbs slow n steady. No desire here to flip or daytrade this one, too many good things happening here.
Grynder = 1 Elk = 0
-------------------- On the other hand,
you have different fingers. Posts: 896 | From: Arizona. It's a dry heat ! | Registered: Dec 2004
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Morning Grynder.. How you doing? Haven't talked in a while...Damn MM's took the momentum out of it for now...It should bounce off 175/176 soon...It should challange .02 today. what's your thoughts Elkman?
quote:Originally posted by Grynder: Mornin all ! Chop, Bear, Bmar etc.....
: )
Posts: 2660 | From: Pennyland USA | Registered: Jun 2004
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