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NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by the IO Circuit.
Today, nCoat, Inc. (OTCBB: NCOA) announced that it has successfully completed a strategic acquisition. nCoat is an emerging nanotechnology company focused on development and marketing of coatings applied to metal, ceramics, fabric, and other materials. Today it finalized an agreement to acquire Metallic Ceramic Coatings, also known under the brand of JET-HOTŪ Coatings. nCoat signed a stock purchase agreement to buy all capital stock in MCCI for $5 million cash and $1 million in nCoat common stock, or approximately one times projected 2007 revenue. "The acquisition of MCCI/ JET-HOTŪ, combined with High Performance Coatings, Inc. (HPC), our first acquisition in 2005, doubles our size and creates a highly competitive force in automotive, trucking and aerospace coatings," said Paul Clayson, CEO of nCoat. "We can now add nano-coatings to the product mix of MCCI/JET-HOTŪ and cross sell the best of the products of both companies. With the 25 years of market experience of HPC and the 27 years of market experience of JET-HOTŪ, nCoat now has a depth of engineering and technical expertise not previously known in this market."
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Other active stocks are Expedia (NASDAQ: EXPE), UAL Corporation (NASDAQ: UAUA) and Gentex Corporation (NASDAQ: GNTX).
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