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Ecology Coatings, Inc. (OTCBB: ECOC), a leader in the discovery, development, and manufacture of nanotechnology-enabled, ultra-violet curable advanced materials, today announced that it has signed a Letter of Intent (LOI) with the U.S. Automotive Partnership for Advancing Research & Technologies (USAutoPARTS) to participate in a nonprofit automotive research initiative program.
USAutoPARTS, which is to be located in a 56,000 square foot research and development facility located in Shelby, Michigan and donated by Delphi Corporation, has invited a number of companies to locate a portion of their R&D organization within the facility. The funding of the R&D facility will be obtained from companies in the automotive industry, foundations, government grants and other financial resources. The participating companies will focus their research on three areas: lightweight materials, electric and electronic thermal management systems, and carbon emissions control. No date has been set for completion of the fundraising or for USAutoPARTS to move into the Delphi facility.
"With the increased market and regulatory pressure to improve fuel efficiency, there is a need to cost-effectively lower vehicle weight without sacrificing safety," said Ecology Coatings CEO Richard Stromback. "Lightweight polymer and polymer composites, metal matrix composites, and bio-based materials are being developed to replace certain heavy metal components currently used in the manufacture of vehicles. Currently, these lightweight composites must go through endurance testing using conventional coating technologies, which often fail to meet performance standards. Our Liquid Nanotechnology™ coatings, which contain no toxic solvents and use an energy efficient UV curing process, allow for bonding to a wide range of substrates never before seen in the industry and provide performance advantages, such as added hardness and scratch resistance, to withstand the automotive industry's most stringent performance testing."
Ecology's Liquid Nanotechnology coatings provide superior wear and scratch resistance and hardness with a single application, which reduces coating thickness and offers versatility in applications. All of Ecology's coatings are ultra-violet curable, which provides for faster manufacturing speeds, lower energy output and a smaller manufacturing footprint. Additionally, the coatings contain no harmful solvents or other additives, eliminating and protecting against potential corrosion or flash rusting.
About Ecology Coatings, Inc.
Ecology Coatings is a global leader in the development of nano-enabled, ultra-violet curable, clean technology coatings that are designed to drive efficiencies and clean processes in manufacturing. The company creates proprietary coatings with unique performance attributes by leveraging its platform of integrated nanomaterial technologies. Ecology Coatings collaborates with industry leaders to develop high-value, high-performance coatings for applications in the specialty paper, automotive, general industrial, electronic, and medical sectors of the economy. Ecology Coatings was founded in March 1990 and is headquartered in Bloomfield Hills, Michigan. The company maintains an R&D facility in Akron, Ohio. For additional information call 248.723.2223 or visit the company's website at www.ecologycoatings.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as, Ecology Coatings (the "Company"), by and through its management, "anticipates," "believes," "estimates," "expects," "forecasts," "foresees," "intends," "plans," or other words of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and a wide variety of other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the Company's ability to: successfully commercialize its technology; generate revenues and achieve profitability in an intensely competitive industry; compete in products and prices with substantially larger and better capitalized competitors; secure, maintain and enforce a strong intellectual property portfolio; attract additional capital sufficient to finance our working capital requirements, as well as any investment of plant, property and equipment; develop a sales and marketing infrastructure; identify and maintain relationships with third party suppliers who can consistently provide us a reliable source of raw materials; acquire, develop, or identify for our own use, manufacturing capacity; attract and retain talented individuals; expand its shareholder base and public awareness of the Company through its investor relations program; continue operations during periods of adverse changes in general economic or market conditions, and other events, factors and risks previously and from time to time disclosed in our filings with the Securities and Exchange Commission, including, specifically, the "Risk Factors" enumerated in the Company's latest Annual Report on Form 10-KSB.
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