| Poseidon and Innovative Coatings Launch Venture Innovative Coatings Corporation, a manufacturer of polymer-based coatings announced that phenomenal progress has been made with its joint cooperative partner, Poseidon Ocean Sciences, Inc. in the development of the first environmentally-green antifouling coating serving the marine aquaculture and floatation industry. Fouling is a major concern since it prevents free exchange of water through the nylon nets. Current coatings used in floatation devices consist of heavy metals as toxic ingredients to kill barnacles and other fouling organisms. In October 2001, the International Maritime Organization of the United Nations approved the worldwide ban on tributyltin, one of the most toxic, environmentally-damaging biocides used in marine coatings. This ban takes effect in January 2003. The test data to date reveals that Poseidon’s proprietary antifouling agents combined with Innovative Coatings’ patent-pending coating system shows 100% prevention of attachment by barnacles, algae and other fouling organisms at Poseidon’s marine research stations. Both Innovative Coatings and Poseidon are optimistic and extremely confident that further refinements in formulation will result in the development of a unique, nontoxic, environmentally-friendly coating for this niche market. Recently completed six-month and one-year exposure tests demonstrated that Innovative Coatings’ polymer coatings firmly attach to nylon netting and coated polystyrene floats. “The coating remains flexible and easily bonds with the netting, an important characteristic to enter the aquaculture market,” stated Jerry S. Phillips, President and CEO of Innovative Coatings Corporation. A major trend in aquaculture is to grow fish offshore inside nets. Aquaculture nets are now used as the major production method for salmon, tuna, and other commercially important species. Jonathan R. Matias, chief executive officer of Poseidon Ocean Sciences, Inc. commented, “The marine aquaculture industry is growing at an unprecedented rate of over 5% per year because of dwindling natural stocks of fish. Over 30% of fish landings now come from cultured fish and this trend will grow to over 50% in the next few years.” By 2002, both companies are confident that this superior antifouling coating will be ready for release to the non-toxic antifouling aquaculture market, estimated to be between $150 million to $200 million USD. About Innovative Coatings Corporation |
