Primix (CE) (USOTC:PMXX)
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From Sep 2019 to Sep 2024
Primix Corporation (NASDAQ OTC:PMXX) developer and
manufacturer of the "Primix Tie" is delighted to announce that a Joint
Venture/License Agreement between Primix Corporation and Qingdao Maple
Leaf Environmental Technologies, Inc. (QMLET) was finalized and signed
on April 28th, 2005. This agreement allows QMLET to produce the
"Primix Tie" exclusively in China. This contract was signed pursuant
to The State Intellectual Property Office of the Peoples Republic of
China allowing the Primix patent for a composite railroad crosstie.
Primix filed a patent application in China on November 12, 1999 based
on its US patent application. This application was published in the
Chinese Patent Gazette for Invention, Volume 18, Issue Number 4. The
application was granted on December 24, 2004. The Chinese Patent
Certificate will be issued about June 8, 2005. This much anticipated
development has been a major hurdle in the signing of a Joint
Venture/License Agreement with Qingdao Maple Leaf Environmental
Technologies, Inc.
Extensive time was needed to finalize all the terms and conditions
for this dramatic new joint venture. The basics of the Joint
Venture/License agreement provides for a per crosstie royalty and a
25% equity interest of QMLET by Primix Corporation, making Primix one
of the "only" composite crossties licensed in China.
Mr. Yuan Qiang, President/CEO of Qingdao Maple Leaf Environmental
Technologies, Inc., projects, "The Primix China plant will be in
production by September 15, 2005. It is anticipated that production
should reach 500,000 crossties within six months and 1,000,000
crossties by September 15, 2006." The Primix China plant is a new
60-acre complex complete with a 70,000 sq. ft. production facility,
including a three-story office complex, a warehouse, two engineering
buildings, a canteen, and multiple three-story buildings to house
employees. The production capability of this new plant is 2,000,000
crossties/sleepers per year.
China is one of the world's fastest growing economies. According
to the China Railways Magazine Number 2/2000, China planned to invest
50 billion annually in railway construction from 2000 to 2005. In
2000, China had 70,057 total km (43,531 miles) of track by 2003 this
had increased to 73,002 km (45,361 miles) an increase of 6% over a
three year period. By 2020, China has the ambitious goal of adding
28,000 km (17,398 miles) of railways. In the last 30 years China's
total rail has increased by 33%. The anticipated need for new
crossties in China for the next few years is close to 90,000,000
crossties.
This press release contains forward-looking statements identified
by words such as "believe," "expect," "anticipates" and similar
expressions. Actual results might differ materially from those
projected in, expressed in or implied by the forward-looking
statements. Primix Corporation cautions investors not to place undue
reliance on forward-looking statements, which speak only as to
management's expectations on this date.
Some paragraphs of this press release, particularly those
describing Primix's strategies, operating expenses reductions and
business plans, contain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1993, as amended and
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. While Primix is working to achieve
those goals, actual results could differ materially from those
projected in the forward-looking statements as a result of a number of
factors, including difficulties in marketing its products and
services, need for capital, competition from other companies and other
actors, any of which could have an adverse effect on the business
plans of Primix, its reputation in the industry or its expected
financial return from operations. Factors such as these could have an
adverse effect on Primix's results of operations. In light of
significant uncertainties not included in the forward-looking
statements herein, the inclusion of such information should not be
regarded as a representation by Primix that it will be achieved.