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November 13, 2007
Platinum Research Organization Reports Third Quarter
Results
DALLAS, November 13, 2007 -- Platinum Research Organization
(PLRO.OB – www.platinumresearch.com), today reported third
quarter and nine-month results for the period ended September
30, 2007. |
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The Company recorded a net
loss of $914,782 for the three month period ended September
30, 2007, an increase of $374,196 over the net loss of
$540,586 recorded for the same period a year ago. SG&A
expenses, which increased $446,410 during the same three
month period, were the principal reason for the increased
net loss. This increase in SG&A for the period was due
mainly to : higher product evaluation and technical support
costs as a result of increased testing and product evaluation
efforts at the University of Texas at Arlington ; costs
associated with registering our products in the European
Union; higher legal and professional fees driven by higher
product and technology consultant costs; higher public
and investor relations costs; and higher salaries as a
result of the expensing of stock options in 2007 and the
hiring of a new Chief Financial Officer in April.
As of September 30, 2007 the Company had total cash on
hand of $3,981,221 of which $1,585,598 was restricted
cash. The Company also had $359,269 in current liabilities
and $6,000,000 in long-term debt.
The Company filed today with the SEC its form 10-QSB.
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COMPANY PROGRESS
CEO Cork Jaeger commented “In April of this
year PRO announced a comprehensive business plan that
highlighted 7 key business goals for 2007. I am very pleased
with the progress we have made to date toward achieving
these goals and would like to share with you some of the
highlights .”
1.) Develop Strategic Marketing Alliance in Grease Market
PRO has entered into a global exclusive marketing agreement
with R.T. Vanderbilt to sell TechroBondTM directly to
grease manufacturers. Most importantly, the company has
developed its first commercial product, TechroBondTM 280,which
is being marketed immediately without registration hurdles.
We are working aggressively with RT Vanderbilt and our
contract manufacturing partner to introduce this product
to the Grease marketplace.
2.) Domestic and Global Product Registration PRO has received
EPA approval for F-ZDDP in the US and has begun testing
under a contract with a Swiss laboratory for the registration
of F-ZDDP in the European Union (EU). This testing will
also facilitate the registration of PRO products in other
key foreign jurisdictions.
3.) Engine Oil Optimization PRO is in the final stage
of the optimization process and lab testing of engine
oil for live engine testing in conjunction with two (2)
industry partners.
4.) Acquisitions This goal is a 2009 goal for PRO as we
focus our current efforts on commercialization of our
products.
5.) Development of Manufacturing Capabilities PRO is continuing
its plans to develop a pilot plant in Tulsa, Oklahoma
for the production of F-ZDDP. PRO has entered into an
agreement with Chem Technologies in Middlefield, Ohio
to produce TechroBond 280. Successful pilot runs of TechroBond
280 have been completed and tested.
6.) Improve Product Development Cycle PRO has acquired
testing equipment which will substantially improve product
testing and the product development cycle resulting in
faster time-to-market for our products.
7.) Development of Next Generation Products and Technologies
PRO has a continuous and on-going research effort in the
pursuit of next generation technologies and a comprehensive
proof of concept testing program on specific coatings
applications at the University of Texas at Arlington.
PRO has recently filed two (2) US provisional patent applications
and one (1) continuation-in-part filing.
CEO Cork Jaeger continued, “Our goal continues to be to
make PRO the leader in the design of patented, high performance
lubricants and coatings. I am most pleased with the efforts
of our management team and technical experts and the progress
they have made towards achievement of our 2007 business
goals. Specifically, I am excited about the progress we
have made towards bringing our new product, TechroBondTM
280, to market. ”
About Platinum Research
Organization Inc. (PRO)
PRO designs, develops and commercializes patented, high
performance additives for lubricants and coatings. The
Company's proprietary additive, TechroBond, offers substantial
economic, performance and environmental advantages over
those now used. In engine oils, TechroBond will extend
the life of catalytic converters, thereby reducing harmful
emissions; it increases the anti-wear performance of industrial
greases while reducing their cost; and in coatings and
paints, TechroBond may replace environmentally hazardous
materials. PRO's formulations and processes are protected
by a series of U.S. patents, patent applications, continuation-in-part
applications and trade secrets. The company is located
in Dallas.
Trademarks: TechroBond is a trademark
of Platinum Research Organization Inc. All other trademarks
are the properties of their respective owners.
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Safe Harbor Statement under
the Private Securities Litigation Reform Act of 1995
Statements about the future performance
of the company, economic trends, and other forward-looking
statements in this release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such
forward-looking statements involve risks and uncertainties,
including and without limitation, continued acceptance
of the company products, increased levels of competition
for the company, new products and technological changes,
the company’s dependence on third-party suppliers, and
other risks detailed from time to time in the company's
periodic reports filed with the Securities and Exchange
Commission. The company provides no assurance regarding
the actual outcome of the events contemplated by any forward-looking
statements included in this release. |
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Platinum Media Contact:
Barbara Hyman, Hopkins & Associates, barbara@hopkinspr.com,
214-828-0066
Bonnie Stuck, Senior VP for Technology, Chem Technologies
Ltd. bstuck@chemtechnologiesltd.com,
440-632-9311
Platinum Investor Relations
Contact:
Charles Moskowitz, FOCUS Partners, cm@focuspartners.com,
617-633-2259
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