OTCBB Penny Stocks News
Jul 30, 2008 9:03:00 AM
Copyright Business Wire 2008
CLEARWATER, Fla.--(BUSINESS WIRE)--
BlastGard International, Inc. (OTCBB:BLGA), a leading provider of proprietary blast mitigation materials, is pleased to announce that the first complete BlastGard Barrier System ("BBS") has been constructed for demonstration purposes and initial reaction from the Middle Eastern market has been very exciting. We have a number of agents on the ground in this market and based on the overwhelming response to the product, we anticipate that it will become one of our highest volume products. In addition, the company has also completed a technical presentation for our PipeWrap product per our agreement with Orasi, LLC ("Orasi") of Nevada to the Saudi Ministry of Interior and Saudi Aramco and received an excellent review from the participants. Saudi Aramco is the state-owned national oil company of Saudi Arabia and the largest oil corporation in the world. We have appointed an Agent in Saudi to represent this product and are in final stage negotiations with a leading Saudi owned distributor/contractor to handle all installation responsibilities for PipeWrap and BlastGard Barrier Systems. We are very pleased with the progress we have made in the commercialization of our core product over the past year and we now stand ready to capitalize on these new product opportunities.
Andrew McKinnon, Chief Executive Officer and Board member, says: "BlastGard has agreed to assist Orasi with its efforts to commercialize Orasi's PipeWrap products and services specifically for an immediate opportunity in the Middle East. The financial arrangement in the agreement calls for the parties to split 50/50 the net revenues developed from the sales of the product over the next year and also gives BlastGard `first right of refusal' for the purchase of the product."