Corporate Social Responsibility Press Release
provided by 
8.15.2008 - 03:48pm ET
News from:
North American Technologies Group, Inc.
North American Technologies Group, Inc. Announces $272,802 Quarterly Profit
(CSRwire) IRVING, Texas, Aug. 15 /PRNewswire-FirstCall/ -- North American
Technologies Group, Inc. (OTC Bulletin Board: NAMC), world leader in
engineered composite railroad ties, today announced a $272,802 quarterly
profit for the third quarter of the Company's fiscal year that ends
September 28, 2008. This is the Company's second consecutive quarterly
profit. The profit of $272,802 resulted from $8.1 million of revenue for
the quarter (a $2,340,973 or 41% increase in revenue over the same quarter
of last year). The increase in revenues of $2,340,973 resulted from a 13%
increase in the number of ties sold and a 25% increase in the average
sales price of ties. For the quarter the Company achieved a gross profit
of $2,418,421 compared to a gross profit of $217,876 for the same quarter
in the previous year.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080616/LAM071LOGO)
Mr. Rod Wallace, the company's President and Chief Executive Officer,
said, "The profit reported for the quarter is the result of enumerable
improvements in the operation of our Marshall, Texas manufacturing
facility (our subsidiary, TieTek LLC is the only ISO 9001 certified
composite tie manufacturer) and the dedication of all of our employees who
work diligently to produce our composite ties and support our operations.
"We believe that our customers are beginning to recognize the value
proposition of our ties. The durability, safety and profitability of our
ties has been demonstrated by more than ten (10) years of use in customer
applications in over 2 billion (2,000,000,000) gross tons of load on
individual ties in commercial rail lines. Our ties are expected to last
around 40 years compared to wood ties that in some areas, particularly
damp areas, of the United States may only last 7 to 10 years. Our new
website at http://www.tietek.com contains
testimonials of numerous satisfied customers. We are proud that the
Chicago Transit Authority recently installed almost 63,000 of our ties
under its track improvement project for its Blue Line running from Chicago
O'Hare Airport to downtown Chicago. Our website contains links that
describe the CTA's use of our ties. The fact that our ties can be used
interchangeably with wood ties makes them entirely compatible with wood
ties already installed in the tracks. TieTek's ties are being adopted by
an increasing number of users, major rail lines, transit authorities and
industrial users.
"The Company has moved from the start-up phase to a true operating entity.
In so doing, our Company is demonstrating that protecting the environment
and operating a profitable business are not mutually exclusive. While many
companies are searching for ways to demonstrate sustainability, our company
is in the business of sustainability. In fact, production of 3,300 of our
TieTek(TM) ties (approximately one mile of track) uses 2 million plastic
bottles, 9 million plastic bags and 10,000 scrap vehicle tires and the
production and use of these ties eliminates the need to cut down
approximately 750 trees.
"Our challenge is now and will continue to be to improve our production,
and expand our customer base so that we can increase our profits even
further thus benefiting our environment, our customers, our shareholders,
our debt holders and our employees."
About NAMC
North American Technologies Group, Inc. through its wholly owned
subsidiary TieTek(TM) produces high-performance railroad ties and other
engineered products. TieTek uses its patented technology to process
recycled plastic, automobile tires and mineral additives to manufacture
engineered composite products that last longer and perform better than
hardwood and/or concrete alternatives in structural applications. The
Company's securities are quoted in the over-the-counter market under the
symbol "NAMC". The Company's website is found at http://www.tietek.com. For a description
of the financial results for the Company's Current Report see Form 10-QSB
filed with the Securities and Exchange Commission on May 19, 2008.
This press release contains forward-looking statements involving risks and
uncertainties. Statements in this press release that are not historical,
including statements regarding management intentions, beliefs,
expectations, representations, plans or predictions of the future are
forward-looking statements within the meaning of the "safe-harbor"
provisions of the Private Securities Litigation Reform Act of 1995. These
risks include, but are not limited to, fluctuations in financial results,
availability and customer acceptance of products and services, the impact
of competitive products, services and pricing.
For more information please contact:
Shauna Morris
North American Technologies Group, Inc.
1-972-819-3676
News Categories:
Finance and CSR - General
|
