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Original Press Release
Xiom Corp. Names Orica Powder & Industrial Coatings of Australia Sole Pacific & Southeast Asian Distributor
Press release date: Mar 20, 2008
W. Babylon, NY, March 20, 2008-Xiom Corp. (XMCP), developers and manufacturers of the first completely portable plastic polymer spray system, has announced that Orica Powder and Industrial Coatings, a business unit within the Orica group of companies, is to be Xiom's exclusive distributor in the Pacific and Southeast Asia. With operations in approximately 50 countries, the Orica group is a multi-billion dollar company with sales revenue of 5 billion USD in 2007. The publicly listed Australian company is a market leader in mining services, chemical services, and powder coating materials.
Xiom, in addition to its portable powder coating system, has a complete line of unique mixed polymer coatings that are used with the Xiom low-temperature thermal spray system. With no overspray problems and no VOCs (volatile organic chemicals), Xiom products are now being used for onsite coating application in over 20 countries.
Orica Powder & Industrial Coatings manufactures and markets an extensive range of powder coating materials in Australia, New Zealand, and the Asia-Pacific region. The company also has a modern joint-venture manufacturing plant in Dongguan - Southern China. The exclusive relationship brings both Orica and Xiom significant opportunities for synergy and growth. Orica Powder & Industrial Coatings is now committed to working with Xiom to continue to develop and expand the onsite powder technology, and views this mutual co-operation between the two businesses as an integral part of a long-term strategy for both companies.
Xiom and Orica Powder & Industrial Coatings will also jointly-both logistically and technically-extend Xiom/Orica product offerings to other areas in the world in addition to the Pacific and South East Asia where it is deemed advantageous to do so.
In this regard, Andrew Mazzone, president of Xiom, also reports that Xiom has granted Orica an exclusive "stand still" review period of 180 days to examine Xiom, its technology, and current alliances. The "stand still" agreement is independent of, and not conditional on, the appointment of Orica Powder & Industrial Coatings as Xiom's exclusive Pacific and Southeast Asian distributor.
Xiom's invitation to Orica and Orica's acceptance of the 180-day invitation do not commit Orica to make any investment, but allow Orica the time to explore a number of strategic options with Xiom, possibly leading to a larger and more extended role than currently agreed, and possibly ending up with an equity position in Xiom.
Orica Limited's shares are listed on the Australian Stock Exchange (ASX) and are traded under the symbol ORI. XIOM shares are listed on the U.S. OTC-BB under the symbol XMCP.