to Acquire FTI Assets
Officials of the defunct Film Technologies International Inc. (FTI)
announced today that Novomatrix Pte Ltd. of Singapore has entered
into an agreement to acquire the discontinued company's property,
plant, equipment, intellectual property and various other manufacturing
assets. FTI ceased manufacturing operations January 26, after experiencing
a long decline and several failed attempts at establishing acquisition.
(To view an exclusive interview with Don Wheeler, the company's
chief executive officer, CLICK
HERE.) Novamatrix will acquire the assets through Solamatrix
Inc, an affiliated company.
Novomatrix Pte Ltd (NVP) is a joint venture between Globamatrix
Holdings (GMX) and Southern Capital Group, headquartered in Singapore.
The GMX group currently owns and operates a number of window film
brand names, including: V-KOOL®, Huper Optik®, Nanolux® and IQue®.
Manufacturing, however, is a new endeavor for the company.
"This is a major milestone for the Novomatrix group of companies,"
says Andrew Kwan, director of Novomatrix. "Its capabilities have
been augmented, its offerings broadened and its standing elevated
overnight with this upstream integration into the manufacturing
Kwan says the company has assembled a management team to spear
head its new endeavor and it plans to start its new operations as
soon as possible.
"We expect to fire up the engines operationally in short order
as well," says Colonel Wee Hian Woon, director.
FTI's chief executive officer, Don Wheeler, says he is pleased
that the legacy of his company's brand names will continue.
"I have every confidence in their ability to re-employ the recently
and extensively upgraded assets successfully and wish them the very
best in their future endeavors," Wheeler says.
It is unclear whether the new company will be able to reemploy
any of FTI's displaced employees.
Dave Fletcher, president and CEO of Solamatrix Inc, says the company's
investment will enable it deliver a U.S.-made product.
"Solamatrix will be positioned to deliver differentiated, good
quality U.S.-made products serving the new SunGard, SafeGard and
GlassGard network who are aligned with the group's vision," Fletcher
says. "The company believes the group's unique roots as a distributor
will enable it to better understand the needs of the market as well
as foster closer ties with its distribution network of choice..."
Look for further information in one of WINDOW FILM's upcoming issues
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