LAKE BARRINGTON, IL--(Marketwired - Jan 3, 2017) - CTI Industries Corporation (NASDAQ: CTIB), a manufacturer and marketer of foil balloons, vacuum sealing systems, latex balloons, printed and laminated films, and home organization products, today announced that the Board of Directors of the company have approved the acquisition of two new foil balloon converting machines. The machines are on order and are expected to be in production by April 2017.
Stephen Merrick, President of the Company, stated: "We expect the new converting machines to increase our production capacity for foil balloons by 25% to 30%. This new capacity is needed to meet our growing volume of foil balloon sales in all of our markets including the United States, Mexico, the United Kingdom and Europe. We also expect to achieve some efficiencies in cost as our unit volume of production increases and as we produce some of our products at our plant in Guadalajara."
About CTI: CTI Industries Corporation is one of the leading manufacturers and marketers of foil and latex balloons, develops, produces and markets vacuum sealing systems for household use, produces laminated and printed films for commercial uses and markets home organizing products. CTI markets its products throughout the United States and in a number of other countries.
This press release may contain "forward-looking" statements within the meaning of Section 17A of the Securities Act and Section 21E of the Securities Exchange Act. These forward-looking statements may include, but are not limited to, statement containing works such as "may," "should," "could," "would," "expect," "plan," "goal," "anticipate," "believe," "estimate," "predict," "potential," "continue," or similar expressions. Actual results could differ materially from those projected or implied in the forward-looking statements, which involve a number of risks and uncertainties, including (i) the risks of generating and maintaining sales in a highly competitive market, (ii) the ability of the Company to enter into or maintain contracts or relationships with customers, distributors, licensors and suppliers, (iii) manufacturing risks, as well as other risks and uncertainties reported by the Company in its public filings, with the Securities and Exchange Commission, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10Q.