Partnership Positions this Novel, Functional Pigment for Accelerated Growth in Paints, Plastics, Inks, Coatings & Adhesives (PPICA) Markets
HOUSTON, Oct. 25, 2018 /PRNewswire/ -- PicOnyx, Inc. and Carbo Ceramics, Inc. [NYSE: CRR] plan to establish a strategic partnership for the production of M-ToneTM, an innovative family of unique, high performance black pigments. M-ToneTM addresses customer needs for black pigments with higher performance and greater functionality, that are more environmentally friendly.
PicOnyx will receive assets and services from CARBO and CARBO will become a strategic shareholder in the company. The partnership provides PicOnyx with significant manufacturing capacity, production capabilities and resources to support its aggressive growth plans for M-ToneTM.
The manufacturing operation is expected to be operational in early 2019 and will be capable of supporting PicOnyx's future production needs for the next several years.
"This partnership is a significant milestone for PicOnyx and provides a platform for delivering value to the market, our customers and shareholders," said Dave Bening, CEO of PicOnyx. "With a world class manufacturing partner and consolidated supply chain, we can provide customers with sustainable product economics, capacity for long term supply and confidence in our ability to consistently deliver high quality products. We look forward to working with Carbo as our growth partner."
Gary Kolstad, CEO of CARBO commented, "We are excited to be partnering with PicOnyx, which has a truly innovative product platform. This partnership offers several synergistic benefits for both companies and is another step toward our goal of growing our industrial revenue streams. We look forward to helping PicOnyx achieving their growth plan in the months and years ahead."
The planned partnership is subject to the negotiation and execution of definitive documentation, which is anticipated to occur before the end of this year.
About PicOnyx, Inc. and M-ToneTM:
PicOnyx, Inc., headquartered in Houston TX, was formed in 2015 to commercialize M-ToneTM, an innovative platform of versatile, high performance, functional black pigments for the Paints, Plastics, Inks, Coatings and Adhesives markets.
M-ToneTM delivers performance benefits to the user beyond its deep black, highly opaque color. M-ToneTM provides a versatile alternative to incumbent pigments with unrivaled performance characteristics in thermal, chemical and abrasion resistance, broad compatibility, and economic processing. As a chemically inert ceramic material it is unrivaled in its safety and environmental friendliness.
For more information, please visit www.piconyxinc.com
PicOnyx, Inc., Media Relations
(713) 652 9135
CARBO (CRR) is a global technology company that provides products and services to the oil and gas and industrial markets to enhance value for its clients.
CARBO Oilfield Technologies - is a global leader that provides engineered solutions in its Design, Build, and Optimize the Frac® technology businesses, delivering important value to E&P operators by increasing well production and EUR. Oilfield Technologies is the world's largest producer of high quality ceramic proppant, provides one of the industry's most widely used fracture simulation software, has proprietary technology that provides fracture diagnostics and production assurance, and offers consulting services for fracture design and completion optimization. The Company also provides a range of technology solutions for spill prevention and containment.
Its products and services are sold to operators of oil and natural gas wells and to oilfield service companies for use in the hydraulic fracturing of natural gas and oil wells.
CARBO Industrial Technologies - is a leading provider of high-performance industrial ceramic media products that are engineered to increase process efficiency, improve end-product quality and reduce operating costs.
CARBO Environmental Technologies – is a leading provider of spill prevention and containment solutions that provide the highest level of protection for clients' assets and the environment in oil and gas and industrial applications. Our range of innovative products feature a proprietary polyurea coating technology that creates a seamless, impermeable, maintenance-free layer of protection.
For more information, please visit www.carboceramics.com.
Mark Thomas, Director, Investor Relations
The statements in this news release that are not historical statements, including statements regarding our future financial and operating performance and liquidity and capital resources, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results or strategies and can often be identified by the use of terminology such as "may", "will", "estimate", "intend", "continue", "believe", "expect", "anticipate", "should", "could", "potential", "opportunity", or other similar terminology. All forward-looking statements are based on management's current expectations and estimates, which involve risks and uncertainties that could cause actual results to differ materially from those expressed in forward-looking statements. Among these factors are changes in overall economic conditions, changes in the demand for, or price of, oil and natural gas, changes in the cost of raw materials and natural gas used in manufacturing our products, risks related to our ability to access needed cash and capital, our ability to meet our current and future debt service obligations, including our ability to maintain compliance with our debt covenants, our ability to manage distribution costs effectively, changes in demand and prices charged for our products, risks of increased competition, technological, manufacturing and product development risks, our dependence on and loss of key customers and end users, changes in foreign and domestic government regulations, including environmental restrictions on operations and regulation of hydraulic fracturing, changes in foreign and domestic political and legislative risks, risks of war and international and domestic terrorism, risks associated with foreign operations and foreign currency exchange rates and controls, weather-related risks and other risks and uncertainties disclosed previously and from time to time in our reports filed with the Securities and Exchange Commission. We assume no obligation to update forward-looking statements, except as required by law.