PEI Worldwide Holdings (Pink Sheets: PEIW) announced today that the company has taken several positive steps this week toward initial funding with our Canadian partner.
The company has decided that, due to logistical advantages, the first two Thura-Block plants for Canada will likely be in Toronto, Ontario with one manufacturing plant producing Thura-Block for below grade foundations and the other Thura-Block plant for producing product for residential and commercial, above ground construction. Unlike the United States, Canada, and especially Ontario has seen little if any construction slowdown during the past year. PEI expects that the first plant will break ground sometime in the third quarter of 2010.
As mentioned before, PEI has chosen a below grade foundation sealer with a fifty year life cycle and warrantee. According to industry trends, the below grade construction using products like Thura-Block construction will begin to replace poured concrete basement walls allowing basements to be dry, with zero seepage and none of the normal basement moisture odor. This product interest allows PEI Worldwide Holdings to widen its marketing efforts to include below grade construction in the northern states as well as the eastern portion of the United States where basements are normally part of their building culture.
Gifford Ludwigsen, CEO of PEI Worldwide Holdings, Inc., states, "It has taken longer than expected to finalize our funding from Canada due to testing which had to be accomplished over and above tests accepted in the United States. We are looking forward to a long and prosperous relationship with our Canadian partner and additional testing and certifications will only show PEI worldwide products to be more than just acceptable in the United States."