PEI Worldwide Holdings, Inc. (Pink Sheets: PEIW) announced today that the company has been diligently working with our Canadian licensee for over one year and there is now a signed agreement to place up to seven THURA-Block manufacturing plants throughout Canada.
Our customer will have exclusivity for the entire country with plants to be located in Toronto (2), Calgary, Quebec, Vancouver, and two cities not yet named. It is expected that each operating location could generate approximately 6 to 9 cents of earning per share for the company per location. In total, with all 7 locations up and fully operating, this agreement could generate 42-63 cents per share of earnings. Additional details regarding the specifics of the construction and location will be disclosed at a later date.
This registration and approval process was necessary to undertake because Canada does not readily accept US building certifications. Their codes called for detailed inspection and discussion of THURA-Block being used not only for above grade construction but also below grade for basements. It was then necessary to choose a below grade moisture barrier which was suitable for fifty (50) plus years. The combined cost of THURA-Block, moisture barrier and installation totaled less than their normal poured concrete basement walls, but with THURA-Block, the basements would be dry, without moisture seepage, no "musty" smell and no cracking and leaking after ground settling. Additionally, Canada could now construct basements 12 months a year rather than 9-10 months due to the cold weather conditions.
Gifford Ludwigsen, President and CEO of PEI states, "It has been a long trial period for both Canada and PEI Worldwide Holdings but it has mostly been a growing experience with very positive results. We look forward to adding our INSU-Lite Panel to the Canadian list of building materials and to watch THURA-Block become the choice of constructing Canadian homes and commercial buildings."