NEW YORK, Nov. 9, 2010 /PRNewswire/ -- Safetek International, Inc. (Pink Sheets: SFIN) (www.safetekinternational.com) an incubator of and investor in green technology and Eco-Friendly start-up companies, announced today that its subsidiary Newave Packaging Inc. (www.newavepackaging.com) is receiving its first shipment of ewrap™, its revolutionary non-toxic, PVC free food film wrap from its overseas manufacturer. The first container will arrive to its distribution center this week, which is based in Ontario, CA.
The first container which holds over 3.3 million feet of non-PVC food wrap is enough to reach from Miami to Atlanta when rolled out. The film is earmarked for prospective customers, who will be testing ewrap™ at various national and regional supermarket stores which are based throughout North, Central and South America.
Ewrap™ is a ground-breaking non-toxic film packaging product, and has the potential to transform the way our industry packages food -- without leaving any harmful trace elements. There is a real desire from the industry and the consumer to make these changes happen. Many leading national retailers have already announced a ban on PVC.
Households typically store food for longer than food labels prescribe. This puts consumers at risk from toxic elements that may leak from PVC film into uncooked foods, if stored too long. Management believes with the non-toxic non-PVC ewrap™ film, consumers will be better protected from such risks, and wholesalers and supermarkets will benefit from removing potentially toxic elements from their shelves.
"We are encouraged by the early interest exhibited from large food stores and food packaging firms for the supply of Newave's Packaging's ewrap™ film and we are excited to receive our first shipment of ewrap™," stated Stefan Gudmundsson, Senior VP Business Development. Strong demand has continued after extensive tests were conducted by a large US paper/plastics distributor earlier in the year.
He added, "We've witnessed strong interest and demand from distributors not only in the US, but throughout Central America, South America and Canada. Newave Packaging sells to supermarkets and will use distributors who currently have relationships with regional and national stores whom they are currently supplying with PVC based food film wrap. As such, ewrap™ will not be a new product, but rather a replacement product.
With the enormous quantities of food film packaging used by the industry, estimated at over 150,000 tons per year, Newave Packaging's will be working hard to meet this huge replacement demand and focus on selected markets to establish a market leading position in the supply of their environmentally friendly packaging. Each 1% market share for Newave Packaging's replacement food film wrap equates to approximately $7 million in annual revenues to the company.
About Safetek International Inc.
Safetek International Inc. is a holding company formed to identify, develop and manage business projects that show significant growth potential, including new green technologies and other Eco-Friendly sectors. The Company has recently acquired Newave Packaging Inc. as part of its restructuring program to take advantage of innovation and their application to 'green' initiatives, especially for the non-toxic food film market. In addition to identifying, developing and managing business projects that show significant growth potential, Safetek helps its' portfolio companies find individuals experienced in management to take companies from idea/development to profitable operation.
About Newave Packaging Inc. (www.newavepackaging.com)
Newave Packaging Inc. supplies some of most ECO friendly non-toxic and bio-degradable film products and cutter boxes for the $1bn+ packaging industry, especially food packaging, which is still dominated by PVC products. All its products are tested and certified to conform to new environmental legislation. Newave Packaging now distributes throughout North and South America and will soon supply other countries worldwide.
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.
Investor Relations Contact:
Roland Rick Perry
Institutional Analyst Inc.
Safetek International Inc.
SOURCE Safetek International, Inc.
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