NEW YORK, Nov. 15, 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) has opened a second distribution facility in New York, to handle the expected high volume demand for its rolls of ewrap™ food film.
Newave Packaging received a significant Purchase Order from a Distributor in New York, for a variety of sizes of the environmentally friendly non-PVC cutter boxes containing the ewrap™ food film. The Distributor supplies a wide range of stores in the New York Metropolitan area, and will be inviting Restaurants, Deli's and Bodega's to among the first to receive and convert to Newave Packaging's environmentally friendly stretch, cling and breathable ewrap™ food film.
An agreement is also being prepared for the Distributor to be granted distribution rights for the New York Metropolitan area. Subject to agreement, the Distributor estimates to order a minimum quantity of six (6) x 40 foot container loads of ewrap™ food film cutter boxes over the next 12 months. The estimated value on an annualized basis of this Distributor's commitment would earn revenues for Newave Packaging of approximately $600,000 to $700,000.
Commenting on this order Dr. Fredrik Verkroost, President of Newave Packaging Inc. said "this commitment shows that the conversion from PVC to non-PVC products for food packaging is accelerating. Our plans are to gain further commitments from selected regional distributors under an annual distribution agreement, initially along the Eastern States and Eastern Canada."
Shmuel Shneibalg, President of Safetek International, added "we are now starting to offer a regular supply of food film to the retail market, and are adding additional resources to expand the supply products."
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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