Hybrid Coating Technologies Inc (OTCMKTS:HCTI) shares tumbled 25% to $0.300 on Friday and stayed flat in after-hours trading. The company has a market cap of $332,620.00 at 11.09 million shares outstanding. Share prices have been trading in a 52-week range of $0.01 to $2.16.
Hybrid Coating Technologies is a development-stage company that is engaged in the business of manufacturing and sale of the Coating Products, an alternative, non-isocyanate polyurethane, including coatings and raw binder ingredients consisting of Green Polyurethane Monolithic Floor Coating and Green Polyurethane Binder, and Sealant Products, including sealants and adhesives consisting of Green Polyurethane. In particular, the company is focused on the Coatings, Adhesives, Sealants and Elastomers segment for industrial and commercial coatings applications.
In a press release last week, Hybrid Coating Technologies announced that the US government, represented by Kasowitz, Benson, Torres & Friedman LLP, has launched a $90 billion dollar False Claims Act on major polyurethane paint producers namely BASF Corporation, Bayer Material Science LLC, Dow Chemical Company and Huntsman International LLC. These companies have been accused of selling billions of dollars worth of harmful isocyanate chemicals while concealing its negative effects intentionally from the US Environmental Protection Agency and consumers.
This is important news for the company that could significantly change the landscape of the $65 billion a year polyurethane industry,” said Joseph Kristul, President and CEO of Hybrid Coating Technologies. “This shows the extent of the pressure that is being put on the polyurethane industry to find alternatives to isocyanates, which are harmful and dangerous to people’s health and the environment. The government is pushing on multiple fronts including education, legislation and now with potentially devastating litigious action.
This chemical is not included in Hybrid Coating Technologies product offerings. Kristul reiterated that the company is the only one in the world to produce polyurethane without any isocyanates through its patented technology.
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