Leading National and Regional Distributors of Plumbing Supply Products Select SKYE International Tankless Water Heaters
March 17 2009 - 8:59AM
Business Wire
SKYE International, Inc. (OTCBB:SKYI), developer and marketer of
next-generation tankless water heaters, announced today that
leading national and regional wholesale distributors have elected
to distribute SKYE International�s FORTIS� whole-house electric
tankless water heaters. The Company has gained significant
penetration among plumbing supply distributors, despite having
commenced commercial production less than five months ago. Skye
International sells through several large national distributors, as
well as local and regional wholesalers such as National Wholesale
with six locations, Locke Supply Company with locations in Arizona,
Texas, Oklahoma, Kansas and Missouri and Benjamin Supply and Canyon
Pipe in Arizona.
Since commencing production, SKYE International has increased
production to approximately 1,000 units per month, representing
approximately 60% of the available production capacity in its
30,000 square foot contract manufacturing facility located in
Tempe, Arizona. The Company believes that by the end of the 2009,
FORTIS� water heater production should reach an annualized rate of
20,000 per year.
�We believe we have created a truly unique product that will
change the way consumers heat their water for years to come,� said
Gregg Johnson, SKYE International�s, Executive Vice President. �We
are gratified that in such a short time since launching the FORTIS�
line, that leading distributors have elected to carry it. We expect
these distributors will play an important role in allowing the
Company to reach the growing number of consumers who have
recognized the benefits of tankless technologies, as well as those
that seek to conserve energy. We look forward to announcing
additional distributors as we increase our penetration
further.�
FORTIS� tankless electric saves the average household about 10%
to 60% of water heating costs when compared to conventional storage
tank based water heaters. With industry leading efficiencies,
compact design, stainless steel construction and state-of-the-art
on-board diagnostics, Skye�s FORTIS brand is the clear choice for
the discerning buyer. A 10 year limited warranty also gives you the
peace of mind that a Skye stands behind the quality it builds into
every product.
For further information, visit www.tankless.com.
This press release contains forward-looking statements within
the meaning of the federal securities laws, including statements
concerning product development activities and sales and licensing
activities. Such forward-looking statements are not guarantees of
future performance, are sometimes identified by words of condition
such as "should,""may," "expects" or "intends," and are subject to
a number of risks and uncertainties, known and unknown, that could
cause actual results to differ materially from those intended or
anticipated. Such risks include, without limitation: the
possibility that the market will not respond positively to the
Company�s products, that early interest in the Company or its
products will fail to result in commercially viable products,
challenges arising from competition, problems encountered in
commercializing technologies, such as the Company�s Paradigm
technology, the potential of undetected infringing technology or
non-infringing competitive technologies, difficulties experienced
in product development, roadblocks experienced in sales and
marketing activities, longer than expected sales processes,
difficulties in recruiting knowledgeable and experienced personnel,
possible problems in ramping up product production, potential
problems in protecting the Company's intellectual property, and
problems securing the necessary financing to continue business
operations. Further information concerning these and other risks
are included in the Company's filings with the Securities and
Exchange Commission, including the Company's most recent Quarterly
Report on Form 10-Q for the fiscal quarter ended September 30,
2008. The Company undertakes no obligation to update or revise such
forward-looking statements to reflect events or circumstances
occurring after the date of this press release.
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