Nocopi Announces Loss of Customer

Nocopi Technologies, Inc. (OTC Bulletin Board: NNUP) today announced that Paxar Corporation (NYSE: PXR) has terminated its arrangement with the Company pursuant to which it purchased the Company's products. During the year ended December 31, 1998, Paxar Corporation accounted for revenues of approximately $600,000 or 24% of the Company's total revenues. The loss of that customer will have a material adverse effect upon the Company's results of operations and upon its liquidity and capital resources. The Board of Directors is considering appropriate steps to reduce the Company's expenses and continues to explore options to restructure the Company's operations, including seeking a potential business combination. However, as of the date of this release, any such discussions are very preliminary and there can be no assurance that the Company will be able to successfully address the revenue and expense issues it needs to address. As of the date of this release, the Company has sufficient cash to remain in business for the near term, based upon its current expense level. The Company expects that it will be able to service its remaining business while it continues to explore its options. Nocopi Technologies, Inc. was founded in 1984 and is based in West Conshohocken, PA. The Company is engaged in the business of developing solutions against counterfeiting, product diversion, document security, and authentication via patented technologies including invisible inks and reactive thread. FORWARD-LOOKING INFORMATION The foregoing contains forward-looking information within the meaning of The Private Securities Litigation Act of 1995. Such forward-looking statements involve certain risks and uncertainties, including those identified in the Company's periodic filings with the Securities and Exchange Commission. Actual results may differ materially from such forward-looking statements. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or implied) will not be realized. ots Original Text Service: Nocopi Technologies, Inc. Internet: http://www.newsaktuell.de Contact: Jack H. Halperin of Nocopi Technologies, 212-378-1200, ext.105 Web site: http://www.nocopi.com

Klíčová slova PROTEXT-Nocopi Technologies

Oblast
USA, Kanada, OSN, svět a Arktida (us)

Kategorie
IT, telekomunikace

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