Integral Technologies, Inc. (OTCMKTS:ITKG) reported the largest ElectriPlast order in its history. The order in news was given by Asian molding associate, Chang Rim Inc., the company’s first marketable order for ElectriPlast. The market is South Korea has proved to be an early adopter in identifying the economic and technological significance of ElectriPlast formulation. Chang Rim comes in the list of specialty molder firms located in Daegu, focusing on superior quality products for a wide range of industries including industrial, automotive and consumer products.
Integral Technologies stated that the ElectriPlast has been designed in close association with Chang Rim and covers a new base resin. The product is developed using company’s patented manufacturing process. Mr. Won-Hyun Kwon, the President of Change Rim, said that it is one of the products that they have been designing with ElectriPlast’s support.
The expert call
The first product that they developed was directed for the automotive industry. This product is expected to enter into the production process shortly. Mr. Kwon further added that this new product can be classified as a consumer product that they anticipate to produce nearly 30,000 units in a month. The production will be increased to 100,000 units per month in coming period. The initial units for the order have been manufactured and shipped.
The management speaks
Doug Bathauer, the CEO of Integral Technologies, said that for the last three quarters, they have been assisting Chang Rim in its development initiatives with different resins, including the latest ElectriPlast formulation. Their new client product featuring Integral’s new blend is a results of those efforts. The CEO added that they expect Chang Rim demanding almost 50 tons annually of the new ElectriPlast formulation once the company’s commences full production.
Integral Technologies, Inc. (OTCMKTS:ITKG) had rallied big last Thursday but the next session saw the stock reverse not only the direction but also negated all the gains made as it closed with a huge loss of 16.44%. The volume of 1.2 million was much greater than the daily average of 258,000, reflecting the dominance of the bears by a good margin. From the perspective of the long term trend, the stock is in a huge sideways range, stuck in the band of $0.40-$0.80. The stock may test the $0.40 levels once again but a bounce can be expected to emerge again.