Eco Building Products, Inc. (OTC Pink: ECOB) is engaged within the development and manufacturing of environmentally and proprietary wood coating technology. The coating is fire retardant, protects against mold, fungus, wood insects and termites. Shares of the environmental building materials company are sky-rocketing 133.33% on Thursday, May 18, 2017. Over the past month, Eco Building Products, Inc. has seen average daily volume of 26.04 million shares on the day. However, volume of 231.91 million shares or dollar volume of $162,337, has already exchanged hands on Thursday.
Shares of Eco Building Products, Inc. are surging today, after the company announced that its subsidiary, Wood Protection Technologies, is significantly ahead of scheduled forecasts and management sees sales expanding quicker than previously anticipated. Here is the full press release detailing of the subsidiary sales surge:
Eco Building Products, Inc. Press Release:
SAN DIEGO, CA — (Marketwired) — 05/18/17 — Eco Building Products, Inc., (OTC PINK: ECOB) reported today that initial shipments by the Company’s subsidiary, Wood Protection Technologies, Inc., (WPT) are substantially ahead of schedule and as a result, sales will greatly exceed forecast. The Company and its licensee have been working on a launch and ramp-up plan for their new national distribution agreement which quickly expanded to year end targets within the first 30 days.
“We went into the program with a plan to expand over four quarters and by the end of the first six weeks we are already shipping at Q4 targets. The growth has far exceeded our expectations and while it tested our ability to operationalize the sales, we have rallied and delivered”, said Tom Comery, WPT’s President and CEO. ‘We can expect the pace to slow as they fill their pipeline, however, being this far ahead in the distribution plan suggests that as they start to absorb and reorder, we will experience much greater volume overall in the first year of the program.”
Ramping the program was a great deal more involved than simply shipping chemical; the Company assisted in setting up the customer’s mixing operation, calibrating treatment rates, qualifying the plant by WPT’s third party inspection agency as well as dialing in the exact color.
D-Fence™ is an environmentally friendly wood fencing treatment that combines WPT’s patent pending, Wood Surface Film Concentrate™ chemistry that protects wood from mold, termites and fungal decay with a proprietary, fade resistant stain formulation.
The Company’s chemistry serves multiple end use wood markets and fencing alone is roughly a $1.5 billion segment.
About Eco Building Products, Inc.
Eco Building Products, Inc. (Eco) is a manufacturer of proprietary, environmentally conscientious chemistry utilizing patent pending ECOB WoodSurfaceFilm™ and FRC™ technology (Fire Retardant Coating). Eco’s products protect against fire, mold/mycotoxins, fungal-decay, wood ingesting insects and termites. Eco is headquartered in San Diego, CA and goes to market through licensed Affiliates nationwide.
Safe Harbor Statement: This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). In particular, when used in the preceding discussion, the words “believes,” “expects,” “intends,” “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. Forward looking statements involve known and unknown risks and uncertainties, which may cause the Company’s actual results in future periods to be materially different from any future performance that may be suggested in this release. ECOB takes no obligation to update or correct forward-looking statements, and also takes no obligation to update or correct information prepared by third parties.