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Exousia to Recognize Revenue from AEGEON Acquisition

Published on 2008-04-04. Author : SpecialChem

SUGAR LAND, Texas -- Exousia Advanced Materials, Inc. has announced that the company will include revenue generated from operations of AEGEON, its wholly-owned domestic industrial coatings subsidiary, in the company's 1st Quarter Form 10-Q. Exousia will recognize operating revenue attributable to the AEGEON subsidiary, for the period of March 5 through March 31, in excess of $100,000.

AEGEON, with nearly $2 million in sales in 2007, provides Exousia with immediate revenue and earnings from AEGEON's domestic operations. This acquisition gives Exousia access to AEGEON's established distribution channels to market its industrial coatings in North America.

"Revenue from the first day of operations in April was $92,000," stated Garner Holdsworth, president of the AEGEON subsidiary. "Orders continue to ramp up and we are very excited about the prospects for revenue growth in 2008."

On March 5, the Company acquired all of the assets of AEGEON, LLC, an industrial coatings manufacturing and distribution company with over 50 years of service to the petrochemical, oil & gas and off-shore industries. AEGEON is engaged in the manufacture, marketing, sale and distribution of specialty industrial coatings and sealants. AEGEON currently produces and distributes two hundred coatings formulas.

Prior to its acquisition AEGEON was a privately held company. Accounting records provided by the management of AEGEON show the company would have generated approximately $425,000 in revenue during the first quarter of 2008, had it remained a stand-alone entity. Due to public accounting rules, however, Exousia is only able to recognize revenues generated since the date of acquisition.

ABOUT EXOUSIA ADVANCED MATERIALS, INC.:

Exousia manufactures advanced resins, engineered particles, and industrial products. Exousia products enhance strength, durability, cost effectiveness and performance for a wide range of manufacturing, commercial and construction applications. The Company serves both domestic and international markets.

FORWARD LOOKING STATEMENTS

Statements released by Exousia Advanced Materials, Inc. that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.

Source: Exousia Advanced Materials, Inc.


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