Press Releases:
For Immediate Release
November 1st 2006
Iracore International Inc. selects Hibbing, MN for new plant location
Hibbing, MN - November 1st 2006 - After careful consideration, Iracore International Inc., a wholly owned subsidiary of Industrial Rubber Products Inc.announces today the substantial completion, with production projected to commence this month, of a state-of-the-art IRACORE pipe coating plant in Hibbing, MN to facilitate the Canadian Oil Sands Industries growing tailings and hydro-transportation pipe requirements.
The decision to locate this plant in Hibbing, MN was made possible due to the help and support of the Hibbing Economic Development Association, Iron Range Resources & Rehabilitation Agency, The Northland Foundation, American Bank of the North, Northern State Bank, The State of Minnesota Economic Development Agency, Governor Pawlenty and city, county and school board officials. Industrial Rubber Products Inc. and its subsidiaries, Industrial Rubber Applicators Inc. and Irathane Systems Inc. have been in Hibbing since 1957.
Daniel O. Burkes, CEO of Industrial Rubber Products Inc. stated that he would like to thank all of these individuals and organizations. He also stated "The Iron Range is a great place to do business and I am delighted to be able to open this new plant in Hibbing, MN".
IRACORE is expected to employ approximately 20 to 40 full time people from the area. It has already contracted with many local contractors to reconstruct the previous vacated location at 3430 13th Ave. The plant will produce seven 50' patent pending pipe per day using steel pipe and elastomers that are manufactured in the United States.
Existing contracts include an estimated 23.5 miles at an approximate value of $64 million. Mr. Burkes, stated, “I am proud to be able to use U.S. made steel processed from local taconite and see it returned to Hibbing to become a part of our value added products that will be shipped to our valued customers in Canada".
This news release contains forward-looking statements about the Company, its business prospects and future results that are subject to risks and uncertainties posed by many factors and events that could cause its business and results to differ materially from what may otherwise be anticipated.
For complete “forward looking statements” please visit http://irproducts.com/investors/pressreleases.html
Or Contact: Investor Relations
Industrial Rubber Products
3516 East 13th Avenue
Hibbing, MN 55110
(218) 263-8831
For Immediate Release
August 28th 2006
Industrial Rubber Products Inc.'s subsidiary IRACORE International Inc. Signs Supply Contract with Suncor Energy Inc.
Hibbing, MN - August 28th 2006 - Iracore International Inc., a wholly-owned subsidiary of Industrial Rubber Products Inc., announces today that it has signed with Suncor Energy Inc. a multi purpose supply contract to furnish lined tailings pipe.
Under the contract, an estimated maximum 23.5 miles at an approximate value of $64 million of IRACORE International's patent pending Iracore Pipe will be furnished to Suncor Energy Inc. over a three year period with deliveries being released by purchase orders to commence before the end of 2006 and to coincide with the completion of Suncor's tailings pipe line requirements. Suncor Energy Inc. has retained the right to terminate the contract on 30 days notice to the company.
Over the past two years IRACORE Pipe has demonstrated significant improvement in abrasion resistance over previous steel and CCO lined pipe in the tailings pipe line at Suncor Energy Inc. The patent pending Iracore Pipe System was developed by Irathane Systems, Inc. a wholly-owned subsidiary of Industrial Rubber Products Inc.
This news release contains forward-looking statements about the Company, its business prospects and future results that are subject to risks and uncertainties posed by many factors and events that could cause its business and results to differ materially from what may otherwise be anticipated.
For complete “forward looking statements” please visit http://irproducts.com/investors/pressreleases.html
Or Contact:
Investor Relations
Industrial Rubber Products
3516 East 13th Avenue
Hibbing, MN 55110
(218) 263-8831
For Immediate Release
July 19th 2006
Iracore International Inc. announces letter of intent with Suncor Energy Inc.
Hibbing, MN - July 19th 2006 - Iracore International Inc., a wholly owned subsidiary of Industrial Rubber Products Inc. announces today that Suncor Energy Inc. has signed a letter of intent with Iracore International Inc. to furnish approximately 124,000 linear feet of their patent pending Iracore Pipe over a three year period with deliveries to commence before the end of 2006. The patent pending Iracore Pipe System was developed by Irathane Systems, Inc. a division of Industrial Rubber Products. The letter of intent is subject to the signing of a suitable contract, which remains in negotiation.
This news release contains forward-looking statements about the Company, its business prospects and future results that are subject to risks and uncertainties posed by many factors and events that could cause its business and results to differ materially from what may otherwise be anticipated.
For complete “forward looking statements” please visit http://irproducts.com/investors/pressreleases.html
Or Contact: Investor Relations
Industrial Rubber Products
3516 East 13th Avenue
Hibbing, MN 55110
(218) 263-8831
Hibbing, MN - September 30, 2005 - Iracoupling™ Approved for Oil Sands Application Irathane Systems, Inc., a division of Industrial Rubber Products, Inc., was issued a CRN (Canadian Registration Number) for its newly designed IRACORE™ Fittings (Iracoupling™).
The IRACORE™-fitting (Iracoupling™) is a proprietary pipe fitting developed by Irathane Systems to facilitate the field welding of IRACORE™ pipe spools, eliminating the use of flanged joints. Normally, rubber lined pipe cannot be welded after lining because the heat damages the lining. The IRACORE™-fitting (Iracoupling™) is designed to provide an isolation of the IRACOREä lined surface from the weld area.
The benefits include:
1. Welded end flange system allow field welding and installation
2. Improved rotation of long pipe
3. The positive seal provides a smooth transition across the joint
4. Bore-to-bore match eliminates unnecessary flow turbulence
5. Leak proof joints eliminates environmental events
The issuance of the CRN allows the sale and installation of the fittings in the Northern Alberta Oil Sands Industry.
Specifically developed for the harsh tar and oil sands extraction conditions and applications IRACORE™ was formulated and engineered to transport hot, petroleum-rich abrasive slurry having large-diameter constituent rock at high velocities. With a chemical and mechanical advantage IRACORE™ outperforms steel pipe and other lined pipe currently in use by a ratio of 10 to 1 and has an expected life service of 20 years.
The combination of the IRACORE™-fitting (Iracoupling™) and the IRACORE™ lined pipe, IRACORE™'s Hydrotransportation System has demonstrated significant improvements and cost reductions for the oil sands industry.
The Company’s common stock is traded on the OTC Bulletin Board under the symbol “INRB.OB”.
More information about IRACORE™ and Iracouplingä can be found at http://www.iracore.com/Industrial Rubber Products - IRACORE
This news release contains forward-looking statements about the Company, its business prospects and future results that are subject to risks and uncertainties posed by many factors and events that could cause its business and results to differ materially from what may otherwise be anticipated.
Forward-looking statements consist of descriptions of new or future operations, products, services, technologies and opportunities, forecasts of market growth, revenues, earnings or other measures of economic performance, and assumptions underlying or relating to them. Because forward-looking statements discuss future events or conditions and not historical facts, they often include words such as “anticipate,” “believe,” “estimate,” “expect,” “can,” “may,” “will,” or similar expressions.
Do not unduly rely on forward-looking statements. They give the Company’s expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them to reflect changes that occur after that date.
Examples of forward-looking statements in this release include statements about the proprietary nature of its products and the expected service life of its IRACORE™ products.
There are a number of factors—many beyond the Company’s control—that could cause results to differ significantly from the Company’s expectations such as business and economic conditions, market acceptance and regulatory approval of new products, and services reliance on suppliers for components and materials.
Hibbing, MN- August 17, 2005
Irathane Systems, Inc. a division of Industrial Rubber Products, Inc is pleased to announce the introduction of their new patent pending product line IRACORE™. This superior product line consists of IRACORE™ Hydrotransportation Lining and IRACOUPLING™ Pipe Linking System that together comprise the IRACORE™ Hydrotransportation Pipe System. Over the past two years Irathane Systems has aggressively and successfully tested $1.9 million in IRACORE™ products. This piping system was designed to reduce oil bitumen extraction costs for the oil sands industry. IRACORE™ is a turning point for the world’s energy crisis, significantly reducing costs for the oil sands.
In Northern Alberta Canada at the Athabasca Tar Sands facilities, rock and gravel having high oil content are extracted and processed to produce petroleum. It has been estimated that the Athabasca Tar Sands contain as much petroleum as Saudi Arabia, only in a less convenient form for extraction and refining. An experimental arrangement between one Athabasca facility and IRP/Irathane Systems was formed to further develop the IRACORE™ state of the art pipeline system. The slurry material was efficiently transported from the extraction area throughout the processing plant while ensuring an environmentally sound system.
Specifically developed for the harsh tar and oil sands extraction conditions and applications IRACORE™ was formulated and engineered to transport hot, petroleum-rich, abrasive slurry having large-diameter constituent rock at high velocities. With a chemical and mechanical advantage IRACORE™ outperforms chromium carbide overlay steel lined pipe and all other steel pipe and linings currently in use by a ratio 10 to 1. IRACORE™ has an expected service life of 20 years.
Irathane Systems will be introducing IRACORE™ at the Oil Sands Trade Show & Conference 2005, C.A. Knight Centre, MacDonald Island, Fort McMurray, Alberta, Canada on September 14th from 1:00-9:00 pm and on September 15th from 10:00 am-5:00 pm at our booth #2212.
This news release contains forward-looking statements about the Company, its business prospects and future results that are subject to risks and uncertainties posed by many factors and events that could cause its business and results to differ materially from what may otherwise be anticipated.
Forward-looking statements consist of descriptions of new or future operations, products, services, technologies and opportunities, forecasts of market growth, revenues, earnings or other measures of economic performance, and assumptions underlying or relating to them. Because forward-looking statements discuss future events or conditions and not historical facts, they often include words such as “anticipate,” “believe,” “estimate,” “expect,” “can,” “may,” “will,” or similar expressions.
Do not unduly rely on forward-looking statements. They give the Company’s expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them to reflect changes that occur after that date.
Examples of forward-looking statements in this release include statements about the proprietary nature of its products and the expected service life of its IRACORE™ products.
There are a number of factors—many beyond the Company’s control—that could cause results to differ significantly from the Company’s expectations such as business and economic conditions, market acceptance and regulatory approval of new products, and services reliance on suppliers for components and materials.
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