| Profile Technologies, Inc. | |||
| Ticker: | PRTK | ||
| Exchange: | NASDAQ-Small Cap Market | Manhassel, NY | |
| Industry: | Manufacturing (SIC Code 3559) | ||
| Type of Shares: | Common Shares | Filing Date: | 5/10/96 | |
| U.S. Shares: | 1,000,000 | Offer Date: | 2/12/97 | |
| Non-U.S. Shares: | 0 | Filing Price: | $6.00 | |
| Primary Shares: | 1,000,000 | Offer Price: | $6.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.60 | |
| Offering Amount: | $6,000,000 | Selling: | $0.30 | |
| Expenses: | $377,000 | Reallowance: | $0.10 | |
| Shares Out After: | - |
| Manager | Tier | Phone |
| R.F. Lafferty & Company | Lead Manager | (800) 221-8601 |
| Business Description |
| The company is a diversified machine manufacturing company. The company is in the business of developing and commercializing potential processes for the non-destructive, non-invasive testing both above ground and buried pipeline to evaluate the condition and integrity of the pipeline. The process, called the dual Pulse Propagation Analyzer, uses a patented waveform analysis process which extracts point-to-point pipeline integrity information. This process has already involved the issuance of four United States Patents and the application for an additional three patents with the United States Patent Office. The company has also obtained certain foreign patent protection. The PPA process is designed to reduce time, effort and cost in performing corrosion surveys and coating inspections of both accessible and inaccessible pipeline segments. |
| Competition |
| The company believes that the nondestructive testing industry is highly fragmented and comprised of numerous companies, many of whom are larger and have greater financial resources than the company. However, the company believes that these competitors are offering non-destructive testing services that rely on technologies which are different from the technology offered by the company. These other technologies, including x-ray, ultrasonic and eddy current, have been in existence for many years and have gained wide acceptance within the industry. |
| Business Plan |
| The company intends to utilize a portion of the proceeds of the Offering to increase its marketing activities. Initially such marketing activities will be directed at the large multi-national petroleum companies, petrochemical companies an utilities that are already aware of the company's technology and its potential to help solve the testing requirements mandated by the API Piping Inspection Code, as well as voluntary testing for safety concerns. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for general corporate purposes. |