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Northport Industries Inc.
6 milliom shares outstanding.
500,000 shares in the float.
Northport Industries, Inc. and its subsidiary Versatech Manufacturing,
Inc. ("VMI") on April 27, 1998 become a publicly traded company. The
result of which is Northport Industries, Inc. Northport and its
predecessor companies have conducted Texas/Mexico manufacturing and
import since 1986. Northport is a contract manufacturer with its
operations headquarters and warehousing located in an 11,000 square foot
facility in Del Rio, Texas.
ÿÿ The company focus is the effective management of material and leather
sew factories, plastic injection molding, project management and turn
key manufacturing services. Currently one factory produces leather
wrapped gear shift handles for Cadillac, Oldsmobile and Saturn cars as
well as beanbag chairs. The second factory produces golf bags under
numerous brand names as well as the Company's own "EverGreen" brand golf
bags. The third factory is one of the largest manufacturers of infant
car seats for North America.
ÿÿ Northport reported revenues for the second quarter of 1998 up 249%
with operating income up 133%. With their latest press release coming
out today. We rate this stock as a buy and hold! We feel thet PESO will
be trading in the $8.00 to $10.00 range very soon.
Northport Industries Inc. Signs Three Year Agreement With W.E.T.
Automotive Systems Ltd.
DEL RIO, Texas--(BUSINESS WIRE)--Sept. 2, 1998--Northport Industries
Inc. (OTC BB:PESO) is pleased to announce today that it has entered into
agreements to become a preferred supplier to W.E.T. Automotive Systems
Ltd. (''W.E.T.''). Northport will be supplying electrical harnesses
commencing November, 1998. W.E.T. is the largest producer of heated
seats to the United States automotive market. W.E.T. supplies 98% of the
United States and 52% of the total world market. These harnesses will be
produced at the Northport Automotive plant in Ciudad Acuna, Mexico.
Bob Michelini, president, stated that he was very pleased that the
largest producer of automotive heated seats selected Northport to
produce this crucial part: the electric harness. ''All the work we have
done to become a world class supplier is starting to pay off. We will
officially obtain our QS 9000 rating in late October. A QS 9000 rating
is a world class standard quality rating. This was a major reason for us
obtaining this business.'' Michelini further stated that, ''In North
America, about 15 million passenger cars and light trucks are produced
annually. About 7% of these cars are slated to have heated seats''.
Northport Industries Inc. (''Northport'') is engaged through its wholly
owned subsidiaries in Maquila (Mexico based) manufacturing for Fortune
500 clients. The Company is an Original Equipment Manufacturer (''OEM'')
with three divisions: automotive, golf equipment and infant products.
The Company employs approximately 500 people, including site
administration, engineering, materials, quality, prototype and
maintenance personnel to compliment an experienced work force. The
Company's services range from assembly-only services to full materials
procurement and assembly contracts referred to as ''turkey'' contracts.
They frequently work with customers from product design and prototype
stages through ongoing production, and providing manufacturing services
for successive product generations.
Except for historical information contained herein, certain matters set
forth in this press release are forward-looking statements that are
subject to risks and uncertainties, including government regulation and
taxation, spending, competition, general economic conditions and other
ÿÿÿÿ Northport Industries Inc., Del Rio
ÿÿÿÿ Investor Relations
ÿÿÿÿ B. Michelini or L. Baker, 830/775-1705 or 830/775-0734
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