SUGAR LAND, Texas, June 3 -- Exousia Advanced Materials, Inc. (OTC Bulletin Board: EXOU) announces that its wholly owned subsidiary, PowerShield®, Inc., has received official approval from the Chinese Government to operate in China as a Wholly Foreign Owned Enterprise (WFOE). The WFOE structure provides a legal corporate entity status that allows non-Chinese companies to transact business in China while maintaining 100% control of their business operations. PowerShield was established to facilitate Exousia's ability to conduct business in China. Obtaining this WFOE designation allows PowerShield to manufacture and distribute its high-performance industrial coatings throughout China.
"Having the WFOE status granted is a critical milestone for our China strategy," noted Exousia CEO, J. Wayne Rodrigue. "For the past six months Exousia has executed on numerous key tasks and structures in support of our Chinese business objectives, including distribution relationships, customer and product development, site planning, marketing materials and receipt of various other government approvals. Obtaining the WFOE is critical to our continuing development and we are now well positioned to implement our Chinese business operations."
ABOUT EXOUSIA
Exousia manufactures advanced resins, engineered particles, high-performance coatings 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. Additional information on Exousia can be found at www.exousiacorp.com .
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.
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