UltraStrip Japan Joint Venture Agreement Completed
July 21, 2004
UltraStrip Systems, Inc. announced that all documentation for its joint venture agreement with Kyokuto Boeki Kaisha, Ltd., Ihara Company, Ltd., Chiba Marine Yokohama Company, Ltd., Shuwa Kaiun Kaisha, Ltd., and Kamimura International Associates, LLC. has been completed. UltraStrip Japan, Ltd. will introduce UltraStrip’s patented, robotic M3500 water jetting system into the Japanese market. The M3500 is used for the surface preparation of metal surfaces, such as commercial and naval ship repair, storage, and fuel tanks. The Agreement calls for UltraStrip Japan to immediately lease one automated system. UltraStrip Systems, Inc. is a 49.9% partner in the Tokyo based joint venture.
Stephen R. Johnson, President and CEO of UltraStrip Systems, Inc., calls it “an important agreement for UltraStrip as we look to create a global market for our unique, highly productive, environmentally friendly, patented robotic systems.” He adds, “Our Japanese partners are capitalized and provide the expertise needed to capture market share in the Japanese market. We look forward to working with them.”
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