NOFIRE AWARDED SBIR GRANT BY THE OFFICE OF NAVAL RESEARCH
UPPER SADDLE RIVER, NJ, June 4, 2003 - NoFire Technologies Inc. (NFTI) announced today that it was awarded a Small Business Innovative Research grant (SBIR) from the Office of Naval Research - United States Navy.
The grant, awarded to firms "with strong research and development capabilities especially those with high potential for commercialization in the private sector" was awarded to NoFire to develop a new, high quality fire zone bulkhead insulation for use on U.S. Navy and commercial ships.
"Research and Development will be conducted in conjunction with Northrop Grumman Ship Systems (NGSS) a major U.S. Navy and commercial shipbuilder and large user of bulkhead insulation," says Dr. Sam Gottfried, NoFire's President and CEO.
The goal of Phase I of the project is to determine the scientific, technical, commercial merit and feasibility of the proposal submitted and is funded at $66,000 to $93,000 over a period three to six months.
Subsequent Phase II "Fast Track" awards are granted on the basis of results of Phase I efforts and are potentially $500,000 to $1,000,000 plus matching corporate funds. "With the successful completion of this SBIR we look forward to entry into the very lucrative bulkhead insulation market for military and commercial shipping, estimated to be tens of millions of dollars per year, with a superior product," says NoFire Chairman Sam Oolie. NoFire Technologies, Inc. is a manufacturer of qualified, certified high performance water base fire retardant coatings and systems that offer exceptional protection against heat and fire. Typical applications are in the military, maritime, construction, housing, transportation, utility, and telecom industries. The company's stock is quoted on the OTC Bulletin Board with the symbol NFTI. Cautionary Statement Regarding Forward-Looking Statements Certain information contained in this press release are forward-looking statements within the meaning of the Private Securities Litigation Act of 1995 (the "Act"), which became law in December 1995. In order to obtain the benefits of the "safe harbor" provisions of the Act for any such forward-looking statements, the Company wishes to caution investors and prospective investors about significant factors, which among others, have in some cases affected the Company's actual results and are in the future likely to affect the Company's actual results and cause them to differ materially from those expressed in any such forward-looking statements. Investors and prospective investors should read this press release in conjunction with the Company's most recent Form 10-K and Form 10-Q.