January 10, 2005
FOR IMMEDIATE RELEASE
Company Contact: Ryan L. Roth, Corporate Communications Manager
772.223.5151 ext. 245, rroth@iwttesoro.com
INTERNATIONAL WHOLESALE TILE INC. OPENS BRANCH IN TEXAS, GAINS WAREHOUSE SPACE IN FLORIDA
WESTPORT, CONN. ¬– January 10, 2005 ¬– IWT Tesoro Corporation (OTC:IWTT.OB), a value-added distributor of ceramic, porcelain and natural stone floor and wall covering through one of its wholly-owned operating subsidiaries, International Wholesale Tile Inc., announced today that International Wholesale Tile Inc. has leased an additional 196,000 square feet of warehouse space, including a portion in Dallas, Texas. Of the additional warehouse space leased, 75,000 square feet is in Palm City, Florida with a term of 15 years. It is expected to be ready during the second quarter of 2005. Also in Palm City, IWT has gained an additional 10,000 square feet of office space by building out an unfinished second floor. Additionally, the company has entered into a 64-month agreement to lease 120,000 square feet of warehouse space in Dallas, Texas. The new warehouse space is the company’s first outside of Florida and is managed on-site by a 10-year veteran of the company. Operations at this branch commenced on December 10, 2004.
The recent increase in warehouse space is part of International Wholesale Tile’s strategic plan to increase its amount of inventory in order to best service its client base across the Southeast and the Sunbelt, and gain market share in the process. “Having a physical presence in Texas was a logical next step in our growth plans,” commented Rick McCoy, director of warehouse operations for International Wholesale Tile. “With ‘feet on the street’ in the Southwest, including California, we are well-positioned to support their sales with cost-effective shipping and an optimal point of origin.” The new agreements will bring the company’s total to 430,000 of leased warehouse space, which houses millions of square feet of ceramic, porcelain and natural stone tile that is distributed nationwide to more than 2,500 dealers.
About IWT Tesoro Corporation
IWT Tesoro Corporation of Westport, Conn. is a publicly traded building products company that is purely wholesale-driven. Its flagship subsidiary, International Wholesale Tile Inc. (www.internationalwholesaletile.com), is a Palm City, Fla.-based distributor of ceramic, porcelain and natural stone products currently with more than 17 million square feet of product in stock, including Tesoro, The Collectiontm, a compilation of premium porcelain and natural stone materials (www.tesorocollection.com). Other IWT Tesoro subsidiaries include IWT Tesoro Transport Inc., a federally licensed freight carrier that handles in- and out-bound freight operations, and IWT International Ltd., an international purchasing network. In 2004, IWT Tesoro Corporation organized The Tile Club Inc. to license and distribute artistic-based decorative wall tile.
Safe Harbor Statement
Certain statements in this press release may constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, the Company’s business and financing plans, regulatory environments in which the Company operates or plans to operate, and trends affecting the Company’s financial condition or results of operations, the impact of competition, the start up of certain operations, roll out of products and services and acquisition opportunities. When used herein, the words "believes", "expects", "plans", "estimates" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance and achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
