RAGASCO AS, a 100 % owned subsidiary of Hexagon Composites ASA, has now introduced its composite LPG containers in the North-American market, however confirmed orders are for relatively small volumes.Hexagon Composites has previously communicated to the market that a distribution agreement for USA was expected to be announced in the second half of 2005. The process of closing such agreement has taken more time than expected.

 

RAGASCO has now closed orders for test deliveries with two different regional distributors in North America. Since the new composite containers have not been introduced to end consumers yet, the distributors do not want to reveal their identity for competition reasons.

 

For further information, please contact:

 

Hexagon Composites ASA

Erik Espeset

Group President

Tel +47 70 11 64 45/ mob. +47 905 20 033

erik.espeset@hexagon.no  

 

Dag Olav Tennfjord

CFO

Hexagon Composites ASA

Tel +47 7019 85 14/ mob. +47 971 75 730