EXECUTIVE SUMMARY

Founded in 1989, the Company is a pioneer and established technological leader in the specification, formulation, and application of polymer composite lining systems. The Company helps protect mission critical assets through the development and application of its lining systems to concrete and metal components of industrial process equipment. Industrial process equipment and plant assets are often subjected to aggressive exposure conditions including abrasion, corrosion, impact, and chemical attack that can negatively impact overall plant reliability and profitability. These aggressive conditions are commonly found in the Pulp and Paper, Phosphate, Copper, Nitrogen, and Chemical Processing industries. The Company’s customer base in these industries is best-of-class and includes leading corporations such as International Paper, Georgia Pacific, The Mosaic Company, Nutrien AG and Westlake Chemical, among others.

The Company markets its custom lining systems directly to end users through an “Investigate / Design / Build (IDB)” delivery model. This single source approach, combined with the Company’s industry leading 5-year warranty, creates a compelling selling tool that allows the Company to win work without necessarily being the lowest initial cost provider. Periodic inspections required to service the 5-year warranty are built into the Company’s estimating programs and provide an opportunity to maintain visibility with customers. This creates additional revenue opportunities on a recurring basis. Implementing this approach over its 31-year history has resulted in the Company being viewed as a subject matter expert within the industries it serves. The Company’s proprietary lining systems are often specified in request for proposal documents.

As reflected below, the Company has experienced high growth in revenues and profits over the last 3 years. From 2017 through 2019 revenues have increased approximately 86% and EBIBTA have increased approximately 52%.

In 2020, as reflected above, the Company expects a temporary decline in revenue and EBITDA attributable to the Covid 19 pandemic. In the 2021 fiscal year, the Company forecasts a continuation of the growth in revenue and EBITDA experienced from 2017 through 2019. Representative of a consistent domestic revenue stream and identified international opportunities in the phosphate market, 2021 revenues are forecast to approximate $12M with EBITDA of approximately $2.2M.

The Company enjoys a competitive advantage in the industries it serves. This is established and maintained by its:

• Proprietary product lines and systems
• IDB project delivery method resulting in a single source of responsibility
• Strong relationships among system users and specifiers
• Large data base of installed systems in similar applications
• Follow up inspection and maintenance programs
• Industry best 5-year warranty

The Company offers a prospective acquirer a range of attractive fundamentals and several factors that favorably influence prospects for its business, including:

• Long Standing Technical Innovator. The Company has developed a powerful suite of polymer composite lining systems and installation techniques that today are distinguished in the field in terms of performance and life cycle value. The Company is a technical leader with respect to design expertise, construction speed and safety. The Company protects its intellectual property, processes, and technologies through a combination of proprietary trade secrets and know-how.

• Serves Substantial, Attractive Industry Sectors. The Company serves a large addressable market for polymer composite lining systems in its targeted verticals: i) the pulp and paper industry; ii) the phosphate industry; iii) the copper industry; iv) the nitrogen industry and; v) the chemical processing industry. These industries are process driven and are subject to State and Federal environmental regulations that the Company’s lining systems are uniquely qualified to address. This ensures a stable domestic revenue stream for the Company.

• Loyal Base of High Profile, Repeat Customers. The Company has a substantial recurring base of prestigious, repeat customers, with approximately 90% of revenue from 2017 through 2019 being derived from customers that previously conducted business with the Company. These customers consist of leading organizations in their field such as Mosaic (phosphate and potash), Georgia Pacific (pulp and paper), and Westlake (chemical processing).

• Global Demand and Underdeveloped Business Potential. The Company’s polymer composite lining systems have been successfully installed and validated by customers throughout the U.S. The Company believes that substantial, untapped global demand exists for its technology in its markets. The Company’s existing customers with international operations have enthusiastically endorsed the Company to their international associates. The Company believes that this will initiate and significantly accelerate the penetration of its products internationally.

• Superior Safety Culture and Environmentally Responsible Solutions. Paramount to the Company’s founding principles and all its products is its commitment to the occupational health and wellness of its employees. This is reflected in the Company’s current .69 EMR and 0.0 OSHA incident rate. The Company’s proprietary products and systems provide valuable solutions to its customers enabling them to comply with the federal Resource Conservation and Recovery Act (RCRA) legislation.

• Attractive Financial Performance and Prospects. The Company enjoys high gross margins and EBIDTA margins, approximating 32% and 20% respectively, in its domestic business. The Company is forecasting high near-term organic growth in both revenue and EBITDA and believes a highly lucrative business exists internationally for its services.

The Company is headquartered in Florida and services accounts throughout the U.S. from its Florida location and from a satellite facility in Wyoming.