Volume 9, Issue 5                    November/December  2005

NEWSWORTHY

COMPANIES
CP CELEBRATES 50TH ANNIVERSARY

CPFilms, headquartered in Martinsville, Va., celebrates the 50th anniversary of Martin Processing Company, the company that evolved into CPFilms, this year. 

The Martin Processing Company, which was founded in 1955 by Julius Hermes to process polyester film and quickly began to specialize in developing dyeing technology, moved to Martinsville in 1957 and was sold to British firm Courtaulds in 1987. It was from the sale that the name CPFilms was created, an acronym for Courtaulds Perfor-mance Films, the name the new ownership gave the company.

CPFilms now exists as a conglomerate of three companies: Martin Processing in the window film industry; Andus Corp., in the field of sputtering thin film coatings; and Gila River Products, a manufacturer of energy products for application in the automotive aftermarket and do-it-yourself market.
“The historic growth of Martin Processing and the creative genius of Julius Hermes’ has been an inspiration to the spirited evolution of CPFilms,” said Ken Vickers, president of CPFilms, commenting on the anniversary.

XPEL Teams with NASCAR Vendor 
XPEL Technologies Corp., headquartered in San Antonio, Texas, has announced its newly established relationship with Supplies for Racing and Industry (SRI), of North Carolina. SRI is a vendor to NASCAR Nextel Cup race teams and its sister company, Stock Car Steel and Aluminum Inc., provides 95 percent of metal requirements to NASCAR teams. The relationship opens a new arena for XPEL’s automotive paint-protection kits.

XsunX Launches Mass Production of Solar Electric Film
XsunX Inc., Aliso Viejo, Calif.-based developer of Power Glass™, a solar technology that allows glass windows to produce solar electricity, has announced that it has launched the design and engineering of an integrated mass production system for the manufacture of Power Glass thin film transparent solar cells.

The company plans to integrate reel-to-reel manufacturing technology into production and use rolled plastic films to produce large area solar cell systems in a bid to provide an available method of manufacturing and delivering integrated window systems that produce electricity.

Vista Window Film Helps Protect History
VistaUVShield by Vista Window Film, a product of Martinsville, Va.-based CPFilms, has been installed on the windows of the Captain Jedediah Hawkins House in Jamesport, N.Y. 

The house, built in 1863 on what is now Long Island’s historical North Fork, was the first Designer Showhouse and was on display as such from mid-September through the end of October. After it’s run as a Designer Showhouse, the house was scheduled to function as a luxury Inn, and the window film was applied to filter out ultraviolet rays to protect the interior of the house, including the bedroom designed by Betsy Nichol with an Aubusson rug.

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Deloitte & Touche Report on Special Engagement by Ace Completed 
Deloitte and Touche LLP has completed their special engagement of Ace/Security Laminates Corp.™ transactions with its major supplier, an engagement made at the request of Ace, according to a press release.

Deloitte found that:
1. There was insufficient documentation for ACE’s procurement of raw materials from its major supplier;
2. That ACE has an economic dependence on its major supplier;
3. That ACE does not deal with its major supplier in what would be considered the ordinary course of business;
4. That Deloitte’s pricing study was inconclusive; and
5. The documentation produced and available is not sufficient to verify that the quantity or type of raw materials ordered and paid for by ACE matches the goods shipped and invoiced by its major supplier and that this would make the audit of inventory, on a historical cost basis, virtually impossible.

To assess whether the transactions that ACE conducts with its major supplier are based upon arm’s length terms,

Deloitte reviewed pricing analyses produced by ACE. ACE management indicated that, although some suppliers of window film provide a similar type of product as its major supplier, some of these products are not compliant with ACE’s quality standards and needs. 

Deloitte also investigated a concern raised by Raymond Chabot Grant Thornton LLP, the former auditors of ACE. In question was a corporation supposedly controlled by Peter Fabian, the president, chief executive officer and chairman of the board of ACE. Deloitte’s research revealed that said company is a Delaware-based Limited Liability Corporation (LLC), incorporated on August 21, 2003, and a letter from the Canadian solicitor, in respect of the LLC stated that the solicitor kept the corporate books for the LLC, that the corporation was not active, and that no bank account had ever been opened for the LLC.

ACE/Security Laminates™ Corporation specializes in manufacturing and distributing, through a worldwide network of dealers, safety and security window laminating technology. 

WINDOW FILM
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No reproduction of any type without expressed written permission. 

385 Garrisonville Road, Suite 116, Stafford, VA  22554
Phone: 540/720-5584, Fax: 540/720-5687 e-mail: film@glass.com