Additional Equipment Expected to Increase Company’s Foil Novelty Balloon Output by 14% Annually Starting in Q4 2020
LAKE BARRINGTON, IL, November 5, 2020 – Yunhong CTI Ltd. (Nasdaq: CTIB) (“Yunhong CTI” or the “Company”), a leading manufacturer of custom film products, foil and latex novelty balloons, and flexible packaging products, announced that due to increased customer demand it has installed additional production equipment at its Lake Barrington, Illinois, facility that is expected to increase the company’s annual North American production capacity of foil novelty balloons by more than 14%. Lake Barrington has been a key facility for Yunhong CTI’s U.S. product manufacturing for most of the company’s history. The Company has added the additional production equipment to meet growing market demand for its foil novelty balloons and to serve existing customers.
“With the first of two new production machines being fully operational, we have taken a major step forward in meeting our growing customer demand. This machine is a great addition, as it integrates modifications to increase our quality output which will allow us to continue to successfully service our customer base.,” said Jana M. Schwan, Chief Operating Officer of Yunhong CTI.
Lake Barrington was selected as the site of the expansion due to a combination of efficiency and cost-effectiveness, supported by the availability of existing high-quality manufacturing space and the strong pool of local talent. Installation of the equipment has been completed.
About Yunhong CTI Ltd.
Yunhong CTI Ltd. is one of the leading manufacturers and marketers of foil balloons and produces laminated and printed films for commercial uses. Yunhong CTI also distributes Candy Blossoms and other gift items and markets its products throughout the United States and in several other countries. For more information about our business, visit our corporate website at www.ctiindustries.com.
Forward Looking Statements
Statements made in this release that are not historical facts are “forward-looking” statements (within the meaning of Section 21E of the Securities Exchange Act of 1934) that involve risks and uncertainties and are subject to change at any time. These “forward-looking” statements may include, but are not limited to, statements containing words such as “may,” “should,” “could,” “would,” “expect,” “plan,” “goal,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or similar expressions. We have based these forward-looking statements on our current expectations and projections about future results. Although we believe that our opinions and expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and our actual results may differ substantially from statements made herein. We cannot anticipate the duration of increased tariffs between the United States and other countries, particularly China. We do not know whether we will be successful in passing such additional costs through to customers. The COVID-19 pandemic has had a negative impact on our operations, and we do not yet know the depth or duration of that disruption. Our future plans anticipate the successful completion of the financing described above. Any failure to do so would have a negative impact on our financial condition. More information on factors that could affect CTI’s business and financial results are included in its public filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.