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Subject:  Cohesant Technologies The Business Date:  3/12/2005  4:17 PM
Author:  OnTheRivet Number:  37106 of 46889

For those of you who don't know there are several of us trying to get some new research projects going. We have already completed the first part which was joespeaks recommendation of the stock. He is long this stock as of last post and although he didn't say it he had implied we can make some serious cash with it. Ok maybe not but lets pretend.

So the next part we want to examine what the company actually does. Please enjoy

The Business

Cohesant Technologies COHT
http://www.cohesant.com

I highly recommend going to their website and to the subsidiaries website for a visual on the products that they sell. It makes the 10-K's business description much easier to understand

Cohesant Technologies

Cohesant Technologies was formed in 1994 and operates via two wholly owned subsidiaries Glass-Craft Inc. and Raven Lining Systems. As of last fiscal year ending December 2004 they had $19.3 million in sales and a market cap of $27 million. They hade 74 full time and 4 part employees.
Their sales are 72 percent in the US and the rest abroad.

They are basically engaged in two activities. Their main source of revenue is manufacturing specialized equipment that dispenses hi-tech epoxies and grout products. Their secondary source of revenue is the sale of the epoxies and grout products themselves. Equipment and Replacement parts accounted for 70% plus of their business with the remainder in epoxy and grout products used in the equipment.

Glass-Craft Inc. (there is much more detail in the SEC docs but I don't want to regurgitate their obfusication)

Glass-Craft operates in Indiana. It sells its 2 component dispense equipment to be used typically with multiple component formulations such as fiberglass, reinforced plastic or polyurethane. Their customers are in the construction, transportation and marine industries.

There uses include equipment to apply insulation, protective coating, sealant and anti-corrosive products. Also their equipment is design to inject into closed and open molds to make things like fiberglass shower basins, boat hulls, and smaller custom items l