Exhibit 99.1
NEWS RELEASE
FOR FURTHER INFORMATION CONTACT:
Stephen M. Merrick Tim Dilsaver
Executive Vice President Investor Relations
(847) 382-1000 (847) 382-1000
CTI Industries Announces Fiscal Year End Change
FOR IMMEDIATE RELEASE
Friday, October 27, 2000
BARRINGTON, IL, October 27, 2000 -- CTI Industries Corporation (NASDAQ Small Cap
- CTIB), a manufacturer and marketer of mylar balloons, latex balloons, novelty
items and printed and laminated films, today announced that it is changing its
fiscal year end from October 31 to December 31. The first annual period to be
reported on the new fiscal year end will be the twelve months ended December 31,
2000.
"The fiscal year change enables the Company to place the parent and all
subsidiaries on the same fiscal year end, facilitating internal and external
reporting requirements", said Stephen M. Merrick, Executive Vice President and
Chief Financial Officer. "In addition, the annual audit will take place in a
more suitable time period, after the busy holiday season."
CTI Industries is one of the leading manufacturers and marketers of mylar
balloons and, through its majority-owned subsidiary CTI Mexico, S.A. de C.V.,
manufactures latex balloons. CTI markets latex balloons and novelty items, and
produces laminated and printed films for commercial uses. CTI markets its
products throughout the United States and in 30 other countries.
This press release may contain forward-looking statements within the meaning of
Section 17A of the Securities Act and Section 21E of the Securities Exchange
Act. Actual results could differ materially from those projected in the
forward-looking statements, which involve a number of risks and uncertainties,
including (i) the risks of generating and maintaining sales in a highly
competitive market, (ii) the ability of the Company to enter into or maintain
contracts or relationships with customers, distributors, licensors and
suppliers, (iii) manufacturing risks, as well as other risks and uncertainties
reported by the Company in its SEC filings, and such statements should also be
considered in conjunction with cautionary statements contained in the Company's
most recent filings with the Securities and Exchange Commission on Form 10-KSB
and 10-QSB.
