HOUSTON — (BUSINESS WIRE) — February 23, 2015 — Tech innovator Changing Technologies, Inc. (OTCBB: CHGT) will deliver new tools to tap unused capacity in the rapidly growing 3D printing industry by bringing machines and users together in the emerging “sharing economy.”
“With demand increasing every day for 3D printing services, there is no reason for any 3D printer to sit idle,” said CHGT CEO Omar Durham. “We’re creating the platform that will allow device owners to rent their 3D printers out for contract jobs from around the world, creating small businesses and connecting users with unused capacity.”
The rapid development of 3D printing technology has spurred intense global demand for printing services, including rapid prototyping. The best machines remain expensive, however, and unobtainable to a majority of consumers. Many of these machines, owned by businesses or individuals, sit idle much of the time, with no immediate tasks to perform. That adds up to massive unused print capacity.
CHGT plans to create a new market efficiency by allowing owners to contract out their printers for jobs and earn income by keeping their machines running.
The success of leaders in the sharing economy such as Airbnb, Lyft and Uber have inspired the new business model. CHGT is developing a digital platform that will allow consumers to contract or trade 3D printing services using peer-to-peer tools. It’s a plan that the company believes could place it amongst the vanguard of a completely new economic sector centered around part-time service providers.
“Venture capitalists poured more than $3.5 billion into the sharing economy last year,” Durham said. “That number is only going to go up. This is an opportunity for CHGT to get in on the ground floor of two emerging industries.”
Analysts predict that the demand for 3D printer materials and services will exceed $10 billion by 2018, registering a compound annual growth rate (CAGR) of 43.8 percent over the next five years. With a $1.8 billion market value in 2013, the space is forecast for massive growth as the technology is further embraced by small and large scale manufacturers as well as the growing small business and mainstream consumer markets.
For more information on CHGT, please visit www.changingtechno.com/investors.
For more on 6th Dimension Technologies, visit www.6D3D.com.
About Changing Technologies, Inc.
Changing Technologies, Inc. (CHGT) is an emerging technology company focused on developing innovative concepts to bring to consumers. It recently created a new subsidiary — 6th Dimension Technologies — to pursue additional growth areas and market needs in the booming 3D printing sector. A forward-thinking company working to be at the forefront of the next generation of consumer-based technology, CHGT is positioning itself to leverage global demand for the latest technological advances and services the company offers. Changing Technologies, Inc. is in the cutting-edge technology sphere alongside companies like Voxeljet AG ( VJET), Arcam AB ( AMAVF), and ExOne Co. ( XONE).
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words “believes,” “expects,” “anticipate” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone’s past success, either financial or strategic, is no guarantee of success. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Contact:
Changing Technologies, Inc.
Omar T. Durham, 713-300-3806
President
and CEO
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