Industrial Nanotech To Host Meetings With Petrobras, One of the World's Top Five Energy Leaders, in September
20 August 2008 - 10:00PM
Business Wire
Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global
leader in nanotechnology, today announced that Petrobas, the second
largest company in Latin America, is sending a team from Brazil to
meet with the Company�s CEO/CTO and PhD Technical Group. The
meetings will include six days at Industrial Nanotech�s laboratory
in New Jersey and meetings in New York to discuss ongoing projects
along with additional future ventures. Four members of the
management and engineering departments from Petrobras headquarters
in Rio de Janeiro will be meeting with the CEO/CTO of Industrial
Nanotech, Inc., Stuart Burchill, and his R & D team in New
Jersey beginning September 7th, 2008 for three days at the
Company�s laboratory facilities. Afterwards, they will spend
another three days with Mr. Burchill in New York city to discuss a
list of topics ranging from product delivery schedules and
locations to Petrobras� expressed interest in a joint venture to
build a manufacturing facility for the Company�s products in Brazil
to meet their needs. �As we previously announced, we have been
working for some time with Petrobras to replace their current
pipeline protective coating protocols and materials with our
patented protective coating system and to incorporate our products
into their newest pipeline installation, with a projected value for
Industrial Nanotech from 3.7 million dollars US to over 5.8 million
dollars US for the first project,� stated Stuart Burchill, CEO/CTO
of Industrial Nanotech, Inc. �This is a very significant change for
them. It has taken two years of work with Petrobras on product
application specifications, including my two visits to their
headquarters in Rio De Janeiro and a three day tour of ongoing
pipeline installation projects in the rural northern region of
Brazil. The upcoming visit to our facilities, the meetings with our
PhD chemists, and my meetings with them in New York are a
breakthrough step and should provide a more specific time frame for
the beginning of these projects.� Burchill also said that the
recent launch of the company�s new EPX product line prompted
Petrobras to send a team to spend a week with Industrial Nanotech�s
management exploring new areas of business in other sectors of
their Brazilian onshore and offshore projects and other locations
throughout the world. Petrobras, short for Petroleo Brasileiro
S.A., is a government-owned Brazilian oil company and one of the
world's largest oil companies. The company controls oil and power
industries assets and related business activities in 16 nations
throughout Africa, North America, South America and Asia. According
to Petrobras President Sergio Gabrielli, their recent major
offshore oil discovery, including the Tupi field, would give Brazil
the world's eighth-largest oil and gas reserves. About Nansulate(R)
Nansulate(R) is the Company's patented product line of specialty
coatings containing a nanotechnology based material, and which are
well-documented to provide the combined performance qualities of
thermal insulation, corrosion prevention, resistance to mold
growth, lead encapsulation, chemical resistance, and fire
resistance in an environmentally safe, water-based, coating
formulation. The Nansulate(R) Product Line includes both industrial
and residential coatings. Nansulate EPX is a water based epoxy
system which has an industry high thermal insulation capability
combined with exceptional fire resistance and excellent chemical
and corrosion resistance. Nansulate EPX also provides the ability
to be applied from one eighth inch thick to several inches thick, a
rapid cure time, durability in severe service environments, and is
a strong, very light weight, easy-to-apply material. About
Industrial Nanotech Inc. Industrial Nanotech Inc. is quickly
emerging as a global nanoscience solutions and research leader. The
Company develops and commercializes new and innovative applications
for nanotechnology. Additional information about the Company and
its products can be found at their websites,
(http://www.industrial-nanotech.com) and
(http://www.nansulate.com). Safe Harbor Statement Safe Harbor
Statement under the Private Securities Litigation Reform Act of
1995: This release includes forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 that involve risks and uncertainties
including, but not limited to, the impact of competitive products,
the ability to meet customer demand, the ability to manage growth,
acquisitions of technology, equipment, or human resources, the
effect of economic and business conditions, and the ability to
attract and retain skilled personnel. The Company is not obligated
to revise or update any forward-looking statements in order to
reflect events or circumstances that may arise after the date of
this release.
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