Industrial Nanotech Provides Shareholder Update
08 June 2009 - 10:00PM
Business Wire
Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global
leader in nanotechnology, today provided a shareholder update.
�After a challenging first quarter of 2009, with lower than
expected revenues and raw material supply chain disruptions due to
vendors� reduced inventories, we are pleased with the more positive
trend we are now experiencing,� stated Stuart Burchill, CEO/CTO of
Industrial Nanotech, Inc. �In multiple market sectors we serve
around the world, there have been many encouraging developments and
increases in revenue streams.�
Mr. Burchill continues, �Nansulate� LDX continues to grow as a
leader in the lead encapsulation market. With previous applications
at the Pearl Harbor Naval Base and Torit Language School, it has
now been chosen by the Red Cross to encapsulate lead based paint in
a 2-story building in Louisiana and continues to be a top choice
among environmental contractors who promote LDX to their customers
needing an effective lead encapsulation coating.
�Our previously announced textile project with Coats, Plc
continues and recent photos of the project were posted on our
website over the weekend which show the special order grey version
of Nansulate� EPX that they are utilizing. The project is also
encompassing facility buildings with the use of our clear
Nansulate� coatings. Coats Plc is the world's largest sewing thread
and needlecraft supplies manufacturer, processor and distributor,
with 25,000 employees and plants in 67 countries.
�Heavy industry applications have been increasing in the US and
around the world. We see previously frozen project spending now
freeing up and significant capital being invested in energy saving
applications. On our new Nansulate� Around the Globe & Around
the Clock site you can view recent ongoing applications at a Middle
East Chemical Facility and a Canadian Oil and Gas Vessel project.
(www.nansulate.com/nanoblog)
�Although the projects with Petrobras still do not have a firm
start date and we are currently determining the significance of
recent changes in their team overseeing our participation in the
projects, there is other very encouraging news in our oil and gas
division: Petr�leos Mexicanos (PEMEX), Mexico's state-owned
petroleum company, the 10th largest oil company in the world in
terms of revenue, started purchasing and using Nansulate� on a
small scale several months ago and has been impressed by the
results. A visit to Pemex by the technical team from Industrial
Nanotech to provide application specifications for larger projects
including facilities, equipment, offshore platforms, and underwater
pipelines had been scheduled for April, but was postponed by Pemex
due to the H1N1 flu outbreak and will be rescheduled shortly. Pemex
is very different to work with than other Central and South
American Oil and Gas companies we have worked with previously. They
appear to move much more quickly and aggressively in their actual
implementation of new technologies.
�A study by the Mexican National Electricity Board, CFE, has
been completed with excellent results. This official evaluation of
Nansulate's energy saving capability opens the door for the
coatings to be included in Mexico's FIDE program (Fideicomiso para
el Ahorro de Energ�a Electrica), which promotes and finances energy
saving initiatives to consumers. Once the final report is received,
the results will be published.
�Food processing/transport is another market where we have been
making headway. Recent food processing related sales of Nansulate�
include a seafood processing plant in Oregon, a brewery in South
Carolina, and refrigerated transport in India.
�Sustainable building applications continue to grow. We have
experienced a surge in inquiries by architects and specifiers this
year and resulting confirmed upcoming projects where Nansulate�
will be used for building energy efficiency include: The Collegiate
School in New York, M/A Devi Polymers in India, The Royal Palace of
the country of Brunei, and a cooperative initiative facilitated by
an architectural firm with the Oregon Institute of Technology. Due
to requests from multiple architectural firms, our team is creating
an AIA accreditation course to be submitted this month that can be
taken by architects to earn continuing education credits.
�We are encouraged with our progress in the solar market and
their overall enthusiastic reaction to Nansulate� technology. After
recent attendance at �Solar 2009�, a solar energy conference and
trade show in Buffalo, NY, the product is currently being tested by
one large manufacturer of solar collectors and solar thermal
systems in California and we are currently providing specification
information for incorporation into solar water heaters for a
manufacturer in the Philippines.
�Our supply chain issues have been resolved as multiple
suppliers for each raw material have been sourced and, in the
process, our cost of goods for several key raw materials have been
lowered as much as fifty percent.�
Mr. Burchill concludes, �Although the level of effort it
requires to produce the level of revenues we are committed to has
increased dramatically in these more difficult times, we are
exerting that level of effort and the results are positive. We look
forward to continued prosperity and growth and enhancement of
shareholder value.�
About Nansulate�
Nansulate� is the Company's patented product line of award
winning, 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, fire resistance, chemical resistance and
lead encapsulation in an environmentally safe, water-based, coating
formulation. The Nansulate� Product Line includes industrial,
residential, agricultural and solar thermal insulation coatings.
Additional information about the Company and its products can be
found at their websites, (www.industrial-nanotech.com) and
(www.nansulate.com). Blog: www.nansulate.com/nanoblog, Twitter:
www.twitter.com/NanoPioneer.
About Industrial Nanotech Inc.
Industrial Nanotech Inc. is an emerging global nanoscience
solutions and research leader and member of the U.S. Greenbuilding
Council and the American Solar Energy Society. The Company develops
and commercializes innovative applications for nanotechnology.
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.
Industrial Nanotech (PK) (USOTC:INTK)
Historical Stock Chart
From Jul 2024 to Jul 2024
Industrial Nanotech (PK) (USOTC:INTK)
Historical Stock Chart
From Jul 2023 to Jul 2024