Industrial Nanotech, Inc. Reports Corrected Third Quarter 2010 Sales Revenue Number: $1,229,068 US
30 November 2010 - 2:15AM
Business Wire
Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global
leader in nanotechnology based energy saving solutions, today
announced that the Company's actual revenue in the Third Quarter of
2010 was $1,229,068 US, not the approximately $1,036,047.00 US as
originally reported in the press release of October 6, 2010.
“These are the best quarterly revenue numbers of any fiscal
quarter since the Company’s inception in 2004,” stated Francesca
Crolley, VP of Business Development for Industrial Nanotech, Inc.
“In early 2010, we decided to increase our marketing to the
manufacturing sector and it is now beginning to pay off in the form
of record sales. Corporations have started taking the task of
reducing energy consumption and costs very seriously for both
economic efficiencies and their increased sense of environmental
responsibility. They are enthusiastic about the easy-to-use and
very effective solutions we offer. The response has been
tremendous, with an accelerated level of interest in, and a rapid
adoption rate of, our technologies into their energy saving and
sustainability programs. We believe Q3 2010 is a good indicator of
the direction our revenues are headed.”
Crolley continues, “The correction of the revenue numbers is due
to a change in accounting software systems we implemented, as
required by several of our new larger multinational customers, to
become EDI Compatible. EDI (Electronic Data Interchange) means a
complete electronic transaction of business processes from the
order entry up to the delivery, from the inventory control system
of the customer to the system of the supplier. During the
transition from our old system to the new system, an invoice was
incorrectly transferred and was not included in the Sales Revenue
number, as it should have been.”
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, Search ‘Nansulate’ on Facebook.
About Industrial Nanotech Inc.
Industrial Nanotech Inc. is a global nanoscience solutions and
research leader and member of the U.S. Greenbuilding Council, the
American Solar Energy Society, and an official ALLY organization
with the U.S. Dept. of Energy "Save Energy Now" program. The
Company develops and commercializes new and innovative applications
for sustainable nanotechnology which are sold worldwide.
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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