Industrial Nanotech, Inc. Announces Large Sale of Company’s Patented Energy Saving Protective Coating for Galp Energia Insu...
06 July 2011 - 10:47PM
Business Wire
Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global
leader in nanoscience energy saving solutions, announced today that
they have received a 2,973 gallon order from Montaco, the
industrial contractor awarded the bid to install the Company’s
patented Nansulate® Translucent PT insulation and corrosion control
coating on fuel oil tanks at the Porto refinery in Portugal, also
known as Matosinhos refinery, owned by Galp Energia. This order
represents a sale amount of over $225,800 and follows a prior order
last year from another Porto refinery project where the coatings
were specified for insulation and corrosion prevention of an oil
pipeline.
“This project was specified last fall. We are pleased to see
this project underway for insulation and corrosion control of large
fuel oil storage tanks,” stated Francesca Crolley, V.P. of Business
Development for Industrial Nanotech, Inc. “Part of our long-term
strategy was to have Nansulate® insulation technology specified as
the insulation and corrosion control product of choice in both
industrial and building projects worldwide. Over the past seven
years in applications worldwide, Nansulate® has achieved a solid
track record of superior performance, outstanding durability, and
exceptionally rapid return on investment. Nansulate® has gained
recognition in many industry sectors as the next generation of
insulation and surface protection. We look forward to also forging
a relationship with Montaco, a well-known industrial contractor in
their country who specializes in anti-corrosive treatments,
concrete protection, rehabilitation of equipment and buildings, and
construction and specialty painting. We anticipate additional
projects, in which Nansulate® is the specified product solution,
being awarded through a bid process and commencing this year in
other countries.”
Galp Energia SGPS SA, Portugal’s biggest oil company, plans to
invest 5.2 billion euros ($6.5 billion) through 2013 as it develops
projects including Tupi, the biggest oil discovery in the Americas
in three decades. Galp plans to spend 2.2 billion euros on its
refining and marketing division, mostly on conversion projects at
its Sines and Porto refineries as it tries to increase diesel
output and improve refining margins. Galp Energia acquires from
several suppliers the crude oil that is processed in its refineries
at Sines and Porto. These refineries have a total refining capacity
of 310 thousand barrels of crude oil a day, or 20% of the Iberian
Peninsula's refining capacity.
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, Facebook:
www.facebook.com/Nansulate.
About Industrial Nanotech Inc.
Industrial Nanotech Inc. is a global nanoscience solutions and
research leader and member of the U.S. Greenbuilding Council 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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