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Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanotechnology, announced today the signing of the Al Samah Company as its exclusive distributor in the United Arab Emirates, one of the world's largest oil producers. Al Samah Company is headquartered in Abu Dhabi, the capital of the United Arab Emirates. The Al Samah Company has five locations and services many of the major oil producing countries.
Al Samah Company will be responsible for distributing Industrial Nanotech's line of Nansulate® of products, including the Company's new Nansulate® Wrap, for use on oil and gas pipelines. Nansulate® Wrap was originally created based on requested specifications for a pipeline project from Petrobras (NYSE:PBR), the government-owned Brazilian oil and gas giant. Recently, Industrial Nanotech received positive test confirmation of the product's thermal performance from a respected independent thermal testing laboratory.
Stuart Burchill, CEO of Industrial Nanotech, Inc., explains, "Nansulate Wrap is produced as sheets of waterproof, weatherproof, flexible thermal insulation which is thicker than our Nansulate line of thermally insulating corrosion resistant coatings is able to be applied. The exceptional thermal insulation capabilities of Nansulate Wrap, lower than any other conventional insulation we are aware of including polyurethane foam, makes it one of the best options for the oil and gas industry in the United Arab Emirates and other oil-producing countries around the world, as well as many additional industry sectors globally. In many cases, we believe the two products, our Nansulate coating and our Nansulate wrap, will be used in combination."
The UAE has huge proven oil reserves, estimated at 98.2 billion barrels (16 km³) in 1998, with gas reserves estimated at 5.8 km³. At present production rates, these supplies would last well over 150 years. In 2003, the UAE produced about 2.3 million barrels (370,000 m³) of oil per day-- of which Abu Dhabi produced approximately 85%--with Dubai, and Sharjah to a much lesser extent, producing the rest.
"Together with our new distributor, Al Samah Company, Industrial Nanotech has a tremendous opportunity to showcase forward-thinking solutions to the United Arab Emirates. From pipeline work to tankers, oil platforms, and existing refineries, our line of Nansulate products has much to offer these countries," states Francesca Crolley, VP of Operations and Marketing for Industrial Nanotech, Inc.
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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For Industrial Nanotech, Inc., Naples
Martin E. Janis & Company, Inc.
Beverly Jedynak, President, 312-943-1100 ext. 12
Martin E. Janis & Company, Inc.
Laura Grock, Vice President, 312-943-1100 ext. 13
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