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Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanotechnology, announced today that Petrobras (NYSE:PBR), the Brazilian oil and gas giant, has requested production of 50,000 gallons of Nansulate® High Heat, the Company's thermally insulating and corrosion protection coating, valued at more than $3.7 million.
This order is currently scheduled for delivery in June of 2007 and is the beginning of an anticipated strong revenue stream for the Company.
Stuart Burchill, CEO of Industrial Nanotech, Inc., states, "This is the result of technical discussions that began in June 2006 and included my visit in September 2006 to their headquarters in Rio de Janeiro, Brazil for a series of meetings. Our discussions included detailed explanations of the performance benefits of our Nansulate coatings for use throughout their facilities worldwide, as well as their request for us to develop a specialty product for a 105-mile pipeline project in Brazil. We have invested substantial resources into developing that specialty product for them and we are pleased that they have reciprocated by identifying applications for our Nansulate coating products in their facilities. Petrobras is an innovative, forward-thinking company that is receptive to new technologies and it has been a pleasure doing business with them."
Francesca Crolley, VP of Operations and Marketing for Industrial Nanotech, Inc., continues, "The production and delivery of 50,000 gallons of Nansulate High Heat in their requested time frame is well within our capabilities. Petrobras has also requested technical and logistical support for the application of Nansulate to 51,510 square feet of surface area per day. We plan to station a technical staff person permanently in Brazil to oversee these ongoing projects as we continue to expand our working relationship with Petrobras."
Petrobras, short for Petroleo Brasileiro S.A., is a government-owned Brazilian oil company that is one of the 15 largest oil companies in the world, leading the oil and gas sector in the development of the most advanced deepwater and ultra-deep water technology for oil production. The company controls oil and power industries assets and related business activities in 16 nations throughout Africa, North America, South America and Asia.
About Industrial Nanotech, Inc.
Industrial Nanotech Inc. is rapidly 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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