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Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanotechnology, announced today that the Company has severed its relationship with Mercatus & Partners Group, of Rome, Italy as joint venture partners for a manufacturing facility in Italy and is moving to expand the Company's supply chain for Europe, the Middle East, and Asia with manufacturing in Budapest, Hungary and a fulfillment center in Shanghai, China.
Stuart Burchill, CEO of Industrial Nanotech, Inc., states, "The relationship with Mercatus & Partners Group was not productive or suitable for Industrial Nanotech, Inc. and we have terminated the relationship. However, pending deals make it a priority that we ramp up our ability to provide large quantities of product on a regular basis to Europe, the Middle East, and China. We are currently in negotiations with a facility in Budapest, where one of our key coating scientists maintains professional relationships sufficient to provide day to day quality control monitoring, to provide our Company with manufacturing capabilities and we plan to utilize the services of a fulfillment center in Shanghai. This strategy represents the most cost effective way to implement an efficient supply chain to meet our needs in these regions and without a major capital expenditure and with consideration for the protection of our valuable intellectual property."
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 .
Nansulate(R) is the Company's patented product line of 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 and lead encapsulation in an environmentally safe, water-based, coating formulation. The Nansulate(R) Product Line includes both industrial and residential coatings.
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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