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Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanotechnology, announced today that Kolorgen Ltd, the Company's exclusive distributor for Turkey, has signed a contract with Denizli Basma ve Boya Sanayii a.s. (DEBA), one of the region's two largest garment manufacturers, to purchase 10,000 gallons MOL ($799,500 US Retail) of the company's patented Nansulate® High Heat coating to reduce energy consumption and protect against corrosion of equipment in their textile facility. The final total volume of the sale may increase depending on coverage rate obtained by the contractors applying the coating. Kolorgen Ltd will be the contractor for the project and delivery of product is scheduled to begin before the end of 2007 and continue at a rate of 1000 gallons per month until the end of the project.
"After the successful implementation of Nansulate (in prior textile factory applications), major textile companies have started to show real interest in Nansulate," explained Dr. Vedat Bilgin of Kolorgen. "We are currently negotiating with some of Turkey's biggest textile companies, and hope to finalize all these (additional) deals before the end of the year. At DEBA, the energy savings is expected to be a minimum of $1,000,000 USD/year." Dr. Bilgin continues, "Nansulate is definitely a revolutionary product and with the current energy problems all over the world, it is THE product to be used everywhere possible."
DEBA, located in the Denizli region of Turkey, has earned a reputation as one of Europe's most modern and high tech textile companies. Since their inception in 1973, they have grown to an annual capacity of 35 million meters of fabric, exporting 85% of their production to the US, UK, Belgium, Netherlands, Germany, Italy, Sweden, Spain and Portugal.
"We continue to be impressed with the progress made by Kolorgen in expanding their market share for our Company's Nansulate product line in the burgeoning field of energy savings," comments Francesca Crolley, VP of Operations and Marketing for Industrial Nanotech, Inc. "DEBA's current monthly natural gas consumption is approximately $400,000 US per month. Nansulate should bring a minimum reduction of 25% at this plant. The use of our patented line of Nansulate coatings by industry and homeowners continues to have a growing impact on reduction of energy use and accompanying carbon emissions around the world."
Stuart Burchill, CEO/CTO of Industrial Nanotech, Inc. states, "This contract, the recent increase in large shipments to Europe, the Middle East, and Asia, as well as other pending major international deals, are a testimony to Industrial Nanotech's original strategy of aggressively expanding our presence into a wide variety of countries and market sectors around the world in order to protect the security of our overall revenue growth rate from the impact of economic downturns in any particular geographical region, country, or industry sector. In this era of rising uncertainty, we are well positioned to continue to capitalize on the most certain need of industry and consumers to save money by conserving the amount of energy they use and increase the functional lifespan of plant and equipment by protecting against corrosion and thermal stress."
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 coating formulation. The Nansulate(R) Product Line includes both industrial and residential coatings
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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