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Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanotechnology, announced today that the Company's exclusive African distributor, Megaros Industrial Products, has expanded its presence on the African Continent by signing an agreement with Copper Sunset Trading 440 Pty Ltd of Johannesburg to represent the Company's patented Nansulate® energy saving coatings in the country of South Africa.
"The appointment of Copper Sunset Trading to represent Nansulate in South Africa will open new markets in this region where energy conservation has become a top priority," stated Francesca Crolley, V.P. Operations & Marketing. "South Africa recently announced rationing of electricity in order to ease power outages that have negatively affected both businesses and neighborhoods, so this is an area where Nansulate coatings can make an immediate impact by reducing energy consumption. We are pleased to have this opportunity to assist in the region's economic growth and establishment of an environmentally safe infrastructure and improved living environment."
The rationing of electricity has affected many large companies in the regions. In January 2008, South Africa's major gold mining companies suspended operations over safety concerns after the state-owned power company, Eskom, advised it could not guarantee electrical power at the mines. The world's largest platinum mine also suspended operations. In addition, Africa's largest steel producer ArcelorMittal South Africa announced that power interruption could cause production disruptions and possible rationings. Eskom has also cut exports of electricity to neighboring countries, such as Botswana and Namibia. The government plans to invest some $40 billion in the construction of new power plants over the next five years.
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.
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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