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Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanotechnology, announced the commencement of an initial application today of the company's patented Nansulate® coatings by Abu Dhabi Gas Industries Ltd. (GASCO), at their Ruwais plant. The application is being overseen by the company's U.A.E. distributor, the Al Samah Company. The total size of this project has not yet been determined and it will be ongoing.
"This represents a significant milestone in our efforts over the past several years to gain market share and acceptance for our products and technologies in the Middle East energy sector and is expected to generate additional business with GASCO and many other oil and gas companies in the Middle East," stated Francesca Crolley, V.P. of Operations & Marketing. "The Al Samah Company has worked diligently to introduce our Nansulate product line, which combines energy saving technology with the ability to protect critical plant infrastructure and equipment, to this prosperous and important region and we anticipate that the United Arab Emirates and other important countries in the Middle East will now rapidly become a major growth area for Industrial Nanotech."
Incorporated in 1978 as a joint venture, GASCO is a part of the Abu Dhabi National Oil Company (ADNOC). Its ownership is shared by ADNOC (68%), Shell (15%), Total (15%), and Partex (2%). One of the largest gas processing companies in the world, GASCO has four processing plants including the main Ruwais Fractionation plant which can process 23,370 metric tons per day (7.8 million metric tons per year). GASCO is currently going through a major expansion and modernization phase with four mega-projects involving capital investment outlay of approximately six billion dollars US. These projects, on being completed by early 2008, will make GASCO the largest gas processing plant in the world. Further growth plans are already underway under the Gas Master Plan and Integrated Gas Development Programme (GMP & IGD).
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, and resistance to mold growth 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, (www.industrial-nanotech.com) and (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
The Cervelle Group, LLC
Rob Karbowsky, 407-475-9966 ext. 227.
The Cervelle Group, LLC
Tina Kuhn, 407-475-9966
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