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Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanotechnology, today reported that revenues from product sales in the first quarter of 2008 increased approximately 255% over the first quarter of 2007.
The average annual year over year total revenue growth rate for the Company for the past three years is 162% per year.
Q1 2008 revenue numbers include the revenue from only the first container of the ten container, $1,070,000.00 US order announced on 3/11/2008 and being shipped to the textile plant in Turkey over ten months at a rate of one container per month. The first container was shipped in March 2008. An increase in the volume of individual sales to homeowners and business/factory owners, both in the US and in Europe, and a container shipment to the Company's exclusive distributor in Italy also contributed to the increase.
"We are fortunate to be experiencing the significant increase in revenue growth rate that the Company has been able to achieve in a difficult economic climate," said Stuart Burchill, CEO/CTO of Industrial Nanotech, Inc. "We have executed a marketing plan for our Nansulate products that has a particularly strong impact in today's energy conscious world. We continue to hear positive reports from the loyal customer base of both industrial and residential customers regarding our products. Consumers recognize our flagship line, NANSULATE®, as the premium solution for saving energy, thermal insulation, corrosion resistance, mold prevention, and lead encapsulation."
Mr. Burchill continued, "With the success of our current Nansulate line, and the products we have coming to market, we are well positioned as a leader in nanotechnology and green technology for years to come."
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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