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Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanotechnology, announced today that its Chinese distributor, NorthStar Power Engineering, has begun working with a major Asian automotive manufacturer to trial the Company's patented NanoBoost™ automotive parts coating for heat control and increased fuel efficiency.
"We are excited about the recent events in Asia between our Chinese distributor and this well-known auto maker. We believe we can meet their requirements and satisfy their objectives in fuel and energy savings with our technology," stated Francesca Crolley, V.P. Operations & Marketing for Industrial Nanotech, Inc. "We have recently finalized a new NanoBoost marketing campaign. The time is right for a wider introduction of this revolutionary product to manufacturers, major delivery and shipping companies, automotive after market suppliers, and consumers."
Ms. Crolley continued, "Other target markets for our fuel saving technology are freight shippers, including the U.S. Postal service and UPS. A recent news article by NBC affiliate KSL reported that each time the price of gas goes up one penny, it cost the U.S. Postal Service an extra $8 million a year nationwide. We are working to demonstrate our ability to offset the impact of their fuel price increases by increasing their vehicles' fuel efficiency with use of our NanoBoost coating on these vehicles as part of our continuing mission to utilize leading edge nanotechnology to offer solutions to every day issues that save money and reduce energy and fuel consumption rates with safe and environmentally friendly products."
Gasoline prices averaged $4.082 June 16, up 35.7 percent from a year ago, according to a report out Tuesday for week ending June 14 from the International Council of Shopping Centers (ICSC). It was the 12th consecutive week of record gasoline prices, the ICSC report said. The retail group noted their monthly consumer gasoline-price impact survey indicated discretionary spending on non-essential items had been reduced by 69 percent of household, the highest percentage since they began tracking the figure in 2004.
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, lead encapsulation, chemical resistance, and fire resistance in an environmentally safe, water-based, coating formulation. The Nansulate(R) Product Line includes industrial, residential, and automotive parts 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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