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Company Anticipates "Breakthrough" Meetings Will Spur Further Insight on Timelines, Specifics and More on a Variety of Projects Being Discussed with Petrobras
Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanotechnology, today announced that Petrobas, the second largest company in Latin America, is sending a team from Brazil to meet with the Company's CEO/CTO and PhD Technical Group. The meetings will include six days at Industrial Nanotech's laboratory in New Jersey and meetings in New York to discuss ongoing projects along with additional future ventures.
Four members of the management and engineering departments from Petrobras headquarters in Rio de Janeiro will be meeting with the CEO/CTO of Industrial Nanotech, Inc., Stuart Burchill, and his R & D team in New Jersey beginning September 7th, 2008 for three days at the Company's laboratory facilities. Afterwards, they will spend another three days with Mr. Burchill in New York city to discuss a list of topics ranging from product delivery schedules and locations to Petrobras' expressed interest in a joint venture to build a manufacturing facility for the Company's products in Brazil to meet their needs.
"As we previously announced, we have been working for some time with Petrobras to replace their current pipeline protective coating protocols and materials with our patented protective coating system and to incorporate our products into their newest pipeline installation, with a projected value for Industrial Nanotech from 3.7 million dollars US to over 5.8 million dollars US for the first project," stated Stuart Burchill, CEO/CTO of Industrial Nanotech, Inc. "This is a very significant change for them. It has taken two years of work with Petrobras on product application specifications, including my two visits to their headquarters in Rio De Janeiro and a three day tour of ongoing pipeline installation projects in the rural northern region of Brazil. The upcoming visit to our facilities, the meetings with our PhD chemists, and my meetings with them in New York are a breakthrough step and should provide a more specific time frame for the beginning of these projects."
Burchill also said that the recent launch of the company's new EPX product line prompted Petrobras to send a team to spend a week with Industrial Nanotech's management exploring new areas of business in other sectors of their Brazilian onshore and offshore projects and other locations throughout the world.
Petrobras, short for Petroleo Brasileiro S.A., is a government-owned Brazilian oil company and one of the world's largest oil companies. The company controls oil and power industries assets and related business activities in 16 nations throughout Africa, North America, South America and Asia. According to Petrobras President Sergio Gabrielli, their recent major offshore oil discovery, including the Tupi field, would give Brazil the world's eighth-largest oil and gas reserves.
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 both industrial and residential coatings.
Nansulate EPX is a water based epoxy system which has an industry high thermal insulation capability combined with exceptional fire resistance and excellent chemical and corrosion resistance. Nansulate EPX also provides the ability to be applied from one eighth inch thick to several inches thick, a rapid cure time, durability in severe service environments, and is a strong, very light weight, easy-to-apply material.
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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