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Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanotechnology, today announced that the Company has canceled an order from Golden Horse Real Estate Co., Ltd. in China for 12,000 gallons of Industrial Nanotech's patented Nansulate(R) nanotechology-based coatings. The retail value of the order was $863,400 US.
"The relationship with Golden Horse Real Estate Co., Ltd. began to present financial risks to Industrial Nanotech, Inc. which were not in the best interests of the Company or its shareholders and we have declined to proceed," stated Stuart Burchill, CEO/CTO of Industrial Nanotech, Inc. "We will not create exposure to financial risk by selling to customers under unfavorable terms and conditions. The Company continues to nearly double revenues year after year since inception in 2004, including in the difficult economic climate of 2008, by selling to customers under terms and conditions which are favorable to the Company and we prefer that strategy."
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. Additional information about the Company and its products can be found at their websites (www.industrial-nanotech.com) and (www.nansulate.com).
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.
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
407-475-9966, ext. 227
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