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Industrial Nanotech, Inc. (Pink Sheets: INTK) announced today that the one of the Company's exclusive distributors signed a contract with Coats Plc, a textile manufacturer based in England, to coat the machinery in their yarn dyehouse facility located in Bursa, Turkey with the Company's award winning nanotechnology based thermal insulation and corrosion resistant products, Nansulate® EPX and Nansulate® High Heat industrial coating. The project will commence the week of March 16, 2009.
"This is a very important economic indicator for us. Although we were able to maintain our five year track record of triple digit revenue growth in 2008 despite the state of the world economy, our projects in Turkey, including a sale of over $1,000,000 US of our products to another textile plant in Turkey, had been put on hold as the credit crisis accelerated," stated Francesca Crolley, VP of Operations and Marketing for Industrial Nanotech, Inc. "The start of this second project, which has been planned since 2008, is a good indicator that manufacturing levels are beginning to turn back towards normal, at least in this region, and we anticipate additional progress on other projects in Turkey throughout 2009."
"Coats was one of the major customers that showed a great interest in Nansulate EPX as soon as we introduced it," stated Dr. Vedat Bilgin, President of Kolorgen Ltd., the exclusive distributor for Industrial Nanotech, Inc. in Turkey. "Our initial trials at Coats' plant showed a significant energy saving potential. We now have a signed contract. All yarn dyehouse machinery will be coated with Nansulate EPX and High Heat. Once that is completed, the project will extend to other areas of the factory as well as factory buildings and other Coats facilities throughout Europe. Energy saving measures have become even more important due to the recent worldwide financial turmoil. Simply, if you don't get the numbers right, you cannot survive."
Coats Plc is the world's largest sewing thread and needlecraft supplies manufacturer, processor and distributor, with 25,000 employees and plants in 67 countries. The company's products are sold in 150 countries. 2008 revenue was 1.6 billion USD.
The total value of this project to Industrial Nanotech, Inc. has not yet been determined.
Nansulate(R) is the Company's patented product line of award winning, 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, fire resistance, chemical resistance, and lead encapsulation in an environmentally safe, water-based, coating formulation. The Nansulate(R) Product Line includes industrial, residential, agricultural and solar thermal insulation coatings. Additional information about the Company and its products can be found at their websites, (www.industrial-nanotech.com) and (www.nansulate.com). Blog: www.nansulate.com/nanoblog, Twitter: www.twitter.com/NanoPioneer.
About Industrial Nanotech, Inc.
Industrial Nanotech Inc. is emerging as a global nanoscience solutions and research leader and member of the U.S. Greenbuilding Council. 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.
SOURCE: Industrial Nanotech, Inc.
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