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Industrial Nanotech, Inc. (Pink Sheets:INTK - News), an emerging global leader in nanotechnology, announced today that Petrobras, one of the world's largest oil and gas companies, has requested that the Company's CEO/CTO, Mr. Stuart Burchill, travel to Petrobras' headquarters in Rio De Janeiro, Brazil, for meetings with engineers and managers who oversee refineries, offshore drilling facilities, transportation equipment, including ships and barges, and deep sea drilling operations to review potential uses of the Company's patented Nansulate® protective coatings in these areas.
The recommendation for this meeting was made by the engineers and managers at Petrobras with whom Mr. Burchill has been working for several years on their upcoming land based pipeline projects. Last fall, they spent ten days with Mr. Burchill and members of Industrial Nanotech's scientific team at one of the Company's research and development facilities in New Jersey and are in the final stages of developing the application protocols for those pipeline projects.
"Based on the performance qualities of our products as observed during the time together in the laboratory, the members of the pipeline project division distributed their observations to other departments throughout Petrobras and generated significant interest and this subsequent request for a meeting with me," stated Mr. Burchill, CEO/CTO of Industrial Nanotech. "My previous visits to Petrobras headquarters and my tour of various Petrobras operations throughout Brazil with their engineers were very productive and I look forward to a rewarding next trip. I plan to travel to Rio de Janeiro for these meetings in Q2 of 2009."
Petrobras has stated that they will also be introducing Mr. Burchill to several potential manufacturing partners in Brazil. Petrobras has expressed their preference for having the products manufactured in Brazil to save shipping costs. "The content of several of our coatings is slightly over 30% water when shipped," states Mr. Burchill. "Shipping only our resins and other raw materials to Brazil and adding the water there provides Petrobras with a significant savings due to reduced shipping costs and they are quite eager for us to pursue this manufacturing model and will assist us in doing so. We are still waiting for a specific start date for these projects to begin in 2009, but we have been told specifically that our projects with Petrobras are not the subject of any cutbacks in expenditures due to the current economic conditions or the current price of oil."
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.
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.
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.
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). Updates can be followed at Twitter/NanoPioneer.
Industrial Nanotech, Inc., Naples
The Cervelle Group, LLC
407-475-9966, ext. 227
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