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Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanotechnology, today provided a shareholder update.
"After a challenging first quarter of 2009, with lower than expected revenues and raw material supply chain disruptions due to vendors' reduced inventories, we are pleased with the more positive trend we are now experiencing," stated Stuart Burchill, CEO/CTO of Industrial Nanotech, Inc. "In multiple market sectors we serve around the world, there have been many encouraging developments and increases in revenue streams."
Mr. Burchill continues, "Nansulate® LDX continues to grow as a leader in the lead encapsulation market. With previous applications at the Pearl Harbor Naval Base and Torit Language School, it has now been chosen by the Red Cross to encapsulate lead based paint in a 2-story building in Louisiana and continues to be a top choice among environmental contractors who promote LDX to their customers needing an effective lead encapsulation coating.
Our previously announced textile project with Coats, Plc continues and recent photos of the project were posted on our website over the weekend which show the special order grey version of Nansulate® EPX that they are utilizing. The project is also encompassing facility buildings with the use of our clear Nansulate® coatings. 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.
Heavy industry applications have been increasing in the US and around the world. We see previously frozen project spending now freeing up and significant capital being invested in energy saving applications. On our new Nansulate® Around the Globe & Around the Clock site you can view recent ongoing applications at a Middle East Chemical Facility and a Canadian Oil and Gas Vessel project. (www.nansulate.com/nanoblog)
Although the projects with Petrobras still do not have a firm start date and we are currently determining the significance of recent changes in their team overseeing our participation in the projects, there is other very encouraging news in our oil and gas division: Petróleos Mexicanos (PEMEX), Mexico's state-owned petroleum company, the 10th largest oil company in the world in terms of revenue, started purchasing and using Nansulate® on a small scale several months ago and has been impressed by the results. A visit to Pemex by the technical team from Industrial Nanotech to provide application specifications for larger projects including facilities, equipment, offshore platforms, and underwater pipelines had been scheduled for April, but was postponed by Pemex due to the H1N1 flu outbreak and will be rescheduled shortly. Pemex is very different to work with than other Central and South American Oil and Gas companies we have worked with previously. They appear to move much more quickly and aggressively in their actual implementation of new technologies.
A study by the Mexican National Electricity Board, CFE, has been completed with excellent results. This official evaluation of Nansulate's energy saving capability opens the door for the coatings to be included in Mexico's FIDE program (Fideicomiso para el Ahorro de Energía Electrica), which promotes and finances energy saving initiatives to consumers. Once the final report is received, the results will be published.
Food processing/transport is another market where we have been making headway. Recent food processing related sales of Nansulate® include a seafood processing plant in Oregon, a brewery in South Carolina, and refrigerated transport in India.
Sustainable building applications continue to grow. We have experienced a surge in inquiries by architects and specifiers this year and resulting confirmed upcoming projects where Nansulate® will be used for building energy efficiency include; The Collegiate School in New York, M/A Devi Polymers in India, The Royal Palace of the country of Brunei, and a cooperative initiative facilitated by an architectural firm with the Oregon Institute of Technology. Due to requests from multiple architectural firms, our team is creating an AIA accreditation course to be submitted this month that can be taken by architects to earn continuing education credits.
We are encouraged with our progress in the solar market and their overall enthusiastic reaction to Nansulate® technology. After recent attendance at 'Solar 2009', a solar energy conference and trade show in Buffalo, NY, the product is currently being tested by one large manufacturer of solar collectors and solar thermal systems in California and we are currently providing specification information for incorporation into solar water heaters for a manufacturer in the Philippines.
Our supply chain issues have been resolved as multiple suppliers for each raw material have been sourced and, in the process, our cost of goods for several key raw materials have been lowered as much as fifty percent."
Mr. Burchill concludes, "Although the level of effort it requires to produce the level of revenues we are committed to has increased dramatically in these more difficult times, we are exerting that level of effort and the results are positive. We look forward to continued prosperity and growth and enhancement of shareholder value."
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.
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For Industrial Nanotech, Inc., Naples The Cervelle Group, LLC Investor Relations: Rob Karbowsky, 407-475-9966, ext. 227 or Media Relations: David Donlin, 407-475-9966
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