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Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanoscience solutions, today announced that the Company has entered into an agreement with Angstrom Technology Private Limited to serve as the Company's exclusive distributor for India. Angstrom Technology is a Unit of A.L. Batra Group of Industries, which has 20 locations throughout India and 2008 sales of 106 million dollars
"We are very pleased to have found such an excellent representative for our patented line of energy saving protective coatings in India," stated Francesca Crolley, V.P. of Business Development for Industrial Nanotech, Inc. "A.L. Batra Group of Industries is an aggressive, rapidly expanding, and dynamic company in India, with over 3000 employees and sales over $106 million dollars US in 2008. They are well established in multiple markets which will benefit Nansulate's rapid growth in the region including chemical manufacturing, bottling of LPG, trading, retail, construction, financing, hospitality and medical operations. The group is also extremely progressive in energy conservation and efficiency. In fact, their state-of-the-art hospital and medical research centre was awarded a National Award for Energy Conservation in 2007. India is a burgeoning market and one in which we wanted to find a representative with a very strong presence and the ability to promote the coatings in multiple markets at once. We have found that with Angstrom Technology."
The Indian economy is the second fastest growing economy in the world today, with a growth rate of 7%-8%, behind only China. In the worst quarter of the last two crisis years, immediately after the Lehman collapse, India's GDP growth was 5.8 per cent. Global belief in India's economy has resulted in continuing Foreign Direct Investment (FDI). In 2008 - 2009 the FDI was $27.3 billion in spite of a meltdown in the global financial markets. FDI to India increased by an impressive 56% in July 2009 to $3.5 billion as against $2.6 billion in the same month last year.
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
Industrial Nanotech Inc. is a global nanoscience solutions and research leader and member of the U.S. Greenbuilding Council and the American Solar Energy Society. The Company develops and commercializes new and innovative applications for nanotechnology which are sold worldwide.
About Nansulate(R) :
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.
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