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Industrial Nanotech, Inc. (Pink Sheets: INTK), an emerging global leader in nanoscience solutions, today announced that the Company's original press release, dated Sept 29, 2009, regarding the City of Fairbanks, Alaska intent to purchase Nansulate® from the Company's exclusive distributor in Alaska, Nanotech Energy Solutions, Inc., evidently contained information which was provided to the Company by Nanotech Energy Solutions, Inc., but which has recently been discovered by the Company to be incorrect. The current known facts are that City of Fairbanks, Alaska purchased 15 gallons of Nansulate® to test the product as a possible vapor barrier, but has no plans for further purchases at this time.
"Despite correspondence and discussions by members of the management of Industrial Nanotech, Inc. with both Nanotech Energy Solutions, Inc. and the representatives of the City of Fairbanks, Alaska who have been willing to make themselves available to us to discuss this subject, we are as of yet unable to determine exactly what occurred between Nanotech Energy Solutions, Inc. and the representatives or employees of the city of Fairbanks, Alaska and where the chain of communication broke down that resulted in our receiving the information which we published in the earlier press release regarding this issue," stated Francesca Crolley, VP of Business Development. "We take this very seriously, have acted in an expeditious manner to determine and disclose the facts to the best of our ability, and will continue to investigate this situation until we determine exactly how this occurred and to make sure it never occurs again."
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 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® 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® 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.
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For Industrial Nanotech, Inc., Naples The Cervelle Group, LLC Investor Relations:
407-614-5959, ext. 227
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