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Industrial Nanotech, Inc. (INTK 0.03, -.00, -5.88%) , an emerging global leader in nanotechnology based energy saving solutions, today announced that the Company's actual revenue in the Third Quarter of 2010 was $1,229,068 US, not the approximately $1,036,047.00 US as originally reported in the press release of October 6, 2010.
"These are the best quarterly revenue numbers of any fiscal quarter since the Company's inception in 2004," stated Francesca Crolley, VP of Business Development for Industrial Nanotech, Inc. "In early 2010, we decided to increase our marketing to the manufacturing sector and it is now beginning to pay off in the form of record sales. Corporations have started taking the task of reducing energy consumption and costs very seriously for both economic efficiencies and their increased sense of environmental responsibility. They are enthusiastic about the easy-to-use and very effective solutions we offer. The response has been tremendous, with an accelerated level of interest in, and a rapid adoption rate of, our technologies into their energy saving and sustainability programs. We believe Q3 2010 is a good indicator of the direction our revenues are headed."
Crolley continues, "The correction of the revenue numbers is due to a change in accounting software systems we implemented, as required by several of our new larger multinational customers, to become EDI Compatible. EDI (Electronic Data Interchange) means a complete electronic transaction of business processes from the order entry up to the delivery, from the inventory control system of the customer to the system of the supplier. During the transition from our old system to the new system, an invoice was incorrectly transferred and was not included in the Sales Revenue number, as it should have been."
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.
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Industrial Nanotech, Inc.
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