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Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanoscience energy saving solutions, announced today that they have received a 2,973 gallon order from Montaco, the industrial contractor awarded the bid to install the Company's patented Nansulate® Translucent PT insulation and corrosion control coating on fuel oil tanks at the Porto refinery in Portugal, also known as Matosinhos refinery, owned by Galp Energia. This order represents a sale amount of over $225,800 and follows a prior order last year from another Porto refinery project where the coatings were specified for insulation and corrosion prevention of an oil pipeline.
"This project was specified last fall. We are pleased to see this project underway for insulation and corrosion control of large fuel oil storage tanks," stated Francesca Crolley, V.P. of Business Development for Industrial Nanotech, Inc. "Part of our long-term strategy was to have Nansulate® insulation technology specified as the insulation and corrosion control product of choice in both industrial and building projects worldwide. Over the past seven years in applications worldwide, Nansulate® has achieved a solid track record of superior performance, outstanding durability, and exceptionally rapid return on investment. Nansulate® has gained recognition in many industry sectors as the next generation of insulation and surface protection. We look forward to also forging a relationship with Montaco, a well-known industrial contractor in their country who specializes in anti-corrosive treatments, concrete protection, rehabilitation of equipment and buildings, and construction and specialty painting. We anticipate additional projects, in which Nansulate® is the specified product solution, being awarded through a bid process and commencing this year in other countries."
Galp Energia SGPS SA, Portugal's biggest oil company, plans to invest 5.2 billion euros ($6.5 billion) through 2013 as it develops projects including Tupi, the biggest oil discovery in the Americas in three decades. Galp plans to spend 2.2 billion euros on its refining and marketing division, mostly on conversion projects at its Sines and Porto refineries as it tries to increase diesel output and improve refining margins. Galp Energia acquires from several suppliers the crude oil that is processed in its refineries at Sines and Porto. These refineries have a total refining capacity of 310 thousand barrels of crude oil a day, or 20% of the Iberian Peninsula's refining capacity.
About Industrial Nanotech, Inc.
Industrial Nanotech Inc. is a global nanoscience solutions and research leader and member of the U.S. Greenbuilding Council and an official ALLY organization with the U.S. Dept. of Energy "Save Energy Now" program. The Company develops and commercializes new and innovative applications for sustainable nanotechnology which are sold worldwide.
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, Facebook: www.facebook.com/Nansulate.
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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