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Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanoscience energy saving solutions, announced today that they have begun shipment of 2,973 gallons of the Company's patented Nansulate® Translucent PT insulation and corrosion control coating to industrial contractor, Montaco, who will be applying the product on fuel oil storage tanks at the Porto refinery in Portugal beginning late August through September 2011. The Porto refinery is also known as Matosinhos refinery, owned by Galp Energia. This order represents a sale amount of over $225,800.
"This is our second project at Galp Energia's Matosinhos refinery. We fulfilled an order for our first project there last year to insulate and prevent corrosion on an oil pipeline. This recent order will be used to insulate and protect vital fuel oil storage tanks", stated Francesca Crolley, V.P. of Business Development for Industrial Nanotech, Inc. "As a result of the two projects at the Matosinhos refinery, we have now received other requests for refinery and biofuel project specifications, including one for a 185,000 m3 bunkering terminal and another for 6000 m2 fuel storage tanks. Nansulate® coating technology represents an innovation in insulation, combining thermal barrier properties with corrosion control, UV and moisture resistance, to provide a long-term and durable solution that maintains its integrity over time. It's a natural fit for refineries of all types, from oil and gas to biofuel and biodiesel, to reduce energy costs while also lowering maintenance costs for their equipment. Additionally, it is an example of a nanotechnology based invention that is from U.S. ingenuity, U.S. manufactured, and is helping reduce energy consumption and provide protective solutions around the world. "
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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Industrial Nanotech, Inc.
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