Industrial Nanotech Announces Results of September Meetings In NY and NJ With Petrobras, One of the World's Top Ten Energy Produ

  
    
  
  
    
      Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader 
      in nanotechnology, today announced the results of the recent visit by a 
      team from Petrobras’ headquarters. Petroleo 
      Brasileiro SA, or Petrobras, is the Brazilian oil & gas producer and one 
      of the world’s largest oil and gas companies. 
      The team from Petrobras spent ten days with members of Industrial 
      Nanotech’s research scientists, business 
      development team, and management at the Company’s 
      laboratory in Union, NJ and in meetings in New York, NY from September 
      8-17. The meetings were originally scheduled to run from September 8-12, 
      but were extended to Sept 17th at the request of the Petrobras team.
    
    
      “The team from Petrobras has informed us that 
      they have made the decision to use our new Nansulate EPX product instead 
      of the previously chosen Nansulate HH product,” 
      stated Stuart Burchill, CEO/CTO of Industrial Nanotech, Inc. “In 
      fact, they were so astonished by the multiple performance capabilities 
      of EPX that they were taking video clips of the demonstrations at our 
      laboratory to email to associates in different departments back at their 
      headquarters in Rio de Janeiro, Brazil.”
    
    
      The Company received written confirmation this past Friday from 
      Petrobras of the new EPX product volume estimate and timeline. No 
      projects will be beginning until early 2009 due to the internal 
      certification process of EPX necessary prior to purchase. New projects 
      are being added. The new estimated total value of the projects has 
      increased from approximately 5.8 million dollars US to over 20 million 
      dollars US.
    
    
      Mr. Burchill continues, “Obviously, the 
      additional delay in a deal we have been working on for years, caused in 
      part by their decision to switch from using Nansulate HH to Nansulate 
      EPX, is disappointing in terms of our near term revenue objectives, but 
      we all recognize that delays in major oil and gas infrastructure 
      construction projects are not unusual and the increase in project 
      numbers and size is reassuring in terms of the scale of our future in 
      the oil and gas industry in general. We are also currently in early 
      stage discussions about the use of our new Nansulate EPX with BP, Exxon 
      Mobil, ConocoPhillips, and Bredero Shaw...a global leader in industrial 
      pipe coating with more than twenty seven pipe coating facilities on six 
      continents. This is a time consuming and tedious process, but we believe 
      the results will be worth the patience and effort required to gain entry 
      into this lucrative market sector and getting it right is the critical 
      component to our long term success with these major international oil 
      and gas companies.”
    
    
      Petrobras, short for Petroleo Brasileiro S.A., is a government-owned 
      Brazilian oil company and one of the world's largest oil companies. The 
      company controls oil and power industries assets and related business 
      activities in 16 nations throughout Africa, North America, South America 
      and Asia. According to Petrobras President Sergio Gabrielli, their 
      recent major offshore oil discovery, including the Tupi field, would 
      give Brazil the world's eighth-largest oil and gas reserves.
    
    
      About Nansulate(R)
    
    
      Nansulate(R) is the Company's patented product line of 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, lead 
      encapsulation, chemical resistance, and fire resistance in an 
      environmentally safe, water-based, coating formulation. The Nansulate(R) 
      Product Line includes both industrial and residential coatings.
    
    
      Nansulate EPX is a water based epoxy system which has an industry high 
      thermal insulation capability combined with exceptional fire resistance 
      and excellent chemical and corrosion resistance. Nansulate EPX also 
      provides the ability to be applied from one eighth inch thick to several 
      inches thick, a rapid cure time, durability in severe service 
      environments, and is a strong, very light weight, easy-to-apply material.
    
    
      About Industrial Nanotech Inc.
    
    
      Industrial Nanotech Inc. is quickly emerging as a global nanoscience 
      solutions and research leader. The Company develops and commercializes 
      new and innovative applications for nanotechnology. Additional 
      information about the Company and its products can be found at their 
      websites, (http://www.industrial-nanotech.com) 
      and (http://www.nansulate.com).
    
    
      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.