Industrial Nanotech (PK) (USOTC:INTK)
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Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader
in nanotechnology, today announced that Petrobas, the second largest
company in Latin America, is sending a team from Brazil to meet with the
Company’s CEO/CTO and PhD Technical Group. The
meetings will include six days at Industrial Nanotech’s
laboratory in New Jersey and meetings in New York to discuss ongoing
projects along with additional future ventures.
Four members of the management and engineering departments from
Petrobras headquarters in Rio de Janeiro will be meeting with the
CEO/CTO of Industrial Nanotech, Inc., Stuart Burchill, and his R & D
team in New Jersey beginning September 7th, 2008 for three days at the
Company’s laboratory facilities. Afterwards,
they will spend another three days with Mr. Burchill in New York city to
discuss a list of topics ranging from product delivery schedules and
locations to Petrobras’ expressed interest in
a joint venture to build a manufacturing facility for the Company’s
products in Brazil to meet their needs.
“As we previously announced, we have been
working for some time with Petrobras to replace their current pipeline
protective coating protocols and materials with our patented protective
coating system and to incorporate our products into their newest
pipeline installation, with a projected value for Industrial Nanotech
from 3.7 million dollars US to over 5.8 million dollars US for the first
project,” stated Stuart Burchill, CEO/CTO of
Industrial Nanotech, Inc. “This is a very
significant change for them. It has taken two years of work with
Petrobras on product application specifications, including my two visits
to their headquarters in Rio De Janeiro and a three day tour of ongoing
pipeline installation projects in the rural northern region of Brazil.
The upcoming visit to our facilities, the meetings with our PhD
chemists, and my meetings with them in New York are a breakthrough step
and should provide a more specific time frame for the beginning of these
projects.”
Burchill also said that the recent launch of the company’s
new EPX product line prompted Petrobras to send a team to spend a week
with Industrial Nanotech’s management
exploring new areas of business in other sectors of their Brazilian
onshore and offshore projects and other locations throughout the world.
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.