July 29, 2008
Industrial Nanotech, Inc. Continues African Oil and Gas Market Expansion, Announces New Distributor in Nigeria
Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanotechnology, continued its international expansion with the announcement today that the exclusive distributor in Africa for the Company's patented Nansulate(R) energy saving coatings, Megaros Industrial Products Inc., has signed an agreement with Henriboss Global Marketing Nigeria Inc. to represent the Company's product line in Nigeria.
"There is an abundant market for Industrial Nanotech's Nansulate energy saving coating products in Nigeria," stated Uche Mbachu, president of Henriboss Global Marketing. "With our extensive experience in marketing and promoting international products in Nigeria and West Africa, Henriboss will make Nansulate products a household name in this region."The Oil and Gas Journal estimated that Nigeria contains proven oil reserves totaling 35.2 billion barrels. The Nigerian government plans to expand its proven reserves to 40 billion barrels by 2010. In 2007, Nigeria and Angola combined exported more oil to the US than Saudi Arabia. In addition, a proven reserve of 260 trillion cubic feet of natural gas has enhanced Nigeria's strategic significance further. The country already supplies 10 percent of the world's liquefied natural gas.
"We had received several inquiries and interest in distributorship for the country of Nigeria," explained James Umekwe, President Megaros Industrial Products, Inc. "After a thorough and extensive review of all candidates, we chose Henriboss Global, located in Abuja, Nigeria with offices in Owerri, Imo State and Brussels, Belgium."
"Market penetration for the Nansulate product line is much faster in international markets when represented by local, knowledgeable companies such as Henriboss," continued Francesca Crolley, V.P. of Operations & Marketing for Industrial Nanotech, Inc. "Nigeria is an important player in the energy industry, which makes the region very interesting to us. Our well established strategy of creating a global sales and distribution platform now has the Company's products represented in over 30 countries around the world and has provided protection for the Company's revenue stream growth rate from regional economic downturns."
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, and lead encapsulation in an environmentally safe, water-based, coating formulation. The Nansulate(R) Product Line includes both industrial and residential coatings.
Nansulate(R) EPX is the Company's newest addition to their line of nanotechnology-based coatings which has a four year track record of providing energy and cost saving solutions for industry and homeowners worldwide. Nansulate(R) EPX combines superior thermal insulating ability with excellent corrosion resistance, chemical resistance, and flame resistance in the EPX-4 version, making it a unique and powerful protective coating for a wide variety of industrial and commercial plant, equipment, and building applications. The EPX product line presents a great value added proposition for industrial and OEM clients with a fast cure time, revolutionary thermal insulation performance, outstanding chemical resistance to both base and acid chemicals... including 95% concentration sulfuric acid, and long-term protection against metal corrosion in marine and deep sea environments. The coating can be applied from 1/8" thick to several inches thick.
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.