September 10, 2008
Industrial Nanotech Million Dollar Order for Textile Plant Resumes – Nansulate(R) EPX to Replace Nansulate(R) High Heat for Balance of Shipment
Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanotechnology, today announced that the Company's Turkish Distributor, Kolorgen, Ltd., is filling the balance of the order for the Denizli Basma ve Boya Sanayii a.s. (DEBA) textile plant with the Company's revolutionary new patented product, EPX-4. The Company had previously announced the order as ten sea containers of Nansulate(R) High Heat, which equated to $1,071,000.00 US in revenue to the Company. The change to EPX-4 for the balance of nine sea containers increases the value of the order to Industrial Nanotech to approximately $1,493,100 due to the higher price of EPX-4.
"When the technical data for EPX-4 was released several months ago, Dr. Vedat, President of Kolorgen, Ltd. requested that we postpone shipment of the balance of the 10 containers of Nansulate High Heat he had ordered for the DEBA textile plant project while he evaluated the EPX-4 product with his customer," stated Francesca Crolley, VP of Operations and Marketing for Industrial Nanotech, Inc. "We delivered 300 gallons of EPX-4 by expedited air freight to him and we have now received a request for the delivery date of the first sea container of the EPX-4 product. We anticipate beginning the fulfillment of the balance of these shipments in October.
"Nansulate(R) EPX is the Company's newest addition to their patented 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-4 is a water-based epoxy system that combines superior thermal insulation with excellent corrosion protection, chemical resistance, and flame resistance, making it a unique and powerful protective coating for a wide variety of industrial and commercial plant, equipment, and building applications. The coating can be applied from 1/8" thick to several inches thick. Additional information is available at "http://www.EPX4.com/" www.EPX4.com.
This is an update to the previously announced shipment schedule of the Company's patented Nansulate energy saving protective coatings to Kolorgen, Ltd., the Company's distributor in Turkey. The product is being applied at the Denizli Basma ve Boya Sanayii a.s. (DEBA) textile plant to reduce energy consumption and protect against corrosion of equipment in their textile facility, one of the region's largest.
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, and resistance to mold growth in an environmentally safe, water-based, coating formulation. The Nansulate(R) Product Line includes both industrial and residential coatings.
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.