Industrial Nanotech, Inc. Continues African Oil and Gas Market Expansion, Announces New Distributor in Nigeria
July 29 2008 - 8:00AM
Business Wire
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� 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.� 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, 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.
Industrial Nanotech (PK) (USOTC:INTK)
Historical Stock Chart
From Jul 2024 to Jul 2024
Industrial Nanotech (PK) (USOTC:INTK)
Historical Stock Chart
From Jul 2023 to Jul 2024