Industrial Nanotech Announces Results of September Meetings In NY and NJ With Petrobras, One of the World's Top Ten Energy Produ
October 06 2008 - 8:00AM
Business Wire
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.
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