Industrial Nanotech, Inc. Sees Signs of International Manufacturing Rebound
March 12 2009 - 8:00AM
Business Wire
Industrial Nanotech, Inc. (Pink Sheets: INTK) announced today
that the one of the Company�s exclusive distributors signed a
contract with Coats Plc, a textile manufacturer based in England,
to coat the machinery in their yarn dyehouse facility located in
Bursa, Turkey with the Company�s award winning nanotechnology based
thermal insulation and corrosion resistant products, Nansulate� EPX
and Nansulate� High Heat industrial coating. The project will
commence the week of March 16, 2009.
"This is a very important economic indicator for us. Although we
were able to maintain our five year track record of triple digit
revenue growth in 2008 despite the state of the world economy, our
projects in Turkey, including a sale of over $1,000,000 US of our
products to another textile plant in Turkey, had been put on hold
as the credit crisis accelerated,� stated Francesca Crolley, VP of
Operations and Marketing for Industrial Nanotech, Inc. �The start
of this second project, which has been planned since 2008, is a
good indicator that manufacturing levels are beginning to turn back
towards normal, at least in this region, and we anticipate
additional progress on other projects in Turkey throughout
2009.�
�Coats was one of the major customers that showed a great
interest in Nansulate EPX as soon as we introduced it,� stated Dr.
Vedat Bilgin, President of Kolorgen Ltd., the exclusive distributor
for Industrial Nanotech, Inc. in Turkey. �Our initial trials at
Coats� plant showed a significant energy saving potential. We now
have a signed contract. All yarn dyehouse machinery will be coated
with Nansulate EPX and High Heat. Once that is completed, the
project will extend to other areas of the factory as well as
factory buildings and other Coats facilities throughout Europe.
Energy saving measures have become even more important due to the
recent worldwide financial turmoil. Simply, if you don't get the
numbers right, you cannot survive."
Coats Plc is the world's largest sewing thread and needlecraft
supplies manufacturer, processor and distributor, with 25,000
employees and plants in 67 countries. The company's products are
sold in 150 countries. 2008 revenue was 1.6 billion USD.
The total value of this project to Industrial Nanotech, Inc. has
not yet been determined.
About Nansulate(R)
Nansulate(R) is the Company's patented product line of award
winning, 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, fire resistance, chemical resistance,
and lead encapsulation in an environmentally safe, water-based,
coating formulation. In 2008, Nansulate(R) was awarded "Best New
Product" in Buildernews Magazine and was listed as Qualified
Remodelers "Top 100 Products of 2008". The Nansulate(R) Product
Line includes industrial, residential, agricultural and solar
thermal insulation coatings. Additional information about the
Company and its products can be found at their websites,
(www.industrial-nanotech.com) and (www.nansulate.com). Blog:
www.nansulate.com/nanoblog, Twitter:
www.twitter.com/NanoPioneer.
About Industrial Nanotech Inc.
Industrial Nanotech Inc. is emerging as a global nanoscience
solutions and research leader and member of the U.S. Greenbuilding
Council. The Company develops and commercializes new and innovative
applications for nanotechnology.
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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