Industrial Nanotech, Inc. Signs Agreement with Member of Saudi Royal Family for Sales and Distribution in Saudi Arabia
August 17 2009 - 8:00AM
Business Wire
Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global
leader in nanoscience solutions, today announced that the Company
has signed an agreement with the Chairman of Saudi Environmental
Projects, Ltd., HRH Prince Abdullah bin Mosaad Bin Abdulaziz
Al-Saud, for the sales and distribution of the Company's patented
product line of award winning, energy saving protective coatings
containing a nanotechnology based material and which 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. The Nansulate(R) Product Line
includes industrial, residential, agricultural and solar thermal
insulation and asset protection coatings.
“We had been in discussions with several companies from the
region since March of 2009,” states Stuart Burchill, CEO/CTO of
Industrial Nanotech, Inc. “At the invitation of HRH Prince Abdullah
bin Mosaad, I met with him at the residence he owns in Beverly
Hills, CA, on July 16, 2009. The conversation was remarkably
friendly, candid, informative and productive. I was very impressed
with the vision presented for the future of Saudi Arabia as an
environmentally conscious global hub of manufacturing, industry and
finance, the level of financial commitment towards that objective
now being allocated from their current revenue stream, and the
tremendous potential for our products to participate. The agreement
was signed at the meeting. I look forward to the many opportunities
this ongoing relationship presents and to discussing future joint
ventures and projects together during my visit with the Prince in
Saudi Arabia which I have scheduled at his request.”
HRH Prince Abdullah bin Mosaad Bin Abdulaziz Al-Saud is one of
the Kingdom's prominent businessmen and industrialists. He is the
founder and chairman of the largest paper manufacturing and
processing paper industrial facilities outside the USA, Europe and
Japan. He is the Chairman and CEO of The Saudi Paper Manufacturing
Group, which includes the Saudi Paper Manufacturing Company, the
Saudi Recycling Company, and the Saudi Company for Environmental
Enterprises. He is active in other fields and activities in the
trade, services and investments sectors in Saudi Arabia and
internationally. He travels extensively and works with other
prominent businessmen from around the world to promote trade and
understanding between Saudi Arabia and the other countries.
The mission statement of the Saudi Arabian General Investment
Authority (SAGIA) is “Positioning Saudi Arabia among the top ten
most competitive nations by 2010 through the creation of a
pro-business environment, a knowledge-based society, and by
developing new, world-class Economic Cities.” At a cost of more
than $60 billion, Saudi Arabia has planned and begun constructing
four major metropolitan cities designed to be global economic and
manufacturing centers. The Kingdom’s vision for the Economic Cities
is to contribute more than $150 billion US in annual GDP, to create
over a million jobs, and to become home to 4-5 million residents by
2020. Strategically located around the Kingdom to utilize regional
strengths, these cities will feature modern building design and
will make use of the most advanced digital and technical
infrastructure and world-class services. The Economic Cities are
being developed based on smart design principles and SAGIA is
working with leading environmental institutions to ensure that the
Economic Cities are developed with the environment in mind. The
goal of SAGIA is to position the Economic Cities as global leaders
in commerce and industry, strategically located between East and
West, and as environmental leaders by using Leadership in Energy
and Environmental Design (LEED) to minimize negative environmental
impacts and promote energy efficiency and sustainable
development.
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. 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 a global nanoscience solutions and
research leader and member of the U.S. Greenbuilding Council and
the American Solar Energy Society. The Company develops and
commercializes new and innovative applications for nanotechnology
which are sold worldwide.
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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