Industrial Nanotech, Inc. Establishes Distribution Network in South Korea For Company’s Award Winning Energy Saving Protect...
March 10 2010 - 8:00AM
Business Wire
Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global
leader in nanoscience solutions, today announced that the Company
has entered into an agreement with Intas Co. Ltd. to serve as the
Company’s exclusive distributor for The Republic of Korea. Over the
past 10 years, Intas has developed a network of 250 resellers
throughout South Korea and has established itself as a premier
provider of leading edge energy efficient technologies to the
industrial, medical, commercial and consumer markets in the
region.
The largest of the Four Asian Tigers, the economy of South Korea
is the fourth largest in Asia and 13th largest in the world.
According to preliminary data provided by the Ministry of Strategy
and Finance, the nation's GDP amounted to approximately $820
Billion US in 2009. South Korea is the world's largest shipbuilder
and the fifth largest automobile maker in the world. Its capital,
Seoul, was named the world's sixth most economically powerful city
by Forbes in 2008. South Korea is currently pursuing many
multi-billion dollar developments including the Digital Media City
in Seoul, Centum City in Busan and Songdo International City in
Incheon. In 2009, South Korea became the world’s eighth largest
exporter. It is also the third largest trading partner of China and
Japan and the seventh largest trading partner of the United States.
While most other countries fell into recession or staved off
collapse during the past 18 months by putting themselves in
tremendous debt, South Korea is already back to robust growth. The
economy is expected to expand this year by 4.7 percent, with a
budget deficit of just 2 percent of output.
“We are looking forward to working with Intas to expand the
reach of Nansulate coatings for energy savings and asset protection
in South Korea,” stated Francesca Crolley, V.P. of Business
Development for Industrial Nanotech, Inc. “After their initial
inquiry in mid-January of 2010, Intas President Tony Seong,
accompanied by Jae-Young Kim from their sister company, Sein
Electric, traveled to the United States to meet with us on February
22nd. We were impressed by their previous successes and their
innovative plan to capitalize on the increasing energy conservation
regulations in their country and focus on energy efficiency. On
March 8th, 2010, they purchased the exclusive rights to distribute
Nansulate in South Korea under our standard Exclusive Distributor
Agreement. They have an established network and presence in
industrial and consumer markets. Their current product offerings
include smart switches, industrial panel PCs, PV (photovoltaics),
BIPV (building integrated photovoltaics), and energy management
systems for power control and surveillance. Their aggressive
strategy to incorporate our patented Nansulate energy saving
technology into their energy efficiency packages, as well as their
energy micro-grid projects, is expected to further accelerate
growth and adoption in this market.”
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 sustainable
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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