Industrial Nanotech, Inc. Announces Expansion into China in Partnership with Company’s Saudi Arabian Distributor
December 06 2010 - 8:00AM
Business Wire
Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global
leader in nanotechnology based energy saving solutions, today
announced that the Company is expanding into China in partnership
with its distributor from The Kingdom of Saudi Arabia.
“Our distributor in Saudi Arabia is well positioned to
facilitate our expansion into China through their firmly
established and rapidly growing business interests and
relationships at the highest levels in that country,” stated Stuart
Burchill, CEO/CTO of Industrial Nanotech, Inc.
Saudi Arabia, with approximately one fifth of global crude oil
reserves and China, one of the world’s largest oil consumers, have
forged closer ties as Saudi Arabia responds to China’s rising
energy needs. China is now the main buyer of Saudi oil, and Saudi
Arabian Oil and Saudi Basic Industries are making substantial
investments in refinery and petrochemicals projects in China.
During a recent trip to Saudi Arabia, Chinese Minister of Commerce
Chen Deming stated that both countries expect to increase trade
volume to $60 billion by 2015 after the target of $40 billion,
projected for 2010, was accomplished in 2008. The partnership
between Saudi Arabia and China is part of a broader strategy by the
Kingdom of Saudi Arabia to supply Asian markets and extend their
participation in global progress.
In March of 2010, Mr. Burchill traveled to Riyadh, Saudi Arabia
for a week of meetings with leaders of industry in Saudi Arabia as
a guest of HRH Prince Abdullah bin Mosaad Bin Abdulaziz Al-Saud,
one of the Kingdom's most prominent businessmen and industrialists
and the Chairman of the Company's exclusive distributor in Saudi
Arabia, Saudi Environmental Projects, Ltd.
Mr. Burchill continued, “The close relationships developed
during my visit to Saudi Arabia, the impeccable integrity of all
their business dealings with us, the substantial resources and the
quality of the resources which our distributor there has access to
and has allocated to expanding the use Nansulate in industry,
including a team of highly educated engineers and technical staff
members, and their commitment to the commercialization of Nansulate
throughout the region combined with their well established
relationships in China made them a natural choice to be our
partners in expanding the use of Nansulate throughout China.”
In September of 2010, the vice chairman of China's National
Development and Reform Commission, Xie Zhenhua, stated that the
country will continue working to reduce the growth of its carbon
emissions. He emphasized the role of technological innovation and
that Chinese companies are researching ways to upgrade the
country's traditional industries. He added that some of the
objectives, such as reducing carbon emissions, will be made
mandatory.
About Nansulate®
Nansulate® 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® 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, Search ‘Nansulate’ on Facebook.
About Industrial Nanotech Inc.
Industrial Nanotech Inc. is a global nanoscience solutions and
research leader and member of the U.S. Greenbuilding Council, the
American Solar Energy Society, and an official ALLY organization
with the U.S. Dept. of Energy "Save Energy Now" program. 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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