|By Business Wire||
|April 14, 2014 08:08 AM EDT||
Industrial Nanotech, Inc. (OTC-PINK INTK), an emerging global leader in nanotechnology based energy saving solutions, today announced that the Company has received its first major order for Pemex, the Mexican state-owned petroleum company. The order is for approximately $153,700.00 of two of the company’s industrial thermal insulation products; Nansulate(R) High Heat thermal insulation and corrosion prevention coating and Nansulate(R) EPX thermal insulation and chemical and flame resistant coating. Nansulate(R) will be delivered to the job site by April 30, 2014 and will be used on a pipeline project. Both products perform well in harsh outdoor severe service environments. This is the first and smallest of the near term projects pending for the Company with Pemex.
Francesca Crolley VP of Business Development for Industrial Nanotech, Inc. stated, “We began working with Pemex in 2009 to educate their engineers, specifiers, approved contractors, and technical executives on the well-documented energy saving benefits of Nansulate and its unique ability to be applied easily and cost effectively and to withstand the severe service environments prevalent in the oil and gas industry without degradation or failure of effectiveness. We appreciate the time and effort invested by our research partners, Pemex staff, and our dedicated and persistent team in Mexico for all the hard work that has led to this success.”
Ms. Crolley continued, “We have reason to believe that this project, combined with our recent success with China Petroleum and Chemical Corporation (Sinopec) on an offshore drilling rig to replace outdated rock wool insulation, with Enap Sipetrol on an oil pipeline on an offshore drilling platform in Argentina, and with Galp Energia, the Portuguese oil & gas company, on two projects over an oil and gas pipeline and four large fuel oil storage tanks, which totaled over $243,000 worth of product (see project details at link below), marks the beginning of a rapid expansion of our sales to the oil and gas industry in the US and internationally.
Pemex is the Mexican state-owned petroleum company created in 1938. It is the world’s second largest non-publicly listed company by total market value, and Latin America’s second largest enterprise by annual revenue as of 2009.
Nansulate(R) is the Company's patented product line of award winning, specialty coatings containing a nanotechnology based material and which provide the combined performance qualities of energy savings, thermal insulation, corrosion resistance, prevention of CUI, moisture resistance, chemical resistance, and other protective benefits. The coatings are low VOC, water-based, and sustainable.
About Industrial Nanotech Inc.
Industrial Nanotech Inc. is a global nanoscience solutions research and development leader. The Company develops and commercializes new and innovative applications for sustainable nanotechnology which are sold worldwide, including Nansulate(R) thermal insulation and asset protection coatings.
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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