Industrial Nanotech, Inc. Issues Oil and Gas Project Update
Oil & Gas Sector Expands Applications of Nansulate(R) High Performance Industrial Coatings For Energy Saving & Corrosion Resistance in Asia, Middle East, and South America
NAPLES, Fla.--(BUSINESS WIRE)-- Industrial Nanotech, Inc. (OTC-PINK:INTK), an emerging global leader in nanotechnology based energy saving solutions, today provided an update on new and existing projects for the oil and gas industry. Major companies in this sector are expanding the use of the Company's patented Nansulate(R) coatings, which combine thermal insulation and anti-corrosion performance qualities and are proven to provide long-term weather resistant protection and energy savings when applied to storage tanks, offshore platforms, above and underground pipelines and other refinery equipment. Projects involve oil and gas companies in Asia, the Middle East, and South America, as well as an equipment manufacturer for this industry.
Asia: Subsequent to the Company's announcement on July 1, 2013 about the completion of a successful trial of Nansulate(R) coated on an entire fuel oil storage tank on an offshore drilling platform in the East China Sea, the Company received a 300 gallon order to be used by the manufacturer of these fuel oil storage tanks in order to begin designing production methods to apply Nansulate(R) High Heat to the tanks as a factory applied OEM coating for all their customers.
Middle East: Nansulate(R) has successfully completed a year long trial by a government owned oil and gas company in the Middle East and the Company has been issued a formal invitation for a site visit, the final stage of product approvals. The scheduled uses for Nansulate(R) include insulation of storage facilities in extreme climates and anti-corrosion solutions for oil and gas pipelines.
South America: Nansulate(R) coatings have completed product approvals by one of the largest oil and gas provider in this region and field applications are beginning. Several products in Nansulate(R) product line will be used and applications include underground and above ground pipelines and other refinery process equipment. The company expects to see projects with additional companies in the region in the near future, based upon the positive data received from other trials going on at this time.
"We are very encouraged by what is unfolding in the oil and gas markets for our company and products," stated Francesca Crolley, V.P. Business Development, Industrial Nanotech, Inc. "We are now seeing the results of many years of very hard work by our company to establish credibility in this important global industry. Due to the vital nature of the equipment and infrastructure that oil and gas companies utilize, new product approvals typically are a long and methodical process and we have been working on these projects for years to get the point of actual implementation. Now our coatings are being adopted by more corporations in this industry and we look for that to positively impact our revenue numbers in the near future, and more importantly, give this industry the innovation that they've needed for a very long time."
Additional details of projects and case studies can be found at:
Nansulate(R) thermal insulation and asset protection coatings provide 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. You can learn more about Nansulate coatings for industry at www.nansulate.com/industry. Additional information about the company and its products can be found at www.inanotk.com and www.nansulate.com.
About Industrial Nanotech Inc.
Industrial Nanotech Inc. is a global nanoscience solutions and research leader and member of the U.S. Green Building Council. 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.
Industrial Nanotech, Inc.
Francesca Crolley, US & Canada: 800-767-3998, International: +1 239-254-0346
KEYWORDS: United States Asia Pacific North America South America Florida Middle East
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