NAPLES, Fla., April 20, 2006 (PRIMEZONE) -- Industrial Nanotech (Pink Sheets:INTK) is pleased to announce that the Company will post record sales for the first quarter ended March 30, 2006. The Company recorded revenues of $112,727 for Q1 2006, representing a 438% increase over revenue for the same period in 2005. Sales for the first quarter of 2006 were equivalent to 60% of total sales for the entire fiscal year 2005 which were $186,863. Industrial Nanotech has demonstrated significant revenue growth year-over-year since its inception, with 2005 sales showing an increase of 241% over sales for the fiscal year 2004.
Additionally, Management of Industrial Nanotech reports that the Company will begin posting audited financials in May 2006 at which time they will provide audited financials for the Fiscal years 2004 and 2005. Industrial Nanotech's detailed financials for the first quarter 2006 will be made available on www.pinksheets.com in the coming weeks.
"We are pleased to once again report exponential revenue growth due to the continual increase in sales of Nansulate for a wide range of industrial and consumer applications. The combined performance qualities of energy savings through thermal insulation, workplace health and safety through resistance to mold growth, and increased plant and equipment lifespan through extraordinary corrosion resistance have positioned our coating as the product of choice for a multitude of applications and market sectors worldwide," commented Stuart Burchill, Chief Executive Officer of Industrial Nanotech.
Mr. Burchill added, "As we maintain our focus on increasing the growth rate of our general retail sales, we are continuing to make significant progress in our negotiations with large corporations in the residential and commercial building materials markets, the international "big box" retail chains and the oil, gas, chemical, and automobile industries. The size of potential orders by these corporations can propel our sales revenue to levels far beyond what we have achieved to date. Going forward, we will report fully audited financials in order to exhibit transparency of our operations and position the Company to move to a larger exchange in the future."
About Nansulate(tm)
Nansulate(tm) is a water-based tinted or translucent insulation coating containing a nanotechnology based material. The coating's ability to resist mold, prevent corrosion and provide thermal insulation is well-documented. The Company and its licensed distributors distribute Nansulate(tm) products worldwide.
About Industrial Nanotech Inc.
Industrial Nanotech Inc. is a global nanoscience solutions and research leader. The Company develops and commercializes new and innovative applications for nanotechnology by participating with world-leading scientists and laboratories, including the U.S. Center for Integrated Nanotechnology (CINT) and Princeton Polymers Laboratories.
See www.industrial-nanotech.com for more information.
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.