NAPLES, Fla., Sept. 26, 2006 (PRIMEZONE) -- Industrial Nanotech (Pink Sheets:INTK), a company that specializes in nanotechnology innovation and product development, today announced that Brazilian Oil and Gas giant, Petrobras, has formerly requested specifications for an application of the Company's thermally insulating and corrosion resistant coating, Nansulate, for a pipeline project consisting of one hundred and five miles of eighteen inch diameter pipe to be constructed in Brazil.
Following a series of meetings between Industrial Nanotech's representative in Brazil and Petrobras, the oil company requested that the Company's CEO and inventor of Nansulate, Stuart Burchill meet with several of its senior engineers at Petrobras' headquarters in Rio de Janeiro. Additionally, Industrial Nanotech had provided in-depth technical information and performance data prior to the scheduling of the meeting.
"Our recent meetings with Petrobras, including the visit by Mr. Burchill to their offices in Brazil, have culminated in this pipeline project being chosen for the utilization of Nansulate. Additional projects discussed include tankers, existing refineries, oil platforms, and two new state-of-the-art refineries that Petrobras will be building," stated Industrial Nanotech's VP of Operations and Marketing, Francesca Crolley.
"Application specifications will be provided to and reviewed by their engineers on a project by project basis and will form the general application guidelines for Nansulate throughout Petrobras' operations. While we are in the process of outlining a specific timeline for the delivery of Nansulate for this project, we anticipate that it will begin in 2007," added Ms. Crolley.
Petrobras, short for Petroleo Brasileiro S.A., is a government-owned Brazilian oil company that is one of the fifteen largest oil companies in the world, leading the oil and gas sector in the development of the most advanced deepwater and ultra-deep water technology for oil production. The company controls oil and power industries assets and related business activities in 16 nations throughout Africa, North America, South America and Asia.
About Nansulate(tm)
Nansulate is a product line of water-based translucent insulation coatings containing a nanotechnology-based material well-documented to provide thermal insulation, prevent corrosion and resist mold. The entire Nansulate Product Line includes: Nansulate GP, Nansulate PT, Nansulate Chill Pipe, Nansulate High Heat, Nansulate HomeProtect ClearCoat and HomeProtect Interior, and Nansulate LDX.
Nansulate GP is a general purpose formulation designed for wood, fiberglass and other non-metal substrates and Nansulate PT is a direct to metal coating for pipes, tanks and other metallic substrates. Coatings that target extreme industrial environments include Nansulate Chill Pipe designed for low temperature applications on pipes and tanks and Nansulate High Heat designed for high temperature applications. Nansulate HomeProtect ClearCoat and HomeProtect Interior are designed for residential and commercial buildings and Nansulate LDX is designed for lead encapsulation applications.
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 that address real-world needs through its funding of and participation in research with world-leading scientists and laboratories, including the U.S. Center for Integrated Nanotechnology (CINT) and Princeton Polymers Laboratories.
The Industrial Nanotech, Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1701
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.