BROOMFIELD, Colo., Nov. 02, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Industrial Nanotech, Inc. (Pink Sheets: INTK), a global nanoscience solutions and research leader, today provides a company update.
“Industrial Nanotech, Inc. will no longer be outsourcing communications with our current and potential shareholders,” states Stuart Burchill, CEO/CTO of Industrial Nanotech, Inc. “The fact is that shareholders and I want the same two things: 1) the company to continue becoming more and more successful; 2) the stock price to accurately reflect those successes in increased shareholder value.”
“Both the shareholders and I own stock,” continues Mr. Burchill. “The shareholders paid for it. I earned it by working for the past 20 years without a salary, only stock compensation. No individual or entity is more motivated for the company to be successful and the shareholder value to increase than the shareholders and me.”
Mr. Burchill concludes, “We are clearly at a moment in time when providing accurate information on a regular basis and dispelling misinformation are top priorities. Therefore, for the foreseeable future I will be the point of contact and the source of information.”
The following is a list of strategies Mr. Burchill is implementing to accomplish this objective:
1) This press release will provide a brief status update on all initiatives and deals the company has announced over the past 12 months. If nothing has changed, nothing will be noted.
2) Mr. Burchill will hold 30-minute Q&As via Zoom every Thursday from 11-11:30 a.m. Eastern Time beginning Thursday, Nov. 10, 2022. Up to 300 people can attend on a “first-come, first-served basis.” Anyone can ask questions live with no pre-screening. The only requirement is that their real name is visible and they are live on Zoom video. For those who do not currently have a camera on their computer, they are inexpensive to buy, or they can simply use the Zoom app on their mobile phone. A face on live video and a name are required to participate in the live Q&A.
3) Quarterly live shareholder presentations, similar to the ones the company has done over the past year, will continue to be held, and they will be recorded.
4) All other inquiries should be sent to invest@industrial-nanotech.com, and the CEO/CTO will reply to them within 48 hours.
The following is an update to any changes on all announced deals and initiatives over the past 12 months, listed from most recent to oldest:
- The trip to Dubai and Kuwait has been moved, with the departure date for Dubai now scheduled for Nov. 20. This change was agreed to by the company and its customers in the region to allow more engineers and executives of the oil and gas companies in Kuwait to attend. The contractor the company is working with in Kuwait is setting up the event in an auditorium at the Hilton Kuwait, where Mr. Burchill will present the products to government and oil and gas industry leaders and answer questions. The event will be recorded and made available on the company’s website. This region is thriving economically, and the company is grateful for the multiple substantial opportunities it has been awarded there. The company’s first project there is US$22 million dollars in revenue, and larger projects are scheduled to follow.
- In the legal matter regarding Aaron John Kemble and disinformation, the company is being represented by the law firm of Akerman LLP, based in Fort Lauderdale, Florida, and the company is proceeding as announced. In addition, the company is retaining a cybersecurity firm to identify the names of and information about other individuals and entities engaging in disinformation so that the company may directly proceed to protect the interests of its shareholders against disinformation, whether intentional or unintentional.
- The company is scaling up production of the recently announced SteelTile™ product for steel mills, with full production capacity sufficient to meet demand expected to be in place by the end of Q1 2023.
- The company is on schedule to have the new manufacturing facility near Dusseldorf, Germany, up and running by the end of Q4 2022, as announced.
- The process of introducing the company’s new SteelTile™ product to Tata Steel and ArcelorMittal S.A. is continuing, and updates are expected to be available about these projects in Q2 2023.
- The company’s offices in Dubai are open and continue to produce more and more substantial deals in Dubai, Abu Dhabi, Kuwait and Riyadh, Saudi Arabia. The company will be adding people to the team there over the next few months, including a director of business development.
- The company will not be using the PCAOB audit firm that was announced two months ago. There was a distinct difference between information in email correspondence the company received from a member of that firm and statements that were made to individual shareholders by another member of that firm. The company is looking for organizational efficiency and structural integrity in an auditor and is now interviewing PCAOB auditors and will promptly announce the firm that is chosen.
- The start of the company’s previously announced project with railroad cars was challenged by the logistics of retrofitting railroad cars with the company’s insulation coatings. A faster way of getting it done had to be created. Fortunately, that was accomplished with the SteelTile™ product, and this initiative will be restarted at the end of Q1 2023 when SteelTile™ full production is in place.
- The company continues to increase marketing to make the marketplace aware that Syneffex products are now available through Lowes. Negotiations are underway with another multinational paint retailer to make the company’s products available in their stores, but price remains an obstacle, and there is no timeline for this issue to be resolved.
- The company is discontinuing the Finder’s Fee Program for shareholders. The company welcomes individuals and entities to participate in the two programs that have been in place for 18 years: the Exclusive Distributor Program and the Independent Representative Program.
- The stock buyback program was delayed due to issues with the broker that had agreed to execute the buyback. The company is still planning to execute an aggressive stock buyback and is currently in discussions with brokerage firms to execute the stock buyback.
- The company’s projects in Italy have not grown at the rate anticipated. Fortunately, the sales the company has produced and continues to produce throughout the rest of Europe have more than offset this. The company is still very confident in Spain and France as two of its key markets with the most potential to continue producing substantial revenue streams, second only to Germany and England. The company is partnering with a toll manufacturer in Spain to serve France and Spain.
- The company continues to aggressively pursue the opportunity with Exxon and its pending projects with Flint Hills Resources. It is projected that these deals will begin to mature and reach critical mass in Q1 2023.
- Industrial Nanotech’s projects in Mexico continue to move forward at a pace that is typical of the region, and the company continues to patiently participate in the process of implementation that seems to be the modus operandi of the region. The company remains highly confident that Mexico in particular and South America in general will mature into one of the company’s most significant markets.
- Barcelona, Spain, and Marseilles, France, remain two of the company’s international focal points; the company is researching and developing a strategy for these regions and expects to have offices and sales teams established in each of these cities by the end of Q1 2023.
- Industrial Nanotech’s projects with GRTgaz in France are now being handled by Kevin Buchler, the company’s recently hired sales professional in London, England. Buchler’s ability to spend time in Paris with GRTgaz’s teams will accelerate implementation of the technology created for GRTgaz.
- The company’s EPX-H2O plant, scheduled for opening in Turkey, will not be up and running until the end of Q1 2023 due to supply chain and logistical issues.
- The company will not be pursuing the South Korean shipbuilding industry for the foreseeable future due to the extensive and time-consuming certification processes. The company will revisit this opportunity at the end of 2023.
- The company will not be pursuing the previously announced heavy equipment manufacturing OEM deal due to the limited total sales volume.
- The company’s oil spill neutralizing product and TalkingPaint will each have their own management and marketing teams by the end of Q1 2023, and the company expects these products to begin realizing their potential in Q2 2023.
- The completion of the company’s new website has now been brought in-house and under the direct supervision of the CEO/CTO, Mr. Burchill, and he is committed to a completion date no later than the end of Q1 2023.
The company’s Q3 financials, reporting the continued increase in record revenue growth, will be published on OTCMarkets on schedule before Nov. 15, 2022, as required to remain Current Information Status.
Industrial Nanotech, Inc. is a global nanoscience solutions and product development leader.
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/update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
Investor Contact: Ella De los santos
invest@industrial-nanotech.com
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