NAPLES, Fla., July 6, 2005 (PRIMEZONE) -- Industrial Nanotech Inc., (Pink Sheets:INTK), an emerging nanotechnology-based solutions provider, announces that a Central American Import and Export company has joined their international distribution network for the Nansulate Translucent product line. The distributor will possess the rights to sell the Company's nanomaterial based industrial coatings in Guatemala, El Salvador, Belize, Honduras, Nicaragua, Costa Rica and Panama.
"Central America has the potential to become a lucrative market for our industrial coatings as it serves as a transit center for oil tankers and is home to some of the largest oil pipelines in the world. Nansulate Translucent is a high performance thermal insulator that prevents corrosion under insulation, a debilitating and very costly problem that is difficult to detect in pipelines. The continual expansion of our international distribution network positions our product lines for rapid market penetration worldwide," commented Laurie Scherock, President of Industrial Nanotech.
Corrosion is a problem in all facets of the oil and gas industry. Direct corrosion costs are $1.4 billion/year in oil and gas exploration and production, $3.7 billion/year in petroleum refining, $7.0 billion/year in gas and liquid transmission pipelines and $5.0 billion/year in gas distribution, according to a study by CCTechnologies, in cooperation with NACE International. Corrosion was the major cause of pipeline failures in the Gulf of Mexico and reportable incidents in North America requiring over $1 billion in repairs in one pipeline alone.
The Nansulate Translucent product line is being positioned as a solution to Corrosion Under Insulation (CUI). The translucent characteristic of the coating allows for visual inspection of the substrate without having to remove the coating, making it well suited for use in large industrial markets such as maritime, petroleum refinery, gas and liquid transmission pipelines and shipbuilding. The coatings utilize nanotechnology to prevent Corrosion Under Insulation, whereas many of the insulations currently in use actually cause the problem of CUI.
About Industrial Nanotech Inc.
Industrial Nanotech Inc. produces and sells high performance coatings primarily designed for the heavy industry, manufacturing and shipping markets. The Company conducts nanoscience-related research in advanced materials and industrial applications at facilities in New Mexico, Colorado, and New Jersey. Products are available directly from the company or through a rapidly growing worldwide network of exclusive distributors. Industrial Nanotech currently has distributors in countries throughout the world including Australia, Canada, Mexico, Japan, China, Korea, Norway, Columbia, Argentina, and Brazil.
For corporate and product information, please visit www.industrial-nanotech.com.
The company logo for Industrial Nanotech Inc. is available at: http://www.primezone.com/newsroom/prs/?pkgid=1701
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.