NAPLES, Fla., Aug. 23, 2006 (PRIMEZONE) -- Industrial Nanotech (Pink Sheets:INTK), a company that specializes in nanotechnology innovation and product development, today announced that the Company has accepted an offer by Hangzhou Northstar Power Engineering Co, Ltd. (NPEC) to represent and distribute the Company's Nansulate line of coatings in China. Hangzhou NPEC is a privately owned Chinese company based near Shanghai that provides industrial supplies for the oil and gas industry, power plants, and civil infrastructure projects.
The company is a leading manufacturer and trader in China with a long history of servicing industrial sectors whose potential market size for Industrial Nanotech's Nansulate line of insulative and anti-corrosive coatings is substantial. Key executives from Hangzhou NPEC are scheduled to travel from China to Industrial Nanotech's corporate headquarters during the first week of September for training on its product lines' applications.
China is the second largest energy consumer in the world, behind the United States, with building energy consumption (heating, cooling, ventilation, and lighting) accounting for 28% of the country's total energy consumption due to the fact that most buildings in China were built without insulation. As a member of the Kyoto Protocol, China has committed to taking active measures to cut energy usage in residential and commercial buildings. It is estimated that 99% of the 40 billion square meters of building surface area in China are considered high energy usage buildings, needing insulation retrofit to satisfy the country's energy conservation objectives.
"Hangzhou Northstar has presented us with one of the most detailed and comprehensive business plans for our coatings to capture market share that we have received to date. China is obviously a very important and large market that has been a target of our international expansion efforts for some time now, particularly considering our commercial success abroad thus far," stated Francesca Crolley, VP of Operations and Marketing. "We feel confident that we have found a partner in that region who is willing and able to commit the financial and human resources necessary to successfully market and distribute Nansulate on a grand scale."
About Nansulate(tm)
Nansulate is a product line of water-based translucent insulation coatings containing a nanotechnology-based material. Nansulate PT is a direct to metal coating for pipes, tanks and other metallic substrates and Nansulate GP is a general purpose formulation designed for wood, fiberglass and other non-metal 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. The coatings' ability to resist mold, prevent corrosion and provide thermal insulation is well-documented.
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.