DETROIT, Feb. 13, 2013 (GLOBE NEWSWIRE) -- Nano Labs Corp. (OTCQB:CTLE), a nanotechnology research and development company focused on creating a portfolio of advanced products that could provide benefits to a variety of industries including consumer products, energy and healthcare, is pleased to provide an update on The Africa Summit 2013, held in London, England on February 5, 2013, a conference attended by Dr. Victor Castano, Nano Labs' Chief Innovation Officer.
The Africa Summit was a by-invitation-only conference examining the world's new economic engine hosted by The Economist Group. Around 150 business leaders, investors and public policy-makers attended the conference and explored the latest commercial opportunities across the African continent.
"The countries of East Africa represent one of the fastest growing GDP's in the world based on rapid population growth and the development of a very large middle class. Between 2000-2008 the GDP per capital increased by 51%, in sub-Saharan Africa and is expected to reach an astounding $1 trillion USD by 2020," stated Dr. Castano. "Also, adding to the rapid growth in Africa is the $30 billion USD per annum of foreign aid coming into the region from development banks and the formation of a new development bank operated by the BRICS countries in the amount $50 billion USD and the inter-African trade representing almost $2.6 trillion USD."
Dr. Castano continued: "Nano Labs suite of product opportunities were very well received by the conference participants as they relate to the efficient utilization of infrastructure in the African continent. The development of housing and other real estate projects, along with the improvement in energy efficiencies and farming practices are all issues that are very important in Africa. Nano Labs' technologies have a significant and directly positive impact on new products that participating African business leaders are interested in."
"Africa has a growing middle class of 300 million people of which are earning an average daily wage of $20/day USD, with the lower class earning $2/day. The major issues being faced in Africa include health and sustainability. Nano Labs primary focus will be introducing the nano coating product to the residential sector which will enable comfortable living for the population, and the introduction of our agricultural products to assist in the growing demand for self-sustainable agricultural development."
"Following up on business development opportunities uncovered at the African conference will be a top priority for Nano Labs and we are very excited about the relationships that were established in London last week," concluded Dr. Castano. "We look forward to updating our shareholders in the near future."
About Nano Labs
Nano Labs Corp. (CTLE) is a nanotechnology research and development company which began during October 2012, but is able to access resources that encompass nearly 30 years of research and development in nanotechnology as well as hundreds of peer-reviewed and published research papers and other scholarly material. The Company's research and development team of scientists, designers, and engineers is focused on creating a portfolio of advanced products that could provide benefits to a variety of industries including: (i) consumer products, (ii) energy, (iii) materials, and (iv) healthcare. Through the use and integration of proprietary nano compounds, our goal is to evolve common products into new, revolutionary products in order to make the world a better place. Nano Labs shares are traded on the OTC Bulletin Board in the United States under the ticker CTLE. For more information, please visit www.NanoLabs.us.
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