BROOMFIELD, Colo., May 06, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- (Pink Sheets: INTK). “I believe the significance of our new Pemex project was not sufficiently communicated in the previous press release,” states Stuart Burchill, CEO/CTO of Industrial Nanotech Inc. “Here are some additional facts and statistics that will provide our valued shareholders with a more thorough understanding. I have also provided updates on other previously announced deals.”
Pemex is Mexico’s oil and gas company. In 2021 it is reported that Pemex had assets of $96.8 billion US and revenue of $44.3 billion US.
In 2012 - 2014 Industrial Nanotech worked with Pemex developing a new insulation protocol for their subsea pipelines which transport oil from offshore drilling platforms to onshore processing facilities. Our thinner, lighter clamshell system would replace the existing foam and concrete system. Our revenue projection from that project was over $50 million US annually. The Company also worked with Pemex on applying our High Heat coating on pipes and tanks and valves on their offshore drilling platforms for thermal insulation and corrosion protection and the first application was completed in 2014. Our revenue projection from that line of business was over $17 million US annually.
Pemex annual revenues dropped from $125.9 billion US in 2014 to $57.7 billion in 2017 and during this period our projects were put on hold.
“Reinstating our working relationship with Pemex on this first tank project is extremely significant and has given us the opportunity to restart all of these projects and more,” states Mr. Burchill. “We project $5-10 million in revenue from Pemex in the remainder of 2022 and we project that Pemex will be one of our larger revenue streams in 2023, exceeding our previous 2014 projections of $67 million US annually.”
Mr. Burchill continues, “Here are updates on other major initiatives.”
- Sales for the Superbonus 110 program in Italy and the other EU energy efficiency programs will begin toward the end of Q2 2022 as the weather warms. EnergyProtect can only be applied when there is no possibility of cold temperature conditions, so the majority of the revenue from these projects will be realized in the end of Q2, throughout Q3, and early Q4.
- We are completing the final requirements of Royal Caribbean Cruise Lines as provided on their extensive “Compliance Questionnaire” and sales to this customer will begin in Q2 2022.
- We have assigned one of our new enterprise account managers, Luke Smith, to the Caterpillar account and we will be providing a detailed update on the Caterpillar project during the May 26 live Zoom shareholder event.
- Our railroad car project is focused on the design of the mobile application equipment and we will share details of this and the expected revenue ramp up timeline during the May 26 live Zoom shareholder event.
- We are completing the final steps of Quality Control for our new fire and burn injury alert product at our manufacturing facility dedicated exclusively to manufacturing TalkingPaint. This is the most extensive Quality Control we have every submitted any product to for obvious reasons. We are currently building our sales team for this product and expect revenue to begin in June of 2022.
- The stock dividend due to shareholders of record as of 1/5/2022 will definitely be issued before Mr. Burchill faces shareholders’ live questions at the live Zoom event on May 26.
- The Dubai trip has been moved back 3-4 weeks as Mr. Burchill is required in Spain again the week of May 9 to capitalize on significant near term opportunities there.
“The Company has many other announced projects, revenue streams, and initiatives,” concludes Mr. Burchill. “I sincerely look forward to answering any and all questions about the Company and our projects during the live Zoom shareholder event on May 26. At the last event I answered over 100 live questions and I hope to exceed that number at the next event. Shareholders deserve answers to their questions and concerns and I welcome the opportunity to provide that, as always.”
Industrial Nanotech Inc. is a global nanoscience solutions and product development leader. See www.industrial-nanotech.com for more information.
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 in order to reflect events or circumstances that may arise after the date of this release.
SOURCE Industrial Nanotech, Inc.
http://www.industrial-nanotech.com
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