NAPLES, Fla., Nov. 28, 2006 (PRIME NEWSWIRE) -- Industrial Nanotech, Inc. (Pink Sheets:INTK), a Company that specializes in nanotechnology innovation and product development, today announced that it is currently in negotiations for the sale of more than one billion square feet of Nansulate Shield to a Fortune Global 500 Company over a 5-year period. Nansulate Shield is the Company's revolutionary new thermal insulation material.
Industrial Nanotech confirms that it is in the process of negotiating price, terms, delivery schedules and locations with a multinational corporation for Nansulate Shield and both parties are working diligently toward reaching a written agreement. Management will provide additional details as the companies progress toward the finalization of current negotiations.
"Discussions and meetings with this company actually began in the summer of 2004 when they approached us to discuss our technical capabilities," stated Chief Executive Officer of Industrial Nanotech, Stuart Burchill. "Coincidentally, the technology that I had started developing in late 2003, which is now the basis for our recently introduced Nansulate Shield product line, met their needs."
"During the past few years our two companies have formed an excellent working relationship which has helped to expedite these negotiations. Many of the critical parameters of the deal have already been agreed upon," continues Mr. Burchill. "The opportunity for me to learn about their industry and markets at the same time that I was developing this significant technology allowed me to create a finished product particularly suited to their requirements and core competencies in a well established market sector where they are one of the dominant players worldwide."
For more information about Industrial Nanotech, Inc., please visit www.industrial-nanotech.com.
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.