NAPLES, Fla.--(BUSINESS WIRE)--Industrial Nanotech, Inc. (Pink Sheets:INTK - News), an emerging global leader in nanotechnology, today announced that the Company maintained its track record of triple digit year over year revenue growth for the 4th consecutive year with gross revenues in 2008 of $1.414 Million.
“Our sole corporate focus was on maintaining our historical significant revenue growth rate in 2008 despite the difficulties created by the global economic crisis and we succeeded,” stated Stuart Burchill, CEO/CTO of Industrial Nanotech, Inc. “The inherent value of our technologies to consumers and industries worldwide and our hard work are the core great strengths of this company. This is not to say we didn’t have some disappointments related to the financial turmoil, because we did. An example is the deal for 10 shipping containers of our product destined for a major textile plant in Turkey that we began filling last fall and which was subsequently put on hold due to the deterioration of the credit markets while the customer negotiates new credit lines with their financial institutions. However, we are pleased with our ability to overcome those unexpected setbacks and still produce a 184% year over year growth rate in 2008. It is a testimony to our products, our staff, our scientists, and our network of exclusive distributors and independent representatives.”
Mr. Burchill continued, “Additionally, many of the larger deals with multi-year closing cycles are still moving forward. Our team in Brazil confirmed as recently as January 8th of this year that the projects we are involved in with Petrobras are not being scaled back despite lower oil prices. Petróleos Mexicanos (PEMEX), Mexico's state-owned petroleum company, the 10th largest oil company in the world in terms of revenue, has requested a meeting with me at their headquarters in Mexico City in February to provide technical guidelines and specifications for a pipeline project and a fuel tank project they have planned for 2009. Other projects include an upcoming application of Nansulate High Heat and Nansulate EPX by Lyondell Chemical in Houston on large chemical tanks to insulate and protect from corrosion. Lyondell Chemical has 17 plants throughout the country. A state corrections department contract, which is in the initial phase, will begin using Nansulate on the interior walls of cells. Clearly, we are growing this business and our ability to not only survive, but to thrive, in the adverse climate of 2008 is a valuable indicator that we have what it takes to get the job done.”
About Nansulate(R)
Nansulate(R) is the Company's patented product line of specialty coatings containing a nanotechnology based material and which are well-documented to provide the combined performance qualities of thermal insulation, corrosion prevention, resistance to mold growth, and lead encapsulation in an environmentally safe, water-based, coating formulation. The Nansulate(R) Product Line includes both industrial and residential coatings. Additional information about the Company and its products can be found at their websites, (www.industrial-nanotech.com) and (www.nansulate.com).
About Industrial Nanotech Inc.
Industrial Nanotech Inc. is quickly emerging as a global nanoscience solutions and research leader. The Company develops and commercializes new and innovative applications for nanotechnology.
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