Industrial Nanotech, Inc. Provides Update on Petrobras Oil Pipeline Projects - Announces Meetings Regarding New Projects
March 30 2009 - 7:00AM
Business Wire
Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global
leader in nanotechnology, announced today that Petrobras, one of
the world's largest oil and gas companies, has requested that the
Company�s CEO/CTO, Mr. Stuart Burchill, travel to Petrobras�
headquarters in Rio De Janeiro, Brazil, for meetings with engineers
and managers who oversee refineries, offshore drilling facilities,
transportation equipment, including ships and barges, and deep sea
drilling operations to review potential uses of the Company�s
patented Nansulate� protective coatings in these areas. The
recommendation for this meeting was made by the engineers and
managers at Petrobras with whom Mr. Burchill has been working for
several years on their upcoming land based pipeline projects. Last
fall, they spent ten days with Mr. Burchill and members of
Industrial Nanotech�s scientific team at one of the Company�s
research and development facilities in New Jersey and are in the
final stages of developing the application protocols for those
pipeline projects.
�Based on the performance qualities of our products as observed
during the time together in the laboratory, the members of the
pipeline project division distributed their observations to other
departments throughout Petrobras and generated significant interest
and this subsequent request for a meeting with me,� stated Mr.
Burchill, CEO/CTO of Industrial Nanotech. �My previous visits to
Petrobras headquarters and my tour of various Petrobras operations
throughout Brazil with their engineers were very productive and I
look forward to a rewarding next trip. I plan to travel to Rio de
Janeiro for these meetings in Q2 of 2009.�
Petrobras has stated that they will also be introducing Mr.
Burchill to several potential manufacturing partners in Brazil.
Petrobras has expressed their preference for having the products
manufactured in Brazil to save shipping costs. �The content of
several of our coatings is slightly over 30% water when shipped,�
states Mr. Burchill. �Shipping only our resins and other raw
materials to Brazil and adding the water there provides Petrobras
with a significant savings due to reduced shipping costs and they
are quite eager for us to pursue this manufacturing model and will
assist us in doing so. We are still waiting for a specific start
date for these projects to begin in 2009, but we have been told
specifically that our projects with Petrobras are not the subject
of any cutbacks in expenditures due to the current economic
conditions or the current price of oil.�
Petrobras, short for Petroleo Brasileiro S.A., is a
government-owned Brazilian oil company and one of the world's
largest oil companies. The company controls oil and power
industries assets and related business activities in 16 nations
throughout Africa, North America, South America and Asia. According
to Petrobras President Sergio Gabrielli, their recent major
offshore oil discovery, including the Tupi field, would give Brazil
the world's eighth-largest oil and gas reserves.
About Nansulate(R)
Nansulate(R) is the Company's patented product line of award
winning, 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, fire resistance, chemical resistance,
and lead encapsulation in an environmentally safe, water-based,
coating formulation. The Nansulate(R) Product Line includes
industrial, residential, agricultural and solar thermal insulation
coatings. Additional information about the Company and its products
can be found at their websites, (www.industrial-nanotech.com) and
(www.nansulate.com). Updates can be followed at
Twitter/NanoPioneer.
About Industrial Nanotech Inc.
Industrial Nanotech Inc. (Pink Sheets: INTK) is emerging as a
global nanoscience solutions and research leader and member of the
U.S. Greenbuilding Council. The Company develops and commercializes
new and innovative applications for nanotechnology.
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.
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