Mar 22 2007
Industrial Nanotech, Inc., an emerging global leader in nanotechnology, announced today that Petrobras, the Brazilian oil and gas giant, has requested production of 50,000 gallons of Nansulate® High Heat, the Company's thermally insulating and corrosion protection coating, valued at more than $3.7 million dollars.
This order is currently scheduled for delivery in June of 2007 and is the beginning of an anticipated strong revenue stream for the Company.
Stuart Burchill, CEO of Industrial Nanotech, Inc. states, "This is the result of technical discussions that began in June 2006 and included my visit in September 2006 to their headquarters in Rio de Janeiro, Brazil for a series of meetings. Our discussions included detailed explanations of the performance benefits of our Nansulate coatings for use throughout their facilities worldwide, as well as their request for us to develop a specialty product for a 105-mile pipeline project in Brazil. We have invested substantial resources into developing that specialty product for them and we are pleased that they have reciprocated by identifying applications for our Nansulate coating products in their facilities. Petrobras is an innovative, forward-thinking company that is receptive to new technologies and it has been a pleasure doing business with them."
Francesca Crolley, VP of Operations and Marketing for Industrial Nanotech, Inc. continues, "The production and delivery of 50,000 gallons of Nansulate High Heat in their requested time frame is well within our capabilities. Petrobras has also requested technical and logistical support for the application of Nansulate to 51,510 square feet of surface area per day. We plan to station a technical staff person permanently in Brazil to oversee these ongoing projects as we continue to expand our working relationship with Petrobras."