Industrial Nanotech,
Inc. (Pink Sheets: INTK) announced today that the one of the Company's exclusive
distributors signed a contract with Coats Plc, a textile manufacturer based
in England, to coat the machinery in their yarn dyehouse facility located in
Bursa, Turkey with the Company's award winning nanotechnology based thermal
insulation and corrosion resistant products, Nansulate® EPX and Nansulate®
High Heat industrial coating. The project will commence the week of March 16,
2009.
"This is a very important economic indicator for us. Although we were
able to maintain our five year track record of triple digit revenue growth in
2008 despite the state of the world economy, our projects in Turkey, including
a sale of over $1,000,000 US of our products to another textile plant in Turkey,
had been put on hold as the credit crisis accelerated,” stated Francesca
Crolley, VP of Operations and Marketing for Industrial Nanotech, Inc. “The
start of this second project, which has been planned since 2008, is a good indicator
that manufacturing levels are beginning to turn back towards normal, at least
in this region, and we anticipate additional progress on other projects in Turkey
throughout 2009.”
“Coats was one of the major customers that showed a great interest in
Nansulate EPX as soon as we introduced it,” stated Dr. Vedat Bilgin, President
of Kolorgen Ltd., the exclusive distributor for Industrial Nanotech, Inc. in
Turkey. “Our initial trials at Coats’ plant showed a significant
energy saving potential. We now have a signed contract. All yarn dyehouse machinery
will be coated with Nansulate EPX and High Heat. Once that is completed, the
project will extend to other areas of the factory as well as factory buildings
and other Coats facilities throughout Europe. Energy saving measures have become
even more important due to the recent worldwide financial turmoil. Simply, if
you don't get the numbers right, you cannot survive."
Coats Plc is the world's largest sewing thread and needlecraft supplies manufacturer,
processor and distributor, with 25,000 employees and plants in 67 countries.
The company's products are sold in 150 countries. 2008 revenue was 1.6 billion
USD.
The total value of this project to Industrial Nanotech, Inc. has not yet been
determined.