Industrial Nanotech,
Inc. (Pink Sheets:INTK), a global nanoscience solutions and research leader
and member of the U.S. Greenbuilding Council and the American Solar Energy Society,
today announced that the Company has signed an agreement with the Chairman of
Saudi Environmental Projects, Ltd., HRH Prince Abdullah bin Mosaad Bin Abdulaziz
Al-Saud, for the sales and distribution of the Company's patented product line
of award winning, energy saving protective coatings containing a nanotechnology
based material and which 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 and asset protection coatings.
“We had been in discussions with several companies from the region since
March of 2009,” states Stuart Burchill, CEO/CTO of Industrial Nanotech,
Inc. “At the invitation of HRH Prince Abdullah bin Mosaad, I met with
him at the residence he owns in Beverly Hills, CA, on July 16, 2009. The conversation
was remarkably friendly, candid, informative and productive. I was very impressed
with the vision presented for the future of Saudi Arabia as an environmentally
conscious global hub of manufacturing, industry and finance, the level of financial
commitment towards that objective now being allocated from their current revenue
stream, and the tremendous potential for our products to participate. The agreement
was signed at the meeting. I look forward to the many opportunities this ongoing
relationship presents and to discussing future joint ventures and projects together
during my visit with the Prince in Saudi Arabia which I have scheduled at his
request.”
HRH Prince Abdullah bin Mosaad Bin Abdulaziz Al-Saud is one of the Kingdom's
prominent businessmen and industrialists. He is the founder and chairman of
the largest paper manufacturing and processing paper industrial facilities outside
the USA, Europe and Japan. He is the Chairman and CEO of The Saudi Paper Manufacturing
Group, which includes the Saudi Paper Manufacturing Company, the Saudi Recycling
Company, and the Saudi Company for Environmental Enterprises. He is active in
other fields and activities in the trade, services and investments sectors in
Saudi Arabia and internationally. He travels extensively and works with other
prominent businessmen from around the world to promote trade and understanding
between Saudi Arabia and the other countries.
The mission statement of the Saudi Arabian General Investment Authority (SAGIA)
is “Positioning Saudi Arabia among the top ten most competitive nations
by 2010 through the creation of a pro-business environment, a knowledge-based
society, and by developing new, world-class Economic Cities.” At a cost
of more than $60 billion, Saudi Arabia has planned and begun constructing four
major metropolitan cities designed to be global economic and manufacturing centers.
The Kingdom’s vision for the Economic Cities is to contribute more than
$150 billion US in annual GDP, to create over a million jobs, and to become
home to 4-5 million residents by 2020. Strategically located around the Kingdom
to utilize regional strengths, these cities will feature modern building design
and will make use of the most advanced digital and technical infrastructure
and world-class services. The Economic Cities are being developed based on smart
design principles and SAGIA is working with leading environmental institutions
to ensure that the Economic Cities are developed with the environment in mind.
The goal of SAGIA is to position the Economic Cities as global leaders in commerce
and industry, strategically located between East and West, and as environmental
leaders by using Leadership in Energy and Environmental Design (LEED) to minimize
negative environmental impacts and promote energy efficiency and sustainable
development.