Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanoscience solutions, today announced that the Company has entered into an agreement with Intas Co. Ltd. to serve as the Company's exclusive distributor for The Republic of Korea.
Over the past 10 years, Intas has developed a network of 250 resellers throughout South Korea and has established itself as a premier provider of leading edge energy efficient technologies to the industrial, medical, commercial and consumer markets in the region.
The largest of the Four Asian Tigers, the economy of South Korea is the fourth largest in Asia and 13th largest in the world. According to preliminary data provided by the Ministry of Strategy and Finance, the nation's GDP amounted to approximately $820 Billion US in 2009. South Korea is the world's largest shipbuilder and the fifth largest automobile maker in the world. Its capital, Seoul, was named the world's sixth most economically powerful city by Forbes in 2008.
South Korea is currently pursuing many multi-billion dollar developments including the Digital Media City in Seoul, Centum City in Busan and Songdo International City in Incheon. In 2009, South Korea became the world's eighth largest exporter. It is also the third largest trading partner of China and Japan and the seventh largest trading partner of the United States. While most other countries fell into recession or staved off collapse during the past 18 months by putting themselves in tremendous debt, South Korea is already back to robust growth. The economy is expected to expand this year by 4.7 percent, with a budget deficit of just 2 percent of output.
"We are looking forward to working with Intas to expand the reach of Nansulate coatings for energy savings and asset protection in South Korea," stated Francesca Crolley, V.P. of Business Development for Industrial Nanotech, Inc. "After their initial inquiry in mid-January of 2010, Intas President Tony Seong, accompanied by Jae-Young Kim from their sister company, Sein Electric, traveled to the United States to meet with us on February 22nd. We were impressed by their previous successes and their innovative plan to capitalize on the increasing energy conservation regulations in their country and focus on energy efficiency. On March 8th, 2010, they purchased the exclusive rights to distribute Nansulate in South Korea under our standard Exclusive Distributor Agreement. They have an established network and presence in industrial and consumer markets. Their current product offerings include smart switches, industrial panel PCs, PV (photovoltaics), BIPV (building integrated photovoltaics), and energy management systems for power control and surveillance. Their aggressive strategy to incorporate our patented Nansulate energy saving technology into their energy efficiency packages, as well as their energy micro-grid projects, is expected to further accelerate growth and adoption in this market."