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Posted in | Nanobusiness

Industrial Nanotech Cancels Order from China

Published on January 23, 2009 at 5:15 PM

Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanotechnology, today announced that the Company has canceled an order from Golden Horse Real Estate Co., Ltd. in China for 12,000 gallons of Industrial Nanotech's patented Nansulate(R) nanotechology-based coatings. The retail value of the order was $863,400 US.

"The relationship with Golden Horse Real Estate Co., Ltd. began to present financial risks to Industrial Nanotech, Inc. which were not in the best interests of the Company or its shareholders and we have declined to proceed,” stated Stuart Burchill, CEO/CTO of Industrial Nanotech, Inc. “We will not create exposure to financial risk by selling to customers under unfavorable terms and conditions. The Company continues to nearly double revenues year after year since inception in 2004, including in the difficult economic climate of 2008, by selling to customers under terms and conditions which are favorable to the Company and we prefer that strategy.”

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