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.”