Industrial Nanotech, Inc. Provides Shareholder Update
NAPLES, FL ( Aug 22, 2016) - Industrial Nanotech, Inc. (OTC PINK: INTK), a global leader in nanotechnology-based energy saving solutions, today announces a shareholder update on company progress and corporate developments.
"We have made and executed the decision to focus on our core competency: creating world class, patented, innovative, energy saving and protective products that save individuals and businesses and industries money and protect their valuable equipment and facilities, and continuing to improve the already well established performance qualities of our existing product line," states Stuart Burchill, CEO/CTO of Industrial Nanotech, Inc. "During the first four years of this Company, our revenue grew from $54,748 in 2004 to $1,424,036 in 2008 under this business model. We operated with a small, efficient, and energized team and we outsourced most routine activities on an as-needed basis. We relied on a network of distributors and sales channel partners to market and sell the product. We invented products and provided technical support to our partners."
Mr. Burchill continued, "During the recession of 2007-2009, we made the decision to bring additional responsibilities in-house in an attempt to capture the additional revenue streams from fulfillment, shipping, hiring and managing sales teams, and some of the product manufacturing which we had previously contracted out to toll manufacturers. After 7 years of trying to learn to be good and efficient and profitable at all of these different areas, we have concluded that this is an unsuccessful strategy for this Company and we have reverted back to the original model that worked."
The result over the past 6 months is as follows:
1. The Company's overhead has been reduced by over 75%.
2. Our existing patented product line's performance has been increased from best in class to a class of its own.
3. We are launching new product lines, including a zero VOC house paint for homeowners and builders, developed to meet specific requirements defined for us by major regional and national homebuilders and tested by one of the preeminent US Government National Laboratories under the management of the DOE, that incorporates high UV ray resistance, quantifiable thermal insulation benefits, and the ability to "stay clean"... resisting the growth of mold and mildew and many stains.
4. Our list of customers who are buying our product and are expected to buy in increasing amounts based on the information we are receiving include, but are not limited to; a) McDonald's franchisees and Walmart on buildings for energy savings, UV resistance, "stay clean" benefits. b) Georgia Pacific, 3M, Westrock for heat process equipment for energy saving and worker safety. c) Chevron for petrochemical equipment.
5. Shell Oil has put our coating for oil and gas projects in a program designed to implement the use of our product throughout Shell Oil facilities globally. This will take approximately a year to implement.
6. We recently received the news that our EPX product, after a trial of 150 gallons on an offshore platform in Australia, is now specified for all similar applications in that region of the world for Chevron and is going through the approval process at Chevron in Houston to be specified globally.
7. Our OEM customer who uses our product to make a premium concrete roof tile, and has been producing it in only one of their factories, will now start producing it in all four of their factories in Q4 2016 and Q1 2017, including their factory in California that is the largest concrete roof tile manufacturing facility in the world.
8. We have recently added new distributors to our network. These distributors are well established existing companies and contractors with long term successful relationships with our target markets and serve the following markets: Brazil, Benelux, India, Indonesia and Africa. We are working on bringing new distributors onboard in Canada, Saudi Arabia, Russia, South Korea, Singapore, Germany, The United Kingdom, Hong Kong and Macau, France, Italy, and Spain.
9. We are partnering with an international company, annual revenue over 7 billion US, to take over our previously announced pulp and paper mill customers. Our new partner has a global operation that makes and maintains the machinery used by most of the major pulp and paper companies and can more adequately service our multinational customers in this industry, as well as giving us the opportunity to be incorporated into the equipment they are manufacturing for new pulp and paper mills being built around the world. Additional details will be released over the coming weeks and months.
10. After several years of testing and relentless pursuit of creating proof of our excellent performance qualities in the severe service environment of industrial boilers, boiler manufacturers and maintenance companies are adopting our product as the "go to" coating to reduce energy costs, keep the workplace environment safer, and reduce the risk of OSHA fines. We anticipate this to be a very large market for us in the near future.
11. We are partnering with a well established sales channel development company, based in the US and with a proven and verifiable track record of success, to create and manage a network of sales teams, expected to reach a high of 75 - 100 people over the next 12 - 24 months.
12. We are re-establishing a network of professional fulfillment centers globally to handle all inventory, fulfillment, and shipping.
13. We are taking what we have learned over a decade about nanoscience, chemistry and physics and providing world-class products for our customers. As our customer base grows vertically and horizontally, we will capitalize on these strong fundamentals to attract a larger awareness among Wall Street and Main Street. To assure the Company's valuation is more properly reflected in the market, the Company plans to take a series of steps to increase our reporting standards, corporate and capitalization structure, and communication with and transparency to our shareholders. Daily updates can now be found on Twitter at INTK_CEO. Quarterly conference calls providing an open forum for all shareholders and the investment community to discuss the Company with the CEO will begin in Q4 2016.
The Company will continue to update the marketplace frequently on the specifics of these projects as they develop and mature so that customers and shareholders can make informed decisions about investing in our products and our Company to increase their own wealth while saving the resources of the planet earth... a wealth we all share and will share with future generations.
Shareholders: We value your participation in this Company. Please take a moment to visit our website at www.industrial-nanotech.com to learn more about what the Company's products can do for you or someone you know.
About Industrial Nanotech, Inc.
Industrial Nanotech Inc. is a global nanoscience solutions and research leader. The Company develops and commercializes new and innovative applications for sustainable manufacturing and buildings which are sold worldwide, including patented thermal insulation and asset protection coatings, which provide energy savings, thermal insulation, corrosion resistance, prevention of CUI, moisture resistance, UV resistance, chemical resistance, and other protective benefits. The coatings are low VOC, water-based, and sustainable.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.