NAPLES, FL--(Marketwired - Jun 8, 2015) - Industrial Nanotech, Inc. (OTC PINK: INTK), a global leader in nanotechnology based energy saving solutions, today provided a general update.
1) The PCOAB audit is anticipated to be completed at the end of this month. The delays in completing the audit on the dates previously announced were due to several factors:
a) The Company had a one year period during which different accounting software was used. Finding it wholly unsatisfactory and unwieldy, the Company changed back to the software which it had used since inception and the data transfer back to the original software was not completely reliable, so all transactions had to be reviewed and manually reentered. This process was very time consuming.
b) The Company's two Co-Founders, including the CEO/CTO of Industrial Nanotech, Inc. and inventor of the Company's patented products, Stuart Burchill, have never been paid their salaries since inception, instead accruing the unpaid salaries for the past 11 years. This was approved by the Company's original accountants. The current PCOAB audit firm advised the Company and the Co-Founders that this practice would not be accepted under GAAP accounting standards. The Co-Founders have agreed to forego their entire 11 years of accrued salaries.
2) Sales of the Company's thermal insulation and corrosion prevention coatings for pipes, tanks, and equipment to the oil and gas industry continue to increase, with the Company being recently notified of a second 1,000 gallon order for a project in South America. This follows a 1,000 gallon order earlier this year and is expected to be followed by a 2,500 gallon order this fall.
3) The CEO of Industrial Nanotech, Inc. will be traveling to Europe this summer and to Asia in the fall to finalize deals with concrete roof tile manufacturers in those regions to use the Company's patented Crystal energy saving and protective coating on their roof tiles, applied at the factory. This is an expansion of the deal with the largest concrete roof tile manufacturer in the US, referenced in the following press release:
http://www.otcmarkets.com/stock/INTK/news/Industrial-Nanotech--Inc--Announces-Official-Launch-of-the...
4) The Company's Crystal product successfully passed the qualification/performance test for use on the roofs of schools in the 11th largest school district in the US, and the project to coat all of the schools in this district, referenced in the following press release, is expected to commence later this summer:
http://www.otcmarkets.com/stock/INTK/news/Industrial-Nanotech--Inc--Expands-Government-and-Defense-P...
5) The Company's CEO, Stuart Burchill, has accepted an invitation to speak at The 5th Annual Low Carbon Earth Summit - 2015 in Xi'an, China in September. Xi'an is the oldest of the Four Great Ancient Capitals of China. Since the 1990s, as part of the economic revival of interior China, especially for the central and northwest regions, the city of Xi'an has re-emerged as an important cultural, industrial and educational center of the central-northwest region, with facilities for research and development, national security, and China's space exploration program. The Company has continued to steadily increase sales to China for the oil and gas industry, the railroad industry, and general manufacturing industries. Mr. Burchill's presentation at the Summit is expected to exponentially increase the Company's growth rate in China.
About Industrial Nanotech Inc.
Industrial Nanotech Inc. is a global nanoscience solutions research and development leader. The Company develops and commercializes new and innovative applications for sustainable nanotechnology which are sold worldwide, including their patented product line of award winning specialty coatings containing a nanotechnology based material and which provide the combined performance qualities of energy savings, thermal insulation, corrosion resistance, prevention of CUI, moisture resistance, chemical resistance, and other protective benefits. Additional information about the company and its products can be found at www.inanotk.com.
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.