Industrial Nanotech, Inc. Announces Two More Offshore Oil and Gas Platform Projects
NAPLES, FL--(Marketwired - Dec 9, 2015) - Industrial Nanotech, Inc. (OTC PINK: INTK), a global leader in nanotechnology-based energy saving solutions, today announced that two more offshore oil and gas projects are currently underway with their patented Heat Shield™ EPX4 and High Heat temperature control coatings (TCC). In one project, the High Heat coating is being used for insulation and corrosion prevention on all the steam pipes to bring the surface temperatures to a safe touch level. The other project uses the EPX4 coating to insulate and reduce energy use on a reboiler and associated piping.
The Company has previously completed two successful offshore platform projects. One on pipelines throughout an Enap-Sipetrol platform off the coast of Argentina, which showed an average temperature reduction, with just a 0.35 millimeter dry film thickness of the Nansulate® Translucent PT coating, from 140F (60C) to 107.6F (42C). The other project was on a fuel oil storage tank on a Sinopec platform in the East China Sea, which showed that just a 0.6 millimeter application of the High Heat coating provided a similar insulating performance -- within 3 degrees Celsius -- of 8 centimeters of rock wool covered with aluminum cladding, with the additional benefits of a longer lifespan, lower replacement costs, and prevention of corrosion under insulation (CUI).
"Servicing the unique needs of oil and gas companies has always been an important focus for our company," stated Francesca Crolley, V.P. Business Development for Industrial Nanotech, Inc. "They have multiple assets both onshore and offshore and, although the offshore environment can be extremely harsh, it is an environment for which our coatings were specifically designed to perform and are uniquely suited. They have proven themselves to be an excellent 'marine-proof' product with world-class corrosion resistance, UV protection, and moisture resistance, all while providing exceptional thermal insulation performance. According to the Baker Hughes International Rig Count for October 2015, the total number of world oil rigs was 2,086. Even though the global rig count has recently declined, there is a greater emphasis on operating more efficiently and reducing production costs and our products are proven to accomplish these objectives. The estimated revenue for Industrial Nanotech from insulating similar assets on currently operating rigs is estimated at between $41,000,000 and $62,000,000. This is a market that requires a methodical approach and we feel that we are now at the point where our coatings have earned their place and the trust of oil and gas equipment operators. We look forward to our continued accelerated growth in this market."
Projects and case study references for oil and gas and other manufacturing projects can be found at: http://www.industrial-nanotech.com/industrial-nanotech-inc-case-studies/
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 their Nansulate® and Heat Shield™ thermal insulation and asset protection coatings, which provide energy savings, thermal insulation, corrosion resistance, prevention of CUI, moisture resistance, chemical resistance, and other protective benefits. The coatings are low VOC, water-based, and sustainable.
Additional information about the Company and its products can be found at www.industrial-nanotech.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.
(December 9, 2015 - 10:08 AM EST)
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