INTK | Industrial Nanotech Continues Expansion In Africa

More Penny Stock News From The Pink Sheets

Jul 29, 2008 8:00:00 AM

Copyright Business Wire 2008

Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanotechnology, continued its international expansion with the announcement today that the exclusive distributor in Africa for the Company's patented Nansulate(R) energy saving coatings, Megaros Industrial Products Inc., has signed an agreement with Henriboss Global Marketing Nigeria Inc. to represent the Company's product line in Nigeria.

"There is an abundant market for Industrial Nanotech's Nansulate energy saving coating products in Nigeria," stated Uche Mbachu, president of Henriboss Global Marketing. "With our extensive experience in marketing and promoting international products in Nigeria and West Africa, Henriboss will make Nansulate products a household name in this region."

The Oil and Gas Journal estimated that Nigeria contains proven oil reserves totaling 35.2 billion barrels. The Nigerian government plans to expand its proven reserves to 40 billion barrels by 2010. In 2007, Nigeria and Angola combined exported more oil to the US than Saudi Arabia. In addition, a proven reserve of 260 trillion cubic feet of natural gas has enhanced Nigeria's strategic significance further. The country already supplies 10 percent of the world's liquefied natural gas.

"We had received several inquiries and interest in distributorship for the country of Nigeria," explained James Umekwe, President Megaros Industrial Products, Inc. "After a thorough and extensive review of all candidates, we chose Henriboss Global, located in Abuja, Nigeria with offices in Owerri, Imo State and Brussels, Belgium."

"Market penetration for the Nansulate product line is much faster in international markets when represented by local, knowledgeable companies such as Henriboss," continued Francesca Crolley, V.P. of Operations & Marketing for Industrial Nanotech, Inc. "Nigeria is an important player in the energy industry, which makes the region very interesting to us. Our well established strategy of creating a global sales and distribution platform now has the Company's products represented in over 30 countries around the world and has provided protection for the Company's revenue stream growth rate from regional economic downturns."