Published On: Wed, Aug 31st, 2016

Industrial Nanotech Inc. (OTCMKTS:INTK) Provides Update To Shareholders

Industrial Nanotech Inc. (OTCMKTS:INTK) has provided an update to its shareholders, about the recent developments of the company. Stuart Burchill, the CEO of INTK, stated that the company has decided to focus on its core competency, which is to create unique and patented energy saving products that not only saves money, but also protects valuable equipment. He also noted that the current product line from INTK already has well established performance qualities.

Mr. Burchill also noted that the company’s strategy to bring additional responsibilities in-house had been largely unsuccessful and resulted in losses for the company. As such, INTK would be reverting to its original model, of having a small and efficient team, with additional responsibilities being outsourced. Furthermore, Industrial Nanotech has engaged Shell Oil, whereby Shell will use INTK products globally, in all Shell Oil Facilities. INTK expects to complete implementation of this project, within a year’s time.

In addition to this, the company also updated that during the last 6-months; INTK had successfully reduced its overhead by 75% and also increased the performance of its product line. Moreover, the company has developed several new products, with one prominent one being the zero VOC house paint. The paint is resistant to UV-radiation and the growth of mold and mildew. The company has also engaged with several current and potential customers, who are interested in buying these products. The list includes big names like McDonalds, Georgia Pacific and Chevron.

Negotiations with current customers have also resulted in an OEM manufacturer to manufacture premium concrete roof tiles in all four factories. Previously the manufacturer was producing the tiles in only one factory. INTK provides the manufacturer with some of its products, used in the process. Industrial Nanotech has also decided to sell its paper and pulp customers to an international company, which was not named in the update.

Industrial Nanotech Inc. (OTCMKTS:INTK) closed at a share price of $0.00214, at the end of the August 30 trading session, 7% higher than the session before. The stock had a trade volume of 6.07 million.

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