Industrial Nanotech, Inc. Reports Corrected Third Quarter 2010 Sales Revenue Number: $1,229,068 US
NAPLES, Fla., Nov 29, 2010 - Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanotechnology based energy saving solutions, today announced that the Company's actual revenue in the Third Quarter of 2010 was $1,229,068 US, not the approximately $1,036,047.00 US as originally reported in the press release of October 6, 2010.
"These are the best quarterly revenue numbers of any fiscal quarter since the Company's inception in 2004," stated Francesca Crolley, VP of Business Development for Industrial Nanotech, Inc. "In early 2010, we decided to increase our marketing to the manufacturing sector and it is now beginning to pay off in the form of record sales. Corporations have started taking the task of reducing energy consumption and costs very seriously for both economic efficiencies and their increased sense of environmental responsibility. They are enthusiastic about the easy-to-use and very effective solutions we offer. The response has been tremendous, with an accelerated level of interest in, and a rapid adoption rate of, our technologies into their energy saving and sustainability programs. We believe Q3 2010 is a good indicator of the direction our revenues are headed."
Crolley continues, "The correction of the revenue numbers is due to a change in accounting software systems we implemented, as required by several of our new larger multinational customers, to become EDI Compatible. EDI (Electronic Data Interchange) means a complete electronic transaction of business processes from the order entry up to the delivery, from the inventory control system of the customer to the system of the supplier. During the transition from our old system to the new system, an invoice was incorrectly transferred and was not included in the Sales Revenue number, as it should have been."
About Nansulate®
Nansulate® is the Company's patented product line of award winning, specialty coatings containing a nanotechnology based material and which are well-documented to provide the combined performance qualities of thermal insulation, corrosion prevention, resistance to mold growth, fire resistance, chemical resistance and lead encapsulation in an environmentally safe, water-based, coating formulation. The Nansulate(R) Product Line includes industrial, residential, agricultural and solar thermal insulation coatings. Additional information about the Company and its products can be found at their websites, (www.industrial-nanotech.com) and (www.nansulate.com). Blog: www.nansulate.com/nanoblog, Twitter: www.twitter.com/NanoPioneer, Search 'Nansulate' on Facebook.
About Industrial Nanotech Inc.
Industrial Nanotech Inc. is a global nanoscience solutions and research leader and member of the U.S. Greenbuilding Council, the American Solar Energy Society, and an official ALLY organization with the U.S. Dept. of Energy "Save Energy Now" program. The Company develops and commercializes new and innovative applications for sustainable nanotechnology which are sold worldwide.
