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Industrial Nanotech Inc CEO Stuart Burchill Provides Shareholder Update
Industrial Nanotech Inc CEO Stuart Burchill Provides Shareholder Update.
About this update from Industrial Nanotech, Inc.
[{"type":"text","content":"\n BROOMFIELD, Colo., May 06, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- (Pink Sheets: INTK). “I believe the significance of our new Pemex project was not sufficiently communicated in the previous press release,” states Stuart Burchill, CEO/CTO of Industrial Nanotech Inc. “Here are some additional facts and statistics that will provide our valued shareholders with a more thorough understanding. I have also provided updates on other previously announced deals.” Pemex is Mexico’s oil and gas company. In 2021 it is reported that Pemex had assets of $96.8 billion US and revenue of $44.3 billion US. In 2012 - 2014 Industrial Nanotech worked with Pemex developing a new insulation protocol for their subsea pipelines which transport oil from offshore drilling platforms to onshore processing facilities. Our thinner, lighter clamshell system would replace the existing foam and concrete system. Our revenue projection from that project was over $50 million US annually. The Company also worked with Pemex on applying our High Heat coating on pipes and tanks and valves on their offshore drilling platforms for thermal insulation and corrosion protection and the first application was completed in 2014. Our revenue projection from that line of business was over $17 million US annually. Pemex annual revenues dropped from $125.9 billion US in 2014 to $57.7 billion in 2017 and during this period our projects were put on hold. “Reinstating our working relationship with Pemex on this first tank project is extremely significant and has given us the opportunity to restart all of these projects and more,” states Mr. Burchill. “We project $5-10 million in revenue from Pemex in the remainder of 2022 and we project that Pemex will be one of our larger revenue streams in 2023, exceeding our previous 2014 projections of $67 million US annually.” Mr. Burchill continues, “Here are updates on other major initiatives.” Sales for the Superbonus 110 program in Italy and the other EU energy efficiency programs will begin toward the end of Q2 2022 as the weather warms. EnergyProtect can only be applied when there is no possibility of cold temperature conditions, so the majority of the revenue from these projects will be realized in the end of Q2, throughout Q3, and early Q4.We are completing the fina...