Business
Industrial Nanotech, Inc Provides Update Regarding Supply Chain Issue and Revenue Guidance
Industrial Nanotech, Inc Provides Update Regarding Supply Chain Issue and Revenue Guidance.
About this update from Industrial Nanotech, Inc.
[{"type":"text","content":"\n BROOMFIELD, Colo., June 29, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Industrial Nanotech, Inc (Pink Sheets: INTK), a global nanoscience solutions and research leader, today announced that a major recent supply chain issue has been resolved. Stuart Burchill, CEO of Industrial Nanotech, states, “One of our top selling products for major industrial customers is EPX-H2O. This is what companies like Exxon and Nestle and industries like the railroad industry and chemical manufacturing use.” Burchill continues, “Very recently we were informed that a key resin used in EPX-H2O was not available in inventory and would no longer be manufactured and we had to halt production. This impacted Q2 2022 revenue and, as required, we promptly informed our shareholders of this material event.” “Simultaneously, we were informed that there was an offset from the same manufacturer… a new resin… that might work as a replacement. We began testing it. I returned from Spain late last night and personally saw the results today at our company laboratory this morning. As CTO, I am required to sign off on all formulations. I signed off on the new EPX-H2O formula. It is excellent.” The Company states that production of EPX-H2O has started again, that no sales were lost, only postponed, and expects the postponed sales to occur in Q3 2022. The Company will be offering a revised revenue forecast after confirmation from other major new EPX-H20 customers that the new formula is satisfactory. The Company is confident that it will be satisfactory as the thermal performance is actually improved. Update re Middle East: Burchill will be returning to Dubai in early July to finalize and sign the agreements with the local partner to sell the Company’s current products to the building industry and the oil and gas industry; to work with their national laboratory to create unique versions of the Company’s products designed for specific government projects; and open a manufacturing facility in the Free Trade Zone. The partnership has also been expanded to include Saudi Arabia. Burchill concludes, “I am very confident in the future of the Company, very grateful for the brilliant minds and exceptional work ethic of our science team who reformulated EPX-H2O in record time, and very appreciative of our lo...