Industrial Nanotech, Inc. has announced the results of the recent visit by a team from Petrobras' headquarters. The team from Petrobras spent ten days with members of Industrial Nanotech’s research scientists, business development team, and management at the Company’s laboratory in Union, NJ and in meetings in New York, NY from September 8-17. The meetings were originally scheduled to run from September 8-12, but were extended to Sept 17th at the request of the Petrobras team.
"The team from Petrobras has informed us that they have made the decision to use our new Nansulate EPX product instead of the previously chosen Nansulate HH product," stated Stuart Burchill, CEO/CTO of Industrial Nanotech, Inc.
The Company received written confirmation this past Friday from Petrobras of the new EPX product volume estimate and timeline. No projects will be beginning until early 2009 due to the internal certification process of EPX necessary prior to purchase. New projects are being added. The new estimated total value of the projects has increased from approximately US $5.8 million to over US $20 million.
Burchill continued "bviously, the additional delay in a deal we have been working on for years, caused in part by their decision to switch from using Nansulate HH to Nansulate EPX, is disappointing in terms of our near term revenue objectives, but we all recognize that delays in major oil and gas infrastructure construction projects are not unusual and the increase in project numbers and size is reassuring in terms of the scale of our future in the oil and gas industry in general. We are also currently in early stage discussions about the use of our new Nansulate EPX with BP, Exxon Mobil, ConocoPhillips, and Bredero Shaw...a global leader in industrial pipe coating with more than twenty seven pipe coating facilities on six continents. This is a time consuming and tedious process, but we believe the results will be worth the patience and effort required to gain entry into this lucrative market sector and getting it right is the critical component to our long term success with these major international oil and gas companies."
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