Aug 18 2009
Industrial Nanotech, Inc. (Pink Sheets:INTK), a global nanoscience solutions and research leader and member of the U.S. Greenbuilding Council and the American Solar Energy Society, today announced that the Company has signed an agreement with the Chairman of Saudi Environmental Projects, Ltd., HRH Prince Abdullah bin Mosaad Bin Abdulaziz Al-Saud, for the sales and distribution of the Company's patented product line of award winning, energy saving protective coatings containing a nanotechnology based material and which 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 and asset protection coatings.
"We had been in discussions with several companies from the region since March of 2009," states Stuart Burchill, CEO/CTO of Industrial Nanotech, Inc. "At the invitation of HRH Prince Abdullah bin Mosaad, I met with him at the residence he owns in Beverly Hills, CA, on July 16, 2009. The conversation was remarkably friendly, candid, informative and productive. I was very impressed with the vision presented for the future of Saudi Arabia as an environmentally conscious global hub of manufacturing, industry and finance, the level of financial commitment towards that objective now being allocated from their current revenue stream, and the tremendous potential for our products to participate. The agreement was signed at the meeting. I look forward to the many opportunities this ongoing relationship presents and to discussing future joint ventures and projects together during my visit with the Prince in Saudi Arabia which I have scheduled at his request."
HRH Prince Abdullah bin Mosaad Bin Abdulaziz Al-Saud is one of the Kingdom's prominent businessmen and industrialists. He is the founder and chairman of the largest paper manufacturing and processing paper industrial facilities outside the USA, Europe and Japan. He is the Chairman and CEO of The Saudi Paper Manufacturing Group, which includes the Saudi Paper Manufacturing Company, the Saudi Recycling Company, and the Saudi Company for Environmental Enterprises. He is active in other fields and activities in the trade, services and investments sectors in Saudi Arabia and internationally. He travels extensively and works with other prominent businessmen from around the world to promote trade and understanding between Saudi Arabia and the other countries.
The mission statement of the Saudi Arabian General Investment Authority (SAGIA) is "Positioning Saudi Arabia among the top ten most competitive nations by 2010 through the creation of a pro-business environment, a knowledge-based society, and by developing new, world-class Economic Cities." At a cost of more than $60 billion, Saudi Arabia has planned and begun constructing four major metropolitan cities designed to be global economic and manufacturing centers. The Kingdom's vision for the Economic Cities is to contribute more than $150 billion US in annual GDP, to create over a million jobs, and to become home to 4-5 million residents by 2020. Strategically located around the Kingdom to utilize regional strengths, these cities will feature modern building design and will make use of the most advanced digital and technical infrastructure and world-class services. The Economic Cities are being developed based on smart design principles and SAGIA is working with leading environmental institutions to ensure that the Economic Cities are developed with the environment in mind. The goal of SAGIA is to position the Economic Cities as global leaders in commerce and industry, strategically located between East and West, and as environmental leaders by using Leadership in Energy and Environmental Design (LEED) to minimize negative environmental impacts and promote energy efficiency and sustainable development.