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Posted: October 2, 2007
Industrial Nanotech Announces Preparations to Move to Upgraded Listing Status
(Nanowerk News) Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanotechnology, announced today that the Company is making preparations to move to the OTCQX market tier. This new status is a step higher than “solicited pink” status and identifies those issuers that are operating companies who provide audited financial reports and are willing to comply with certain additional disclosure requirements.
“In connection with this move to the higher level of visibility for our common stock, we have retained the law firm of Faber Bantz, PC in Denver to serve as our new corporate securities attorney and to represent us as the approved Attorney Designated Advisor for Disclosure, as required in obtaining the OTCQX status,” said Stuart Burchill, CEO of Industrial Nanotech.
Mr. Burchill continues, “The benefit of the OTCQX market tier is the fact that it is reserved for the highest quality companies in the U.S. over-the-counter markets (“OTC”). OTCQX listed companies are required to provide credible disclosures to the public, which has been our practice since inception. This new status will require that we continue to publish the same type of ongoing information as we do now, but with the additional review and validation process of the approved Attorney Designated Advisor for Disclosure and OTCQX listing to elevate the company in terms of its status in OTC trading. These procedures, combined with the current audited financial reports we publish, serve the interests of both the Company as it continues to establish itself in the financial markets and the investing public by insuring that they receive the type and quality of information they require to make informed decisions.”
According to criteria outlined by the OTCQX, listed companies are required to meet defined standards including:
* Ongoing quarterly and annual financial reports posted on OTCQX.com
* Interim material event disclosure of any information that may affect the share price
* Annual audit
* Ongoing operations
* Management disclosure and annual management certification
* A minimum of 100 round lot shareholders
* (Note: Industrial Nanotech has 2522 shareholders of record as of 7/16/07)
* Inclusion in the S & P or Mergent Manual, which satisfies the Blue Sky requirements for secondary transactions in many states.
“This is an important step forward for Industrial Nanotech and is part of our ongoing commitment to building the company and enhancing shareholder value,” affirmed Burchill.
About Industrial Nanotech
Industrial Nanotech Inc. is rapidly emerging as a global nanoscience solutions and research leader. The Company develops and commercializes new and innovative applications for nanotechnology. Additional information about the Company and its products can be found at their websites www.industrial-nanotech.com and www.nansulate.com.
Nansulate® is the Company's patented product line of 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 and lead encapsulation in an environmentally safe, water-based, coating formulation. The Nansulate® Product Line includes both industrial and residential coatings.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.