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NAPLES — Industrial Nanotech Inc. (symbol: INTK), a Naples-based nanotechnology developer, began work on a new project that could add $5 million to the company's annual revenues.
Industrial Nanotech's new business endeavor centers on its Nansulate product, a protective coating for industrial boilers. The product will not only protect equipment from corrosion and mold growth, but it will also reduce the amount of heat needed by the boiler to create steam.
Francesca Crolley, vice president of business development for the company, says one of Industrial Nanotech's textile-producing clients cut natural gas usage by 20% after installing Nansulate. That saved the client roughly $850,000 over a two-year period.
Industrial Nanotech Inc. currently generates just more than $1 million in annual revenues, financial records show. Its stock is available as an over-the-counter security, and it currently trades for just $0.03 a share.
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