June 18, 2008— Industrial Nanotech, Inc. announced that its Chinese distributor, NorthStar Power Engineering, has begun working with a major Asian automotive manufacturer to trial the company’s patented NanoBoost automotive parts coating for heat control and increased fuel efficiency.
The nanotechnology based specialty coating, has been documented to provide the combined performance qualities of thermal insulation, corrosion prevention, resistance to mold growth, lead encapsulation, chemical resistance, and fire resistance in an environmentally safe, water-based, coating formulation. The product line includes industrial, residential, and automotive parts coatings.
“We believe we can meet their requirements and satisfy their objectives in fuel and energy savings with our technology,” says Francesca Crolley, vice president of operations & marketing for Industrial Nanotech.
“Other target markets for our fuel saving technology are freight shippers, including the U.S. Postal service and UPS,” Ms. Crolley continues. “A recent news article by NBC affiliate KSL reported that each time the price of gas goes up one penny, it cost the U.S. Postal Service an extra $8 million a year nationwide. We are working to demonstrate our ability to offset the impact of their fuel price increases by increasing their vehicles’ fuel efficiency with use of our NanoBoost coating on these vehicles. This is part of our continuing mission to utilize leading edge nanotechnology to offer solutions to every day issues that save money and reduce energy and fuel consumption rates with safe and environmentally friendly products.”
Gasoline prices averaged $4.082 June 16, up 35.7 percent from a year ago, according to a report out Tuesday for week ending June 14 from the International Council of Shopping Centers (ICSC). It was the twelfth consecutive week of record gasoline prices, the ICSC report says. The retail group noted their monthly consumer gasoline-price impact survey indicated discretionary spending on non-essential items had been reduced by 69 percent of household, the highest percentage since they began tracking the figure in 2004.