SAN FRANCISCO, March 22, 2011 (GLOBE NEWSWIRE) -- EPOD Solar Inc. (OTCBB:EPDS) is pleased to announce that Nanotech Industries International Inc., its wholly owned subsidiary, has entered into an agreement (the "Agreement") with Nanotop, a Russian corporation owned by Leonid Tavrovsky, a prominent industrialist, for the manufacturing rights and distribution of the Company's Hybrid Non-Isocyanate Polyurethane, also known as Green Polyurethane™, in the Russian Federation.
Under the terms of the Agreement, Nanotop shall have to reach certain minimum annual sales targets to retain the status of sole and exclusive importer, manufacturer and distributor of Green PolyurethaneTM in the Russian Federation. Nanotech shall be receiving an initial order of $240,000 from Nanotop.
"Green PolyurethaneTM's low cost advantage combined with its superior chemical properties and isocyanate free formulation should prove to be very promising in Russia," said Leonid Tavrovsky, owner of Nanotop. "The industry is ripe for change and we are very excited to be the first and only group to introduce this unique product to the market place. We expect to generate a significant amount of sales in the near future."
"The signing of this agreement is part of the Company's overall sales and marketing strategy to introduce Green PolyurethaneTM as the next generation of paints and coatings via national distributors and manufacturers globally," said Joseph Kristul, CEO and President of Nanotech. "We look forward to working with Nanotop in transforming Russia's paints and coatings industry over the coming years and we expect to sign additional agreements of this kind with national distributors and manufacturers in other countries over the coming months."
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of EPOD Solar, Inc. to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, and other risks. EPOD Solar, Inc. undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in EPOD Solar, Inc. expectations.
About Leonid Tavrovsky
Leonid Tavrovsky is the General Director and major shareholder of Grand Group in Russia. Grand Group is one of the first private companies that appeared on the wholesale and retail oil product market of Moscow. Currently the Group operates in various sectors including oil refining and wholesale, oil product supplies, tractor sales and maintenance, healthcare, telecommunication, agriculture and banking. The Group is comprised of several companies including, Association Grand, Public Radio & Television Company Nalchik, Veta-Grand, retail and service company Grand-Otex, Grand-Tractororesurs, Marka Goda, Catamak and Grand Invest Bank.
About Nanotech Industries International
Nanotech Industries International d/b/a "Hybrid Coating Technologies" (HCT) is a San Francisco-based innovator focused on improving the quality and safety of coatings and paint for industrial and commercial customers around the world. We are the exclusive licensee of Green Polyurethane™ coatings and paint – the world's first-ever patent protected polyurethane-based coatings and paint products which eliminate toxic isocyanates from the entire production process (licensed by Nanotech Industries, Inc.).
The Problem of Conventional Coatings/Paint and Isocyanates
Conventional polyurethane (PU) paint and coatings have many disadvantages: they are porous, permeable and maintain poor hydrolytic stability. This makes the material highly vulnerable to environmental degradation and ultimately leads to their chemical decomposition, especially when in contact with water. Even worse, the manufacture of conventional polyurethane involves highly toxic components such as isocyanates, which can cause irritation of skin and mucous membranes, chest tightness, difficult breathing, upset stomach, fevers and prolonged exposure has been known to cause severe asthma and even death.
The Green Polyurethane™ Solution
Global coatings and paint companies, suppliers and consumers are seeking green solutions that make business sense. However, "green" has often meant fewer features, higher cost or lower quality. Green Polyurethane™ (also referred to as "HNIPU" - hybrid non-isocyanate polyurethane) provides the world's first sound solution to the environmental and health hazards of isocyanates in polyurethane, costs up to 20% less to apply, and presents significant improvements to the properties of conventional polyurethane.
CONTACT: Nanotech Industries International Inc. Elena Shenkar, Investor Relations 650-491-3449 x 2