The nanotechnology sector has grown by leaps and bounds over the course of the past few years and if experts are to be believed then it is going to continue to grow. It is a highly innovative sector and it is only natural that many investors are nowadays looking into it. At this point in time, there are a number of companies that you could consider tracking and one of those is Industrial Nanotech Inc (OTCMKTS:INTK).
As it happens, the Industrial Nanotech stock was in the middle of a strong rally yesterday and ended the day with gains of as much as 41% amidst heavy interest. In this situation, it may be a good idea for investors to consider taking a closer look at the company’s business and the recent events which may have led to the rally yesterday.
Trading Data
On Wednesday, INTK stock surged 43.52% to $0.0155 with more than 48.2 million shares, compared to volume of 8.05 million shares. The stock moved within a range of $0.0104 – 0.0172 after opening trade at $0.0109.
About Industrial Nanotech Inc
The company is involved in the development, marketing and manufacturing of industrial grade insulation products that utilize nanotechnology. The products are sold in the United States and also in the overseas markets. It sells a range of products which may be of use to a range of industries and over the years it has made its move into many new industries. The company had been established back in 2005 and is based out of Naples in Florida.
Industrial Nanotech, Inc Subsidiary Syneffex Inc Signs Agreement with Lowe’s
Yesterday, the company announced that it had managed to sign a distribution agreement with the company Lowe’s Inc. The agreement had been signed through Syneffex Inc, which is a fully owned subsidiary unit of Industrial Nanotech. The news about the distribution agreement seemed to have come as a source of considerable optimism for investors and that perhaps led to the remarkable gains in the stock that were seen yesterday. The Vice President of Sales at Syneffex, Eric Graham spoke about the significance of the agreement as well. He noted that a ‘powerhouse’ like Lowe’s to function as the distribution point for the products from Syneffex is a major new development for the company. He went on to note that the venture is going to provide a major new opportunity to Industrial Nanotech. It was also announced that the products from Syneffex are going to be made available on the Lowe’s website and for in-store pick up at some point in two weeks’ time.
Industrial Nanotech, Inc Provides Update Regarding Supply Chain Issue and Revenue Guidance
Back on June 29 this year, the company had come into the news after it announced a significant supply chain issue it had been suffer from had been resolved. The unavailability of a key resin had forced the company to halt production of its top selling product EPX-H20. That had an impact on the company’s second quarter revenues as well.
However, the company announced on that day that it had managed to discover a new resin altogether that may work just as well. The Chief Executive Officer of the company signed off on the use of the new resin and production of EPX-H20 was commenced once again. That had been another major positive for Industrial Nanotech in recent months.
Technical Data
INTK stock is trading above the 20-Day and 50-Day Moving averages of $0.0108 and $0.0117 respectively. However, the stock is trading below the 200-Day moving average of $0.0186. The company has a total market capitalization of $34.58 million. The stock is up 60% over the past month.
