CORRECTING and REPLACING Steel Unit of Hyundai Motors Co., INI Steel, to Meet with Nansulate Asia, Exclusive Asian Distributor for Industrial Nanotech

Correction... by Industrial Nanotech Inc.
NAPLES, Fla.--(BUSINESS WIRE)--June 7, 2005--Please replace the release due to multiple revisions with the following corrected version. In a release sent earlier under the same headline, please note that the second paragraph has been changed to reflect the fact that the steel samples received by Industrial Nanotech were sent by Samsung Heavy Industries, not INI Steel as previously reported.

The corrected release reads:

“South Korea is home to Nansulate Asia's major targets which are three of the world's largest supertanker builders; Hyundai Heavy Industries, Ltd., Daewoo Shipbuilding & Marine Engineering Co., Ltd, and Samsung Heavy Industries Co., Ltd - Shipbuilding and Offshore Division”

STEEL UNIT OF HYUNDAI MOTORS CO., INI STEEL, TO MEET WITH NANSULATE ASIA, EXCLUSIVE ASIAN DISTRIBUTOR FOR INDUSTRIAL NANOTECH

Industrial Nanotech Inc., (OTC: INTK), an emerging nanotechnology-based solutions provider, announces that the Company's South Korean distributor, Nansulate Asia, is in discussions with INI Steel, the second largest steel manufacturer in South Korea, regarding OEM applications for Nansulate Translucent.

Additionally, Industrial Nanotech, through Nansulate Asia, has received steel samples from Samsung Heavy Industries (SHI) for independent testing of the coating's ability to meet specific requirements. Demonstrations of Nansulate are set to begin this week at Princeton Polymer Laboratories, Inc., under the supervision of Peter Wachtel, PhD. The steel samples from Samsung Heavy Industries are pieces of intricate structural material that is currently used in LNG Carriers, Platforms, and Floating Production Storage and Offloading (FPSO) vessels. Samsung Heavy Industries, a key member of Korea's SAMSUNG Group, is a highly integrated organization which delivers a broad range of services in the shipbuilding industry. SHI is the No. 1 shipbuilder in the world in terms of volume of orders.

"South Korea is home to Nansulate Asia's major targets which are three of the world's largest supertanker builders; Hyundai Heavy Industries, Ltd., Daewoo Shipbuilding & Marine Engineering Co., Ltd, and Samsung Heavy Industries Co., Ltd - Shipbuilding and Offshore Division," states James Lee, President of Nansulate Asia. "By employing key engineers that have over a decade of experience working for one of these companies, we are positioned to demonstrate the potential of this product to the supertanker industry. Due to the superior performance characteristics of this product, we are also approaching the steel manufacturers such as INI Steel directly as part of our aggressive strategy to capture a significant share of this multi-billion dollar market segment." About Princeton Polymer Laboratories

Princeton Polymer Laboratories (PPL) is a world-renowned chemical technology company specializing in technology transfer, contract research, strategic planning, and consulting services. PPL's areas of expertise include high performance plastics such as liquid crystal polymers, degradation and stabilization of plastics, compounding and polyblends, hydrogels, medical applications of polymers, membrane technology, polyurethane chemistry and technology, and biopolymers. PPL's superiority can be illustrated by its prestigious list of clients: Abbott Laboratories, Bristol-Myers Squibb, Dow Chemical, DuPont, Exxon, Kimberly-Clark, Mitsubishi, Johnson & Johnson, and 3M. About Industrial Nanotech Inc.

Industrial Nanotech Inc. produces and sells high performance coatings primarily designed for the heavy industry, manufacturing and shipping markets. The Company conducts nanoscience-related research in advanced materials and industrial applications at facilities in New Mexico, Colorado, and New Jersey. Products are available directly from the company or through a rapidly growing worldwide network of exclusive distributors.

For corporate and product information, please visit www.industrial-nanotech.com.

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.

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