ItN Nanovation AG close to winning major USD 5.3 million contract

ItN Nanovation AG close to winning major USD 5.3 million contract - Flat membrane filters for purifying deep groundwater in Saudi Arabia

Saarbrücken - June 19th, 2013. ItN Nanovation AG (ISIN DE000A0JL461) today announced another substantial step in the development of its business based on its highly powerful technology for purifying contaminated deep groundwater. Of the eight deep groundwater projects mentioned in the company's interim management statement published on May 17, 2013, one has already come closer to being implemented, which is a key signal for the other seven projects and the adoption of the ItN technology: ItN Nanovation's joint venture partner, Juffali Chemical Products Co., has received a letter of confirmation from Arab Contractors Co., a leading construction company in the Middle East, concerning the purchase of ItN filters worth USD 5.3 million. The purchase of ItN's flat membrane filters 'CFM Systems' is made in connection with the Humaima deep water well project in Saudi Arabia; it is still subject to the approval of the Saudi Ministry of Water. Once approval is granted, delivery of the ItN filter systems would take place in 2014.

ItN's unique filter systems have a good chance of being deployed in other drinking water projects in Saudi Arabia, the entire Middle East and North Africa too. This is because the ItN filter systems are capable of filtering substances such as iron, manganese and especially radium from the abundant deep groundwater aquifers. As a result, ItN filters contribute to eliminating the severe shortage of water in this region. Government agencies and enterprises in the region have thoroughly examined the ItN technology in the past 36 months. So far, the results have been highly satisfactory and ItN's filtering technology has been officially approved for the pollutants mentioned.

Given its recognized and superior technology for filtering deep groundwater in desert regions, ItN Nanovation expects to win additional major contracts on the Arab Peninsula and in North Africa.

ItN Nanovation AG based in Saarbruecken, Germany, is one of the leading nanotechnology companies in the world, developing innovative water filtration systems for large industrial customers.

ItN stands for "Innovation through nanotechnology" and reflects the company's well-founded nanotechnology know how.

For more information:

ItN Nanovation AG
Untertürkheimer Str. 25
66117 Saarbrücken
Tel.: +49 (0) 681/5001-460
Fax: +49 (0) 681/5001-499
Email: ir@itn-nanovation.com
www.itn-nanovation.com

IR contact:

edicto GmbH
Axel Mühlhaus
Eschersheimer Landstraße 42
60322 Frankfurt am Main
Tel.: +49 (0) 69/905 505-52
Fax: +49 (0) 69/905 505-77
Email: amuehlhaus@edicto.de

This release was published on openPR.