Florida Industrial Company Sets up New Division

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Wednesday, May 20, 2020

Industrial stocks are among the sectors making investors cheer on a generally happy day on the markets.

The sector popped 1.9% in the U.S., while in Canada, the jump was nearly 2%. Among the sector drivers: Naples, Florida-based Industrial Nanotech, Inc. (OTC PINK:INTK) announced a new division.

Till now, INTK sold energy-saving coatings to customers and the customers applied it themselves or hired their own contractors to apply the coatings.

The new Industrial Projects Division saw the light of day Wednesday. 

CEO Stuart Burchill enthused, "Since inception in 2004, one of the limiting factors to our sales has been the availability of qualified contractors that would apply our products for a cost effective price in a high-quality manner." 

"The final impetus for creating this division is a new customer with 100's of factories… all very large and all very similar in equipment… and all of which they want coated with our product in the coming years. This made it the perfect opportunity to create and train our own crews to apply the coating for them, which they wanted us to do,"

Industrial Nanotech develops and commercializes new and innovative applications for sustainable manufacturing and buildings which are sold worldwide. 

INTK shares ballooned 36.4% Wednesday afternoon to 15-100ths of a cent, on volume of 8.8 million shares. 

Though not within the pale of traditional small-cap vehicles, markets in Canada have been buzzing over the past couple of days about the price progress of Halifax-based Chorus Aviation (TSX:CHR).  The plane maker announced it continues to do its duty to its community by focusing on the health and safety of employees and passengers. 

Chorus has accessed the federal Canada Emergency Wage Subsidy, mitigating significant employee reductions and supporting business resumption plans.

Its latest financial figures came out late last week, registering a net loss of $17.3 million, or $(0.11) per basic share; a period-over-period decrease of $50.7 million due to the change in unrealized foreign exchange of $55.1 million.

Chorus rumbled higher 18 cents, Wednesday afternoon, or 6.6%, to $2.93, on volume of 1.2 million shares. 

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