DETROIT, Feb. 13, 2013 (GLOBE NEWSWIRE) -- Nano Labs Corp. (OTCQB:CTLE), a nanotechnology research and development company focused on creating a portfolio of advanced products that could provide benefits to a variety of industries including consumer products, energy and healthcare, is pleased to provide an update on The Africa Summit 2013, held in London, England on February 5, 2013, a conference attended by Dr. Victor Castano, Nano Labs' Chief Innovation Officer.
The Africa Summit was a by-invitation-only conference examining the world's new economic engine hosted by The Economist Group. Around 150 business leaders, investors and public policy-makers attended the conference and explored the latest commercial opportunities across the African continent.
"The countries of East Africa represent one of the fastest growing GDP's in the world based on rapid population growth and the development of a very large middle class. Between 2000-2008 the GDP per capital increased by 51%, in sub-Saharan Africa and is expected to reach an astounding $1 trillion USD by 2020," stated Dr. Castano. "Also, adding to the rapid growth in Africa is the $30 billion USD per annum of foreign aid coming into the region from development banks and the formation of a new development bank operated by the BRICS countries in the amount $50 billion USD and the inter-African trade representing almost $2.6 trillion USD."Dr. Castano continued: "Nano Labs suite of product opportunities were very well received by the conference participants as they relate to the efficient utilization of infrastructure in the African continent. The development of housing and other real estate projects, along with the improvement in energy efficiencies and farming practices are all issues that are very important in Africa. Nano Labs' technologies have a significant and directly positive impact on new products that participating African business leaders are interested in."