DETROIT, May 1, 2013 (GLOBE NEWSWIRE) -- Nano Labs Corp. (OTCQB:CTLE) is pleased to announce today the Company has signed a Non-Disclosure Agreement (NDA) with CIVIK of Mexico. The NDA will allow CIVIK to review and test 2 of Nano Labs' nanotechnologies, the nano insulate coatings and nano diamond applications, on CIVIK's proprietary LED light system. The two nanotechnology applications being tested are as follows: 1. Employing Nano Labs' nano insulate coating, NC2012, which may allow the LED light to dissipate heat created in the LED housing thereby increasing the efficiency and life of the LED light, projected at over 55,000 hours, and: 2. Applying the nano diamond coating on the LED light glass face thereby benefiting the system by making the light brighter and protecting it against environmental damage. Mr. Bernardo Chavarria, President of Nano Labs, states, "We are very excited to continue our work together with CIVIK. We believe the CIVIK LED system combined with our nanotechnology can produce an extremely competitive product in the commercial and government lighting marketplace. Our preliminary studies indicate a potential cost savings of 70% when compared to lights being sold by major competitors. Further to this – and more important – our studies indicate that the new LED light system could potentially increase energy saving up to 78% to the end user. The new LED lighting system will be smaller, emits the same light as the current lighting systems used by municipalities and shopping malls, but require much less energy and maintenance. This would represent a double win for municipalities which could then recover the cost of implementation through the energy cost savings." The companies are working together to establish a Letter of Intent (LOI) which would outline the establishment of a strategic alliance and joint venture for the manufacturing and distribution of the technology.
The Company is pleased to report that the joint venture partnership is currently reviewing two (2) orders for 180,000 new LED Lights worth an estimated $54 million USD.Mr. Chavarria concludes, "We are working quickly to complete the testing and make the necessary arrangements to commercialize the products should we be awarded these first orders." About Nano Labs Nano Labs Corp. (CTLE) is a nanotechnology research and development company which began during October 2012, but is able to access resources that encompass nearly 30 years of research and development in nanotechnology as well as hundreds of peer-reviewed and published research papers and other scholarly material. The Company's research and development team of scientists, designers, and engineers is focused on creating a portfolio of advanced products that could provide benefits to a variety of industries including: (i) consumer products, (ii) energy, (iii) materials, and (iv) healthcare. Through the use and integration of proprietary nano compounds, our goal is to evolve common products into new, revolutionary products in order to make the world a better place. Nano Labs shares are traded on the OTC Bulletin Board in the United States under the ticker CTLE. For more information, please visit www.NanoLabs.us . The Nano Labs Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=16293 Forward looking statements This press release contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1993 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those laws. These forward-looking statements are based upon a number of assumptions and estimates that are subject to significant uncertainties that involve known and unknown risks, many of which are beyond our control and are not guarantees of future performance. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in any such forward-looking statements and any such difference may be caused by risk factors listed from time to time in the Company's news releases and/or its filings with the OTC Bulletin Board or as a result of other factors.
CONTACT: Nano Labs Corp. Bernardo Camacho Chavarria President 1 (888) 806-2315