Exclusive Distribution Agreement between NanoSteel® and Grant Prideco for Hardbanding Material has ended

PROVIDENCE, R.I., Feb. 7, 2011 /PRNewswire/ -- The NanoSteel® Company, a leader in surface coating technologies, today announced the exclusive distribution agreement between itself and Grant Prideco, a division of National OilWell Varco, for a hardbanding weld overlay product has ended. During the term of the agreement, Grant Prideco was provided the exclusive right to sell NanoSteel's patented SHS7272GP* alloy, known in the industry by the Grant Prideco trademark Platinum™ HB.

"Working with Grant Prideco to commercialize NanoSteel's patented hardbanding materials has been an excellent experience for us," said Dave Paratore, president and CEO. "They have been a true partner throughout this endeavor."

Over the past five years, more than 700 miles of drill pipe have been hardbanded with Platinum™ HB. To ensure customers continued access to the material, NanoSteel will now offer the product under the new NanoSteel trademark name Guardian™ HB. The product will remain unchanged from the original Platinum™ HB sold by Grant Prideco and may be purchased directly from NanoSteel.

For product information, visit http://www.nanosteelco.com/GuardianHB.

The NanoSteel Company, Inc., headquartered in Providence, R.I., designs and sells a portfolio of patented nanostructured alloys for thermal spray coating and weld overlay for hardfacing and wear plate applications. NanoSteel's Super Hard Steel alloys feature a very unique combination of high hardness and high toughness properties which results in exceptional resistance to corrosion, erosion, impact and wear in a wide range of complex service environments. For more information, visit www.nanosteelco.com, e-mail NanoSteel at [email protected] or call toll free 1-877-293-NANO (1-877-293-6266).

SOURCE The NanoSteel Company