Hybrid Coating Technologies Inc., pursuant to the terms of its licensing agreement with Nanotech Industries Inc., has exercised its option to manufacture and sell Green Polyurethane coatings and paint in Europe on an exclusive basis.

"We have been working with multiple potential partners in Europe over the past year and our products have successfully undergone rigorous testing," said Joseph Kristul, chief executive officer. "We are now in advanced commercial discussions with multiple potential European partners for distribution and licensing as we look to expand our presence in the European continent."

As Europe continues to strengthen its regulations against the use of products that contain toxic isocyanates such as polyurethane floor coatings, Hybrid said it is in a unique position as the world's first producer of polyurethane floor coating products made without the use of isocyanates at any point in the manufacturing process.

The combined revenue for the European industrial and specialty coatings industry is estimated at $12 billion per annum.