ItN Nanovation AG announced another substantial step in the development of its business based on its highly powerful technology for purifying contaminated deep groundwater. ItN Nanovation's joint venture partner, Juffali Chemical Products Co., has received a letter of confirmation from Arab Contractors Co. concerning the purchase of ItN filters worth USD 5.3 million.

The purchase of ItN's flat membrane filters 'CFM Systems' is made in connection with the Humaima deep water well project in Saudi Arabia; it is still subject to the approval of the Saudi Ministry of Water. Once approval is granted, delivery of the ItN filter systems would take place in 2014.