Whatever you want to call it or however you want to explain it, we choose to do things that border on the irrational sometimes.

A blessing or a curse to being sentient beings is that we can rationalize anything, even irrationality. But we always know we bought that shiny object or flashing gizmo, ate that flourless triple chocolate torte or drank that Louis XIV cognac for the sheer pleasure of it because, sometimes, reason needs a respite. You can get rational again when the bill comes or your pants start getting snug. I’m talking treats here, not overindulgence.

In that vein, I’ve been looking at a tiny company on and off for a few years now. It’s so off-the-beaten-path—even for me—that it’s been more of an entertainment and intellectual curiosity than something I would consider holding.

But yesterday I had a change of heart and mind. Industrial Nanotech (OTC: INTK, http://www.industrial-nanotech.com/) has been rolling out press releases on almost a daily basis for about a month now. Most are typical “Hey, don’t forget about us! We’re public!” announcements. But a couple that stand out are about deals it’s cut recently for its only product, Nanosulate, a spray-on insulation that has very unique and attractive qualities because of its nano-engineered makeup.

In early April, the first story that perked up my ears:

Industrial Nanotech is scheduled to supply Petrobras with an initial 50,000 gallons of its nanotechnology based thermally insulating and corrosion prevention coating, Nansulate High Heat, in June 2007. (Click here for more.)

In mid-April, the second:

Industrial Nanotech has entered into negotiations with a Fortune 100 electronics manufacturer for the incorporation of Nansulate, into its products. IN estimates the value of the project to be approximately $4.5 million annually once an agreement is reached. (Click here for more.)

And then yesterday:

Industrial Nanotech, an emerging global leader in nanotechnology, announced today that a NASCAR race team has purchased the Company’s patented nanotechnology based coating, Nansulate for use on Toyota race cars. (Click here for more.)

So within the past month, it’s inked a deal with one of the largest petroleum companies in the world, got its foot in the door with a Fortune 100 electronics company and hooked up with the most-visible research and development (R&D) team at the world’s largest auto maker (through its racing teams).

Granted, none of these contracts are staggering, but they’re encouraging.

But what really sold me on this little fella is its Web site. It is industrial. And it’s “Who Are We?” page is either one of the most sincere and encouraging things I’ve read on a corporate Web site in a long time or it has some of the greatest public relations people I’ve ever known. Check this out:

Who are we?

We are business people who support science and scientists. We admire the men and women who studied at universities and laboratories to learn to create new and innovative technologies that make our lives better. We are fortunate to join some of the best and the brightest in nanoscience technology research through funding and active participation. This is where we wear our lab coats.

We are business people who know and respect industry and the men and women who build and operate manufacturing facilities. We have the opportunity to spend time in magnificent new plants and the grand old icons of industry, learning about the needs of engineers, managers, and the people on the factory floor. This is where we wear our hard hats.

…and most of all, we are hardworking. We never forget that without you, the customer, we would not have the opportunity to do any of this. We are committed to continuing to work harder than anyone else to develop great products, offer them to you at a fair price, and provide the customer support that reflects our commitment to excellence and our commitment to you.

A Note Of Appreciation

We would like to extend special thanks to the scientists and administrators at The Center for Integrated Nanotechnologies (CINT) for their expertise, guidance, patience, and thoughtfulness, as we learned our way around the world of science.

With all that in mind, I’ve decided to take a flyer on this company. Bear in mind this is a 20-cent stock and only trades about 20,000 shares a day, although today it’s seeing about 70,000 shares trading to the upside.

DON’T CHASE IT. If you have some fun money, buy some Industrial Nanotech below 24 cents.

Don’t buy so much that you have to check on it every day; spend as much as you would from your average winnings/losses from a Redskins game, lunch and a couple rounds of drinks at the club. If it works out, there will be plenty of time to buy in deeper, and if its hits the wall at 150 mph, it’s just like a bad day on the links.

Also note that, while I’ll continue to follow this for subscribers, this is a unique circumstance and I don’t expect to pile penny stocks into the Pioneers Portfolio. I’ll actually have a new addition of more significance in coming days.