RENO, Nev., June 18, 2003 (PRIMEZONE) -- Altair Nanotechnologies Inc. (Nasdaq:ALTI) has received a letter from Nasdaq stating that its common stock is in compliance with Nasdaq Marketplace Rule 4310(c)(8)(D), which requires that the company's common stock maintain a minimum $1.00 bid price per share.
"We are pleased to receive Nasdaq's compliance letter. The potential market for our nanomaterials and nano-products is now being recognized by the financial community," said Altair President Rudi E. Moerck. "We have made significant strides with our nanoparticle-based pharmaceutical product, RenaZorb(tm), Altair's new drug candidate for phosphate control in kidney dialysis patients and with our strategy for obtaining government funding for DOE projects continues to be successful. Additionally, our patented Hydrochloride Pigment Process (AHPP) has been featured in the June issue of Chemical Engineering Progress."
The Chemical Engineering Progress magazine has a section entitled UPDATE, which includes a Process Technology section that features an overview of AHPP, Altair's patented, low-cost titanium dioxide pigment production process. According to the article, the two common processes for currently manufacturing pigment, the chloride process, which costs approximately $1,350/metric ton of Ti02 and the sulfate process, which costs approximately $1,500/metric ton of Ti02, are coming under regulatory scrutiny because of waste generation and disposal. The article went on to mention that Altair's AHPP process, which is projected to cost approximately $1,100/metric ton of Ti02, generates little waste. Additionally the article mentioned that Altair's process uses low-cost ilmenite ores and produces crystallineTi02 in the desired form of either rutile or anatase with a waste product, iron oxide, which can subsequently be sold.
ALTAIR NANOTECHNOLOGIES, INC.
Nanotechnology is rapidly emerging as a unique industry sector. Altair Nanotechnologies is positioning itself through product innovation within this emerging industry to become a leading supplier of nanomaterial technology and nanomaterials worldwide. Altair owns a proprietary technology for making nanocrystalline materials of unique quality both economically and in large quantities. The company is currently developing special nanomaterials with potential applications in pharmaceuticals, batteries, fuel cells, solar cells, advanced energy storage devices, thermal spray coatings, catalysts, cosmetics, paints and environmental remediation. For additional information on Altair and its nanoparticle materials, visit www.altairnano.com .
Forward-Looking Statements
This release may contain forward-looking statements as well as historical information. Forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, uncertainties regarding the company's ability to enter into a licensing agreement pertaining to its pharmaceutical agent RenaZorb, the company's ability to enter into an agreement to license its AHPP pigment process, the company's ability to obtain the needed funding for its continuing nanotechnology development and other operations and the company's continued compliance with the $1.00 minimum bid requirement for continued listing on the Nasdaq SmallCap Market, in addition to other risks identified in the company's most recent Annual Report on Form 10-K, as filed with the SEC. Such forward-looking statements speak only as of the date of this release. The company expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in company expectations or results or any change in events.
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