ROCHESTER, N.Y., Feb. 18, 2010 (GLOBE NEWSWIRE) -- NaturalNano, Inc. (Pink Sheets:NNAN) (Frankfurt:N3N) announced today the signing of a letter of intent to acquire a majority stake in a privately owned technology company. The transaction is planned for completion of definitive agreements and approval of the NaturalNano's Board.
"We have been working to identify a range of opportunities to address NaturalNano's strategic goals. We have made progress on strengthening our core business and now have an opportunity to add complementary business lines that further enhance our strategic capabilities. NaturalNano is familiar with this company we are acquiring controlling interest and have worked on several projects together over the last several months. We look forward to completing the necessary legal agreements and obtaining Board approval to allow us to inform our shareholders of these products. One of the opportunities is in the world's fastest growing segment in medical safety," acting CEO and President James Wemett said.
Wemett added that, "We are excited to add these promising business lines of this company to our core Nano Technology. There are a number of synergies and added benefits which their products and markets provide. We also look forward to participating in the revenue generated by their products. Our goal at NaturalNano is to be a problem solver and to improve products through our technology by bringing Nano to life through Nano enhanced products."
About NaturalNano, Inc.: NaturalNano, Inc. (Pink Sheets:NNAN) (Frankfurt:N3N) is a materials science company focused on developing and commercializing advanced nanocomposites. The Company is focused on additive technologies and processes, including their proprietary Pleximer that adds value to industrial polymers, plastics and composites. NaturalNano holds and licenses 24 patents and applications, as well as proprietary know-how for extraction and separation processes, compositions, and derivatives of Halloysite. Visit www.naturalnano.com for more information.
Cautionary Statement Regarding Forward-Looking Statements: Contains forward-looking statements regarding future events and future performance that involve risks and uncertainties that could materially affect actual results. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of NaturalNano's filings with the Securities and Exchange Commission. The most recent annual reports on Form 10-K and quarterly reports on Form 10-Q filed by NaturalNano provide information about these factors, which may be revised or supplemented in future reports to the SEC on those forms or on Form 8-K. We caution investors not to place undue reliance on forward-looking statements, and we do not undertake any obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other such factors that affect the subject of these statements, except where expressly required by law.