ROCHESTER, N.Y., Aug. 24, 2010 (GLOBE NEWSWIRE) -- NaturalNano, Inc. (Pink Sheets:NNAN) (Frankfurt:N3N) announced today financial results for the Second Quarter. During the second quarter, NNAN acquired 51% ownership of Combotexs, LLC. The immediate impact of the acquisition was a highlight as NNAN reported a significant increase in sales revenue over that reported by NNAN in the same quarter for 2009 driven in large part by the Combotexs sales.
Acting CEO and President James Wemett said, "NaturalNano is pleased to report the increased sales revenue reflecting the immediate impact of our recently completed Combotexs acquisition. Combotexs is a marketer of a range of useful, high quality products for businesses, including its popular Patient Safety Checklists marketed to healthcare facilities. During this quarter, our sales line increased 265% compared to second quarter in 2009. We continue to see encouraging uptake in the market for our Safety Checklist Boards which is providing a boost to the Company as a whole."
The acquisition is part of a strategy for the Company to generate near-term cash flow and continuing revenue that will support the ongoing development of NaturalNano's patented Halloysite Nanotube (HNT) technology.
Wemett also noted, "Our HNT business made steady progress during the quarter driven by our continued collaboration with Fiabila S.A. to supply HNT for their nail polish products. Also, potential for biomedical applications for HNT were highlighted in a study by Dr. Michael King, a researcher at Cornell University, who published a study demonstrating that HNT improved the surface performance of prototype cell capturing devices which are being developed by CellTraffix Inc., a Rochester, NY company.
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 15 patents and applications, as well as proprietary know-how for extraction and separation processes, compositions, and derivatives of Halloysite. http://www.naturalnano.com/">www.naturalnano.com
Combotexs, LLC, (http://www.combotexs.com/">www.combotexs.com ) is 51% owned by NaturalNano, markets a range of consumer and industrial products, including the Patient Safety Boards and the Super Magic Eraser product manufactured by BASF. Combotexs also has a complete product line of non-alcohol sanitizers for hands and hard surfaces. The Company is dedicated to building upon the pioneering work of NaturalNano and is looking for partnerships with companies that need materials solutions for their products, with a focus on bringing to market a variety of Nano-Enhanced products.
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.