RENO, Nev., May 9, 2003 (PRIMEZONE) -- Altair Nanotechnologies Inc. (Nasdaq:ALTI) reported today that the U. S. House of Representatives passed the Science Committee legislation which authorizes a national nanotechnology research and development program. H.R. 766, the Nanotechnology Research and Development Act of 2002, authorizes $2.36 billion over three years for several Federal agencies.
According to Science Committee Chairman, Sherwood Boehlert, who supported the bill, the U.S. government needs to step up funding for basic research that could lead to commercial development. He went on to note that it is one of the most promising and exciting fields in science today. The Senate is expected to take up a similar measure soon and the measure has White House support.
"The passing of H.R. 766 could not be timelier," said Altair Nanotechnologies President Rudi E. Moerck. "Over the last several years Altair has developed patented processes that provides for the economic manufacturing of a wide range of a high purity nanomaterials ranging from lithium titinate spinel, titanium dioxide, stabilized zirconium dioxide to lanthanum strontium manganates. We are positioned to take advantage of the significant new development opportunities."
ALTAIR NANOTECHNOLOGIES, INC.
Nanotechnology is rapidly emerging as a unique industry sector. Altair Nanotechnologies is positioning itself through product innovation to become a leading supplier of nanomaterial technology and nanomaterials worldwide. The company has applied and intends for Federal funding but may not receive any Federal funding. 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 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, the possibilities that the company may be unable to attract additional customers, funded research opportunities, product development opportunities or ventures through its sales and branding campaign, that the company may never earn sufficient revenues to be profitable and that the company's nanoparticle products may not be integrated into any major market groups and products, in addition to other risks identified in the company's most recent Annual Report on Form 10-K, as filed with the SEC.
The Altair Nanotechnologies Inc. company logo can be found at: http://media.primezone.com/prs/single/?pkgid=511