RENO, Nev., May 20, 2003 (PRIMEZONE) -- Altair Nanotechnologies, Inc. (Nasdaq:ALTI) said today that the company is aggressively seeking revenues from government grant programs to support several of its nanotechnology development. To assist the company in obtaining this funding, Altair has engaged DykemaGossett, PLLC, a Michigan and Washington, D.C.-based law firm. The firm was instrumental in obtaining a recent grant of approximately $1 million to develop titanium dioxide nanoparticle sensors for the detection of chemical and biological weapons. Additional funding has been requested for the sensor program which involves Western Michigan University and the University of Nevada, Reno.
Altair also announced today that it is in negotiations with UK-based Hydrogen Solar to develop a program in Nevada which would demonstrate Hydrogen Solar's technology for generating hydrogen using direct sunlight as the energy source. Hydrogen Solar has an exclusive worldwide license for the Tandem Cell(tm) technology invented and patented by a European university. All parties expect that the use of Altair's nanomaterials will significantly improve the conversion efficiency and cost structure of hydrogen production using Hydrogen Solar's technology. According to Altair's President Dr. Rudi E. Moerck, the University of Nevada, Reno, which participated in the Desert Research Institute's hydrogen production and demonstration project, is involved in the joint funding effort for the company's hydrogen production technology program.
"Altair's nanomaterials have already been used in the manufacturing of solid oxide fuel cells (SOFC)," said Dr. Moerck. "Altair demonstrated its technology in a small cell using single firing monolithic fabrication techniques made possible through the use of its nanomaterials. We are currently contacting the various National Laboratories and organizations such as the Solid State Energy Conversion Alliance (SECA) that need additional technology resources to meet the program objectives."
In addition to the company's fuel cell development program, Altair has other programs that target the energy sector. The company has developed crystalline materials that have demonstrated significantly rapid charging and discharging rates. This is a significant benefit for advanced battery development within the automotive industry as well as other applications using hybrid or fuel cell systems. "We are currently in discussions pertaining to the funding of our nano-based battery materials with two separate groups," noted Dr. Moerck. "Both of these groups have already demonstrated the use of our materials in thin film batteries and super capacitors."
"This is a very exciting time for Altair," continued Dr. Moerck. "Altair's patented nano-based material science will allow the company to take advantage of the additional opportunities offered under a multitude of programs including the National NanoScience Initiative led by the National Science Foundation and the Advance Technology Program at the U.S. Department of Commerce."
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 nanomaterials and technology 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, fuel cells, solar cells, advanced energy storage devices, thermal spray coatings, catalysts, paints and environmental remediation. For additional information on Altair's 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 and future results to be materially different than suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, the successful testing, FDA approval and commercialization of RenaZorb, the company may be unable to attract or form relationships with pharmaceutical companies, or have the funds necessary to development additional products or create product opportunities within the pharmaceutical industry, 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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