RENO, Nev., July 18, 2003 (PRIMEZONE) -- Altair Nanotechnologies, Inc. (Nasdaq:ALTI) management has received numerous calls from shareholders and the financial community pertaining to the sudden drop in the price of the company's common stock during the afternoon of Thursday, July 17, 2003.
Altair management is not aware of any reason for the drop in the price of the company's common stock as Altair's fundamentals remain unchanged. Favorable progress is being made with a number of significant projects involving Altair and it proprietary nanotechnology. Altair's discussions with pharmaceutical companies interested in its drug candidate, RenaZorb(tm), are proceeding with a number of these companies. RenaZorb(tm), Altair's new drug for phosphate control in kidney dialysis patients, has been shown to be effective in both animal and laboratory testing. RenaZorb remains a viable drug candidate for use for patients with End Stage Renal Disease (ESRD).
Thursday, July 17, 2003, a small pharmaceutical company with the name of Alteon (AMEX, ALT) similar to that of Altair (ALTI) was downgraded to a "sell" by a few industry analysts after the company reported less then favorable news relating to one of its drug candidates. Additionally, throughout the day, reports regarding the pharmaceutical company, their drug candidate and the price decline in the company's stock were heavily disseminated to financial portals via news services.
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, including the ability of Altair to provide the material size and composition of the sample materials required, the companies' ability to reach an appropriate licensing fee or royalty arrangement as well as 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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