RENO, Nev., Sept. 15, 2003 (PRIMEZONE) -- Altair Nanotechnologies Inc. (Nasdaq:ALTI) announced today that it has repaid Doral 18, LLC, the remaining $588,000 in convertible debt. Pursuant to the terms of governing security agreements, Doral is required to release all of Altair's pledged assets, which include titanium mineral leases and patents for pigment and nanomaterials.
With this transaction, Altair is debt free except for a promissory note to purchase the building that houses its Reno production facilities from BHP Minerals International, Inc. Under that agreement, interest begins accruing in August 2005 with the first payment due in February 2006.
Altair's Chief Financial Officer Ed Dickinson said the company paid off the debt with funds received from the exercise of warrants. "We have sufficient resources to fund operations through the end of 2003," he said. "With our stock advancing, we anticipate warrant exercises that could provide adequate financing through 2004." Mr. Dickinson added, "We also expect income through additional government funding, increased product sales and product development contracts."
"With the exception of the building agreement, this marks the first time the company has been debt free since purchasing its pigment and nanomaterials technology from BHP Minerals four years ago," said Dr. William Long, Altair's Chairman and Chief Executive Officer. "With no more convertible debt, we expect to emerge as a technological leader not only in nanotechnology and nanomaterials but also in titanium dioxide pigment." Dr. Long credits the company's employees, shareholders, technology platform and economical production process for Altair's survival through a challenging economic environment for technology companies.
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 nanomaterial technology and nanomaterials 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, 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 in future periods 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 market price for the company's common shares may begin to decline, that because of a decline in common shares or for other reasons, existing warrantholders may not exercise their warrants, that because of the absence of money from warrant exercises or from other sources, the company may not be able to obtain the capital to fund its operations in 2004 or otherwise, and that because of the lack of funding or other reasons, the company may be unable to fully exploit its technologies in a manner that they begin generating significant revenue.
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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