SOURCE: Altair Nanotechnologies

October 05, 2005 09:00 ET

Altair Nanotechnologies Provides Project Update

RENO, NV -- (MARKET WIRE) -- October 5, 2005 -- Altair Nanotechnologies Inc. (NASDAQ: ALTI) provides shareholders and potential investors with project information and status of Altairnano's progress in commercializing its product technology.

Altairnano management is hosting its Project Update Conference Call on Wednesday, October 5, 2005, at 11:00 A.M. Eastern Daylight Time. The dial-in number is 973 935 2981. Additionally, the conference call is being webcast by ViaVid Communications and can be accessed by visiting http://viavid.net/dce.aspx?sid=00002985 or Altair's web site, www.altairnano.com.

Project Update

The following project update highlights products that are in market entry stage, and those in which Altairnano is engaging commercial partners. In each project, Altairnano is focused on building high-growth, long-term, sustainable, revenue-generating relationships with companies identified as major market suppliers. During the conference call, Altairnano management will provide a question-and-answer session to address questions about Altairnano's technologies, products and market applications.

Performance Materials

--  Altairnano has expanded its in-house battery initiative to provide
    additional resources to facilitate a more rapid implementation of its novel
    lithium ion battery electrode technology and has added in-house
    manufacturing capabilities of prototype lithium ion cells, batteries and
    battery packs. Manufacturing, along with its research and development team,
    has been augmented with the addition of highly qualified advanced battery
    scientists, engineers, manufacturing and marketing specialists.
    Additionally, the application development of Altairnano's nano-structured
    electrode materials will move to a new facility located in central Indiana.
    Business development, marketing and sales personnel will also be located in
    the Indiana facility.
    
--  Altairnano received a Phase II grant of $476,850 from the National
    Science Foundation in support of the company's ongoing development of
    battery cathode electrode nanomaterials to provide matched anode-cathode
    electrode materials. It is expected that the matched anode-cathode
    materials will optimize the electrochemical performance of lithium ion
    batteries. Work on these materials, which will form the basis for a second
    and third generation of battery electrode, is underway.
    
--  Altairnano is shipping advanced electrode battery nanomaterials to
    Advanced Battery Technologies, and has received a number of prototype
    batteries for performance and safety testing.  Altairnano is in the process
    of shipping 2,200 pounds (one metric ton) of Altairnano anode electrode
    nanomaterials to Advanced Battery to begin Phase 2 - Product Development.
    These materials are intended for use in the construction of developmental
    polymer lithium ion batteries designated to power one electric bus and one
    electric sedan. We expect road testing of the batteries in these vehicles
    late in the fourth quarter of 2005.
    
--  Altairnano continues preparation for market introduction of
    NanoCheck™.   Altairnano is in contract negotiations with pool chemical
    companies that are major suppliers to the recreational water market.
    Altairnano has contracted with two companies based in China for the
    manufacturing of NanoCheck. The product is expected to be launched at the
    NESPA Regional 1 Show in Atlantic City, New Jersey, in late January 2006.
    
--  Altairnano has entered into an agreement with Western Oil Sands to
    provide pilot plant and office space for five employees and consultants of
    Western Oil Sands within Altairnano's facilities to facilitate on-site
    collaboration between the two companies and further the engineering study
    of manufacturing TiO2 pigment from Western's tar sand tailings using
    Altairnano's AHP process. Western Oil Sand's employees and consultants have
    been working at Altairnano's facility since August 2005, during which time
    the engineering study and collaboration has resulted in the decision to
    construct a larger pilot plant within Altairnano's facilities for the
    demonstration of bench scale results.
    
Life Sciences
--  Altairnano's RenaZorb™, a phosphate binding drug candidate for
    humans, continues development. The analytical testing of the blood and
    urine samples from additional animal testing of RenaZorb by Spectrum
    Pharmaceuticals was completed in late September. We expect to have the test
    results shortly.
    
--  The licensing of Renalan (similar chemistry to RenaZorb) as a
    potential drug for treatment of excess phosphate in dogs and cats with
    chronic renal failure is progressing. The company is in early evaluation
    discussions with both American and European animal health companies.
    Altairnano estimates that the potential market for phosphate limiting drugs
    in the animal health care market could be in excess of $100 million per
    year.
    
Corporate Highlights
--  Altairnano has engaged Perry-Smith LLP as its new independent auditing
    firm. Perry-Smith is the largest regional accounting firm in Sacramento and
    part of the RSM McGladrey network which, in conjunction with McGladrey &
    Pullen, LLP, is the sixth-largest provider of audit, accounting and tax
    services in the United States.
    
--  Altairnano management will be presenting a poster entitled "A Case
    Study in Partnering to Develop a Nanotechnology Occupational Safety Program
    in a Nanotechnology Manufacturing Environment" at The Second International
    Symposium on Nanotechnology and Occupational Health being held October 3 -
    6 in Minneapolis, MN. Collaboration on the poster was done with the
    University of Nevada, Reno, and the National Institute for Occupational
    Safety and Health in Cincinnati, Ohio, and Morgantown, WV.
    
ABOUT ALTAIR NANOTECHNOLOGIES INC.

Altairnano is a leading supplier and innovator of advanced ceramic nanomaterial technology. Based in Reno, Nevada, Altairnano has assembled a unique team of materials scientists who, coupled in collaborative ventures with industry partners and leading academic centers, have pioneered an array of intellectual property and products.

Altairnano's robust proprietary technology platforms produce a variety of crystalline and non-crystalline nanomaterials of unique structure, performance, quality and cost. The company has scalable manufacturing capability to meet emerging nanomaterials demands. Altairnano's two divisions, Life Sciences and Performance Materials, are focused on applications where its nanotechnology may enable new high-growth markets. The Life Sciences Division is pursuing market applications in pharmaceuticals, drug delivery, dental materials and other medical markets. The Performance Materials Division is focused on market applications in advanced materials for paints and coatings; air and water treatment and alternative energy including new Li Ion battery electrode materials. For additional information on Altairnano and its nanomaterials, visit www.altairnano.com.

Altairnano™, Altair Nanotechnologies Inc.®, RenaZorb™, NanoCheck™, TiNano Spheres™ and the Hydrochloride Pigment Process™ are trademarks or registered trademarks of Altair Nanotechnologies Inc.

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 risks that Altairnano's numerous development stage products will not be developed to the point of commercialization or that, even if commercialized, no market will exist for such products or Altairnano will fail to effectively market to customers in a market; that products subject to existing license agreements, including Altairnano's pigment process (AHPP) and RenaZorb, will not be commercially developed and, even if developed, will not generate significant royalty payments; and that Altairnano will not be able to enter into license or productions agreements with respect to TiNano Sphere, NanoCheck, Renalan, its battery electrode materials or other products that Altairnano expects industry partners to develop and market. In particular, the projected year-end market introduction of products containing NanoCheck is not within the control of Altairnano and could be canceled or delayed for various reasons, including if current testing does not reveal positive results, Altair is unable to enter into agreements with pool chemical distribution companies and/or product design, marketing and other deadlines are not met. In general, Altairnano is, and expects to be in the immediate future, dependent upon funds generated from sales of securities, grants, testing agreements, and licensing agreements to fund its testing, development and ongoing operations. In addition, other risks are 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.

Contact Information

  • For Additional Information:
    Investor and Financial Relations:
    Marty Tullio or Mark Tullio
    McCloud Communications, LLC
    949.553.9748
    Email Contact
    Email Contact

    Altair Nanotechnologies, Inc.
    Robert Pedraza
    VP Strategy & Business Development
    775.856.2500
    Email Contact