SOURCE: Altair Nanotechnologies Inc.
RENO, NV--(Marketwired - May 27, 2014) - Altair Nanotechnologies, Inc. ("Altair") (NASDAQ: ALTI), reports the Company received a non-compliance letter from the Nasdaq Stock Market ("Nasdaq") and has secured a new working capital loan.
On May 20, 2014, the Company received a letter from Nasdaq indicating that the Company was not in compliance with the continuous listing rules due to its failure to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (the "Quarterly Report") on a timely basis. Under the rules, the Company has until June 16, 2014 to submit a plan to regain compliance and if the plan is accepted, the Company could be granted up to 180 calendar days from the date of its initial filing delinquency, or until October 13, 2014, to regain compliance.
The Company expects to file its Annual Report and Quarterly Report as soon as practical and expects to submit a plan to regain compliance within the timelines prescribed by the letter and Nasdaq rules.
On April 30, 2014, Northern Altair Nanotechnologies Co., Limited (the "Company"), an indirect subsidiary of Altair Nanotechnologies, Inc., entered into, and closed, a financing under a Working Capital Loan Contract and related documents with the Bank of Handan Co., Ltd., Wu'an Sub-branch with respect to RMB 130,000,000 or approximately USD $21,090,200 loan. The interest rate on this loan is fixed at 9%, with interest payable monthly in arrears. The maturity date is April 28, 2015, at which time all outstanding principal and unpaid interest is due and payable. The loan is a guaranteed (credit/guarantee) loan and the guarantee manner is joint and several liability.
Proceeds of the Loan will be used for general working capital requirements.
About Altair Nanotechnologies Inc.
Altair is a leading provider of high-power, energy storage systems for the electric grid, industrial equipment and transportation markets. The company's lithium titanate technology is built on a proprietary nano-scale processing technology that creates high-power, rapid-charging battery systems with industry-leading performance and cycle life. Altair is headquartered in Anderson, Indiana and maintains operations in Reno, Nevada; Zhuhai, China; and Wu'an, China. For additional information, please visit: www.altairnano.com.
This report 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 Altair'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 report. These risks include the risk that Altair will be unable to file the Annual Report or Quarterly Report prior to the submission of its plan to Nasdaq or within any extension period, that Altair will fail to appoint an audit committee member within the cure period prescribed by Nasdaq, that whether or not Altair is able to file the Annual Report within any required Nasdaq period, that Altair will be delisted from Nasdaq due to the subjective concerns of Nasdaq regarding its financial strength, ability to comply with the Nasdaq rules on a prospective basis or other reasons. Other risks are identified in Altair's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the SEC. Such forward-looking statements speak only as of the date of this release. Altair expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in Altair expectations or results or any change in events.