SOURCE: Altair Nanotechnologies Inc.

August 24, 2005 19:03 ET

Altair Nanotechnologies to Engage New Independent Audit Firm

RENO, NV -- (MARKET WIRE) -- August 24, 2005 -- Altair Nanotechnologies Inc. (NASDAQ: ALTI), today announced that the Audit Committee of the Board of Directors will engage a new independent audit firm as a result of Deloitte & Touche LLP's resignation as the company's independent auditor.

The resignation was not the result of any disagreements between Altair and Deloitte on any matter of accounting principles or practices, financial disclosure or audit procedures. Deloitte has served as Altair's principal accountants since March 2001 and has agreed to provide its full cooperation in the transition to a new audit firm.

"Altair has worked with Deloitte & Touche for over four years and we have been pleased with the relationship," commented Altair Nanotechnologies CEO and President Alan J. Gotcher, Ph.D. "We are in discussion with several independent accounting firms and are confident another high quality accounting firm will be engaged. Evaluation and engagement of accounting firms typically takes several weeks and we expect to have new audit services in place for filing of our third quarter Form 10-Q."

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, with the production capacity of hundreds of tons of nanomaterials.

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™ and, Altair Nanotechnologies Inc.® are trademarks or registered trademarks of Altair Nanotechnologies Inc.

Contact Information

  • For Additional Information:

    Investor and Financial Relations:
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    Altair Nanotechnologies, Inc.
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