Altair Nanotechnologies Moves to NASDAQ SmallCap Market; Altair Nanotechnologies' President Provides Corporate Update.Business Editors & Health/Medical Writers RENO, Nev.--(BUSINESS WIRE)--Sept. 23, 2002 Altair Nanotechnologies Inc. (Nasdaq:ALTI) today announced that it has applied to NASDAQ for listing on NASDAQ's SmallCap Market System and that its application has been accepted. Altair's common stock will commence trading on the NASDAQ SmallCap Market System Wednesday, September 25, 2002. Altair's common stock will continue to trade under its current symbol "ALTI". "As a public company participating in an emerging technology, I believe Altair along with its investors will be better served trading on the NASDAQ SmallCap System with public companies of its size and growth expectations," commented Altair Nanotechnologies President Dr. Rudi E. Moerck. "Over the last several months we have provided our shareholders and members of the investment community with a consistent flow of communications pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to new developments within the company," remarked Dr. Moerck. "In keeping the lines of communications "Lines of Communication" is an episode from the fourth season of the science-fiction television series Babylon 5. Synopsis Franklin and Marcus attempt to persuade the Mars resistance to assist Sheridan in opposing President Clark. open we will continue to provide these updates through dissemination of news releases." Marketing Status Titanium Dioxide Pigment Patents were awarded in April for Altair's process for producing white titanium dioxide (TiO2) pigment from ilmenite ilmenite (ĭl`mĕnīt), black mineral, iron titanium oxide, FeTiO3, crystallizing in the hexagonal system. It is sometimes found as tabular hexagonal crystals but occurs more commonly as small grains in igneous and metamorphic ore concentrates. This process represents the first significant technological advance in the white pigment industry in over 50 years. The response to the award of the patent from the pigment industry has been substantial. This month Altair entered into its first TiO2 pigment agreement. The agreement, with one of the largest materials companies in the Asia Pacific region, provides for a phased development program. Phase one will take place over a five-month period and will determine the suitability of this company's concentrates to produce TiO2 pigment using the Altair process. If the development program is successful and the client decides to proceed with the project, the final phase will include the licensing of Altair's technology and the building of a plant. This agreement is an example of the company's new business model for realizing profitability in the white pigment industry. Altair will be the technology supplier to the pigment industry generating revenue through licensing agreements and development programs. Phase one of the agreement will generate low six figure revenues; if the project proceeds to full production significantly greater revenues can be expected. Titanium dioxide pigment is the most widely used white pigment in the world. The total market for TiO2 pigment is greater than 3.5 million metric tons per year with an annual market value of approximately $9 billion. Altair's technology is a new process for making white pigment, that does not use chlorine. Projected process costs are expected to be significantly below competing processes and without the environmental problems associated with the existing chlorine based process. The Altair process technology has the potential to become the dominant process for new production facilities as well as upgrades or expansions of existing plants. For this reason Altair has made the TiO2 pigment market one of its highest priorities. The current agreement is not exclusive and the company is in discussion with at least two additional companies that have expressed interest in the process. Pharmaceuticals Altair has named its new pharmaceutical for the reduction of serum phosphate in kidney dialysis Dialysis, Kidney Definition Dialysis treatment replaces the function of the kidneys, which normally serve as the body's natural filtration system. patients Renazorb(TM). Laboratory testing of RenaZorb in simulated stomach fluid promises lower dosage, better patient compliance and fewer side effects Side effects Effects of a proposed project on other parts of the firm. when compared to the existing phosphate binding drugs currently in use or being considered for approval by the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. . The specific gravity specific gravity, ratio of the weight of a given volume of a substance to the weight of an equal volume of some reference substance, or, equivalently, the ratio of the masses of equal volumes of the two substances. of RenaZorb(TM) suggests low probability of intestinal retention. The current market for drugs used to lower serum phosphate in kidney dialysis patients is projected at $400 to $600 million. The leading drug in this market is Renagel(TM) (Genzyme, GENZ). Fosrenol(TM) (Shire Shire or Shiré (both: shē`rā), river, c.250 mi (400 km) long, flowing from the southern end of Lake Nyasa, Malawi, SE Africa, to the Zambezi River in central Mozambique. It is navigable to Nsanje. ), a lanthanum carbonate lanthanum carbonate Fosrenol Pharmacologic class: Phosphate binder Therapeutic class: Renal and genitourinary agent Pregnancy risk category C Actiontetra hydrate hydrate (hī`drāt), chemical compound that contains water. A common hydrate is the familiar blue vitriol, a crystalline form of cupric sulfate. Chemically, it is cupric sulfate pentahydrate, CuSO4·5H2O. has been submitted to the FDA for approval.RenaZorb(TM) works fast and efficiently. During our laboratory comparison of the phosphate binding of Renazorb(TM) with commercially available lanthanum carbonate tetra hydrate using simulated human stomach fluid containing phosphate, Renazorb's(TM) required 1/3 to 1/2 the amount of drug when compared to the benchmark material. Furthermore, Renazorb(TM) absorbed 128 mg PO4 per gram of active drug used while the benchmark material absorbed only 45 mg PO4 per gram of active drug used; literature suggests that Renagel(TM) absorbs less than 100 mg phosphate per gram of drug. This finding is significant as it could considerably reduce the amount of the drug used in dosing and may dramatically increase patient compliance. As an added benefit, Renazorb(TM) also has the potential of being used to bind phosphate directly in a dialysis dialysis (dīăl`ĭsĭs), in chemistry, transfer of solute (dissolved solids) across a semipermeable membrane. Strictly speaking, dialysis refers only to the transfer of the solute; transfer of the solvent is called osmosis. device during kidney dialysis. Altair is offering evaluation licenses for Renazorb(TM) and is targeting large pharmaceutical companies with established markets in the treatment of renal disease Renal disease Kidney disease. Mentioned in: Glycogen Storage Diseases hypertension High blood pressure Cardiovascular disease An abnormal ↑ systemic arterial pressure, corresponding to a systolic BP of > 160 mm Hg and pharmaceutical companies with active research activities in this therapeutic area. Altair is seeking a partnership with kidney dialysis device manufacturers to develop a technology that would allow the removal of phosphate directly during dialysis without the use of additional medications. Altair has executed five confidentiality agreements and discussions are underway with several of the target group of companies. Organization In June the board of directors approved the formation of a technical advisory board to be comprised of a variety of respected scientists and technologists from diverse disciplines and industries. The charter for the technical board is to assist management in reviewing potential projects and new technology concepts, as well as providing a wealth of technical and scientific expertise for Altair to draw upon. The company is very pleased that Professor Jackie Y. Ying has joined the Technical Advisory Board. Professor Ying has been on the Chemical Engineering faculty at Massachusetts Institute of Technology Massachusetts Institute of Technology, at Cambridge; coeducational; chartered 1861, opened 1865 in Boston, moved 1916. It has long been recognized as an outstanding technological institute and its Sloan School of Management has notable programs in business, since 1992, and was promoted to Professor in 2001. Professor Ying is a leader in the fields of nanostructured materials and heterogeneous catalysts. We are in discussion with other potential candidates for the technical board and are paying particular interest in those candidates with expertise in priority market areas. Purchase of Production Facilities Altair has completed the purchase of its Reno production facility from BHP Billiton BHP Billiton is the world's largest mining company.[1] Its origin is in the 2001 merger of Australia's Broken Hill Proprietary Company (BHP) and the UK's Billiton, which has a South African background. The result is a dual-listed company. and cancelled the BHP Billiton royalty agreement. The 90,000 square foot building, which had been leased to Altair, currently houses the company's corporate offices, laboratories, nanomaterials production facility and pigment processing equipment. Under the terms of the purchase agreement, the $3 million purchase price is payable in installments. The first payment is due in 42 months; interest will begin to accrue in 36 months at seven percent per year. Additional terms of the agreement cancelled a three percent royalty payment due BHP BHP blood hydrostatic pressure; the pressure exerted by the blood cells and plasma in the capillaries. on all materials manufactured utilizing the technology purchased by Altair from BHP. This is a very positive development for Altair. The cancellation of all royalty payments significantly enhances Altair's opportunity to license the patented technology for the manufacturing of titanium dioxide pigment. Additionally, owning the building is a significant benefit to the company. Not only does it permit Altair to reduce certain overhead costs overhead costs see fixed costs. , ownership allows the company to recoup any future expansion investments. The facility was completely renovated by BHP Billiton in 1993 to facilitate research and development and is prepared for nanomaterial production at a 200 ton per year rate. The facility could ultimately accommodate production of at lease 1,500 tons of nanomaterial per year rate. 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 solar cell, semiconductor devised to convert light to electric current. It is a specially constructed diode, usually made of silicon crystal. When light strikes the exposed active surface, it knocks electrons loose from their sites in the crystal. , advanced energy storage devices, thermal spray Thermal Spray techniques are coating processes which involve spraying melted (or heated) materials onto a surface. As such thermal spraying is a line-of-sight process. The energy to heat the feedstock (coating precursor) is supplied by electrical (plasma or arc) or chemical means coatings, catalysts, cosmetics, paints and environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a . For additional information on Altair and its nanoparticle materials, visit www.altairnano.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This release may contain forward-looking statements as well as historical information. Forward-looking statements, which are included in accordance with the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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, biological testing of the pharmaceuticals may not be successful, the pharmaceuticals may not obtain FDA approval and Altair, without the assistance of a strategic partner, may not be capable of funding the FDA approval cycle. Additionally, the company may be unable to attract additional customers, fund additional research or product development through its sales and branding campaign. The company may never earn sufficient revenues to be profitable; its nanoparticle products may not be integrated into any major market groups and products. In addition, other risks are identified in the company's most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 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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