Altair Nanotechnologies Receives Order From F.W. Gartner Thermal Spraying Co.; Shipment of Nano-Structured Thermal Spray Product Produces $60,000 in Revenues.Business Editors RENO, Nev.--(BUSINESS WIRE)--Oct. 17, 2002 Altair Nanotechnologies (Nasdaq:ALTI) today announced that it has received another order from Houston-based F.W. Gartner Thermal Spraying 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 Co. to provide more than 1,000 pounds of one of its patented, nano-structured titanium dioxide-based thermal spray products. Gartner is expected to require additional tonnage within the next 12 months. The thermal spray product will be used to provide superior thermal spray coatings for MOGAS MOGAS Motor Gasoline MOGAS Mobility Gasoline Industries' metal-seated severe service ball valves ball valve n. A valve regulated by the position of a free-floating ball that moves in response to fluid or mechanical pressure. . The current thermal spray industry is estimated to be $1.3 billion annually. "We began working on a nano-structured thermal spray pilot project with Gartner approximately 15 months ago for one specific application," commented Altair Nanotechnologies President, Dr. Rudi E. Moerck. "The pilot project has resulted in Gartner's ability to develop an innovative thermal spray application that encompasses one of Altair's nano-structured thermal spray products. "The specific application is so unique to the thermal spraying services industry that Gartner has filed for a patent 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 the application. Although extensive testing and steps to protect intellectual property have delayed revenue to Altair, we expect sales will increase over the next six to 12 months." Jimmy Walker, Gartner's production manager noted: "We are working with Houston-based MOGAS Industries during our pilot program. MOGAS is the leading global supplier of severe service ball valves for the power, process, mining/autoclave and specialty applications industries. Results from the pilot program indicated that our unique nano-structured thermal spray application significantly increased the service cycle for the MOGAS ball valves. "The ball valves are used in industries with extreme environments where the valves are continually exposed to corrosive, abrasive and erosive e·ro·sive adj. Causing erosion. wear. In these industries, longevity between service cycles can save literally millions of production dollars, dollars that are lost when a valve must be pulled and sent back for resurfacing. "The success of our pilot program was important to our expansion and growth strategy," continued Walker. "We look forward to working closely with Altair Nanotechnologies and MOGAS Industries to develop new applications for thermal spray coatings that have superior life expectancy Life Expectancy 1. The age until which a person is expected to live. 2. The remaining number of years an individual is expected to live, based on IRS issued life expectancy tables. and corrosion resistance." "Our business has been built on a reputation for designing and delivering the most technologically advanced and innovative ball valves available to industries in which severe service is important," said MOGAS Industries President, Matt Mogas. "To maintain our competitive edge we are focused on design and materials research specific to severe service valve applications. In this ongoing process we have experimented with a variety of materials to improve and extend the required service cycles of our valves. "Altair Nanotechnologies and F.W. Gartner have provided a superior product that enhances valve performance and has the ability to improve the profitability of our customers' projects by dramatically improving the service cycle of our valves and reducing expensive downtime The time during which a computer is not functioning due to hardware, operating system or application program failure. while a valve is being pulled for service. We look forward to expanding our relationship with Gartner and Altair Nanotechnologies." Thermal Spraying Thermal spraying is a process in which metal and nonmetallic non·me·tal·lic adj. 1. Not metallic. 2. Chemistry Of, relating to, or being a nonmetal. Adj. 1. materials are deposited by using a thermal spraying gun that melts these materials by electric arc or combustible com·bus·ti·ble adj. Capable of igniting and burning. n. A substance that ignites and burns readily. gas. During this process, the materials are deposited (splat See asterisk. 1. splat - Name used in many places (DEC, IBM, and others) for the asterisk ("*") character (ASCII 0101010). This may derive from the "squashed-bug" appearance of the asterisk on many early line printers. 2. ) by the spraying gun in a molten or semi-molten form onto a variety of substrates, including ball valves. Virtually any industry can benefit from the advantages of thermal spraying such as the valve industry, power generation industries, refining and petrochemical, oil and gas industries and the pulp and paper industries The global pulp and paper industry is dominated by North American (United States, Canada), northern European (Finland, Sweden) and East Asian countries (such as Japan). Australasia and Latin America also have significant pulp and paper industries. . F.W. Gartner F.W. Gartner Thermal Spraying has been servicing industries for more than 75 years. The company's constant effort to strive for excellence has provided its customers with a valuable resource for their repair and manufacturing needs. The staff at F.W. Gartner Thermal Spraying has more than 300 years of combined experience in the thermal spray field. The company's commitment to quality and service has allowed its customers to increase component life, reduce downtime, improve reliability and reduce overall cost. MOGAS Industries MOGAS enjoys a global reputation as the supplier of the world's best severe service ball valves for the most extreme industrial applications. MOGAS sells primarily to power, mining, process and specialty application industries. 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 nanomaterials and technology 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, thermal spray coatings, fuel cells, solar cells, advanced energy storage devices, 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's 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, the possibilities that the company may be unable to attract additional customers, funded research opportunities, product development opportunities or ventures through its sales and branding campaign, that the company may never earn sufficient revenues to be profitable and that the company's nanoparticle products may not be integrated into any major market groups and products, in addition to other risks 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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