Altairnano Receives Milestone Payment from Elanco Animal Health, a Division of Eli Lilly and Company.Payment Provides for Continuing Close Relationship to Develop Products for the Animal Health Segment RENO, Nev. -- Altair Nanotechnologies Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ALTI), a leading provider of advanced nanomaterials for use in alternate energy, life sciences and industrial applications, announced today it has received a contracted, modest milestone payment from Elanco Animal Health, a division of Eli Lilly and Company Eli Lilly and Company (NYSE: LLY) is a global pharmaceutical company and one of the world's largest corporations. Eli Lilly's global headquarters is located in Indianapolis, Indiana, in the United States. (NYSE NYSE See: New York Stock Exchange : LLY). This payment secures Elanco's continuing exclusive access to Altairnano's products for the animal health segment. The payment, which is a key element of the agreement between Altairnano and Elanco announced on May 2nd 2006, was made based on successful initial investigation of Altairnano nanomaterials. "In May of this year we announced we had engaged with Elanco to investigate various animal health care products. Since then we have worked closely with them as they evaluated specific Altairnano nanomaterials. We are delighted that such a world class organization has elected to continue to work with us in developing products for the animal health segment," said Altairnano President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Alan J. Gotcher Ph.D. ABOUT ALTAIR NANOTECHNOLOGIES INC. Altairnano is an innovator and supplier of advanced novel, ceramic nanomaterials. Altairnano's leading edge scientists are complemented by a seasoned management team with substantial experience in commercializing innovative, disruptive technologies. The company has developed nanomaterials for the alternative energy, life sciences and performance materials markets based on its proprietary manufacturing process. This process also provides the foundation for its innovative AHP AHP Assistant House Physician. pigment process. For more information visit: www.altairnano.com. 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 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 include the risk that Elanco will not continue active testing or development work with respect to animal health applications of our nanomaterials, will not seek or obtain necessary regulatory approvals for animal health products using our nanomaterials or, even if such approvals are sought and obtained, will not actively or successfully market any such final product. In the foreseeable future, the development of animal health applications of Altairnano's products is entirely dependant upon the discretionary efforts of Elanco. 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, as supplemented by the company most recent Quarterly Report on Form 10-Q Form 10-Q See 10-Q. . 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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