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Altair Nanotechnologies Inc. (NASDAQ: ALTI), a leading supplier of advanced ceramic nanomaterials announced today the formation of a new company, called AlSher Titania. AlSher Titania represents a joint venture with The Sherwin-Williams Company (NYSE: SHW), one of the world's leading manufacturers of paint and durable coatings.
AlSher Titania will combine the Altairnano Hydrochloride Pigment (AHP) process and the Sherwin-Williams Hychlor Pigment (SWHP) process and other technologies to develop and produce high-quality titanium dioxide pigment for use in paint and coatings, and nano titanium dioxide materials for use in a variety of applications including those related to removing contaminants from air and water.
The new AlSher Titania pigment process is designed to produce titanium dioxide pigment at a significantly lower price point — both in terms of capital outlay and operating costs — as compared to sulfate and chloride-based technologies currently in use. Equally important is the improved environmental acceptability of the new materials and their production processes, as compared to current technologies.
White titanium dioxide pigment is mainly used in the production of paints, plastics, and paper and the total world market is valued at approximately $9 billion US, with a projected annual growth rate of approximately three percent.
"There is no better, or more respected, partner for entering the pigment market than The Sherwin-Williams Company. AlSher Titania is going to develop and produce great products for customers, for Sherwin-Williams, and for Altair Nanotechnologies," said Alan J. Gotcher, Ph.D., President and Chief Executive Officer of Altair Nanotechnologies Inc.
AlSher Titania, LLC will be based, initially, in Reno, NV. The pilot demonstration of the AlSher process is scheduled for 2007 with further scale-up and capacity expansions planned for 2008 and thereafter.
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 pigment process.
This release 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 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 risks that the combined Altairnano Hydrochloride Process and The Sherwin Williams Company process cannot be successfully demonstrated at large volume scale, the product output does not meet market quality standards, or the market for white pigment incurs destabilizing pricing resulting in unprofitable operations. In general, Altairnano is, and expects to be in the immediate future, dependent upon funds generated from sales of securities, grants, testing agreements, and licensing agreements to fund its testing, development and ongoing operations. In addition, other risks are identified in the company's most recent Annual Report on Form 10-K and Form 10-Q, 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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Altair Nanotechnologies Inc.
Ed Dickinson, 775-858-3750
Chief Financial Officer
Tom Laughran, 312-751-3519
Senior Vice President
McCloud Communications, LLC
Marty Tullio, 949-553-9748
Terry Banks, 202-828-9710
Senior Vice President
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