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Altair Nanotechnologies Inc. (Nasdaq: ALTI) announced today that the recently passed Defense Appropriations Bill signed into law by President Bush on November 12, 2007, provides for $7 million in federal funding related to two of its ongoing advanced research and development projects. This confirms funding, which was prospectively discussed by the company on October 4, 2007.
The first project, which is to receive $5 million, is directed toward a continuing project with the U.S. Navy involving the production of a 2.5-megawatt stationary power supply. The objective of the power supply project is to reduce the Navy's dependence on diesel fuel. Currently, each Navy ship must run two diesel generators in parallel to ensure power is not lost should the primary generator go down. Altairnano's advanced lithium titanate energy storage pack could replace the back-up generator, allowing the Navy to reduce its consumption of fuel by millions of gallons each year.
The development of a sensor that can detect minute amounts of explosive materials and chemical warfare agents is the focus of the second project, which is a previously announced collaboration with Western Michigan University. The $2 million in funding will allow Altairnano to increase the sensitivity of its nanotechnology platform, with the goal of bringing a handheld sensor to the military in the near term.
"We firmly believe that our technology can reduce the Navy's dependence on imported oil and provide protection for our soldiers on the battlefield," said Alan J. Gotcher, Ph.D., Altairnano's President and Chief Executive Officer. "We thank Congress and President Bush for funding the two projects and for recognizing that emerging companies have an important role to play in strengthening our nation." y change in events.
About Altair Nanotechnologies Inc.
Altairnano is an innovator and supplier of advanced novel, ceramic nanomaterials. A seasoned management team with substantial experience in commercializing innovative, disruptive technologies, complements Altairnano's leading edge scientists. 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. Altairnano is a leading manufacturer of advanced battery pack systems, which are used in stationary power applications, and electric and hybrid-electric vehicles. For more information visit: http://www.altairnano.com .
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 Altairnano’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 development of the large advanced lithium ion-based batteries and nanosensors described herein will not be completed for technical, political, strategic or other reasons; that any products developed will not perform as expected in future testing or real-world applications; and that even if full commercialization occurs, sales may not reach expected levels and/or costs associated with production may exceed revenues. In addition, other risks are identified in the company's most recent Annual Report on Form 10-K 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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Tom Laughran, Senior Vice President, 312-751-3519
Terry Banks, Senior Vice President, 202-828-9710
McCloud Communications, LLC
Marty Tullio, Managing Member, 949-553-9748
Altair Nanotechnologies Inc.
Ed Dickinson, Chief Financial Officer, 775-858-3750
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