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Multinational Company Funds Fragrance Release Applications
NaturalNano, Inc. (OTCBB: NNAN) (FWB: N3N), a developer of advanced nanomaterials and extended release nanotechnologies, won an award for innovation from a global Fortune 500 company for its work in extended release. The award includes funding for development involving extended release of fragrances for use in home and personal care products.
NaturalNano (www.naturalnano.com) said the award was based on tests conducted by the global consumer products giant and provides a path toward a joint product launch. Terms of the funding and the name of the corporate partner, one of the world's largest consumer products companies, were not disclosed for competitive reasons.
NaturalNano holds a partially exclusive license from the U.S. Department of the Navy's Naval Research Laboratory for the core technology used to load materials into nanotubes, which then releases those materials slowly over time. The innovation award includes funding for a project that uses this extended release capability to allow consumer products to have longer lasting fragrances.
"Extended-release products are being embraced by some of the world's leading consumer products companies, and NaturalNano continues to lead in the development of this technology," said Cathy Fleischer, President of NaturalNano. "This funding award for new product development is a strong endorsement of our technology and our commercialization plan. By continuing to build relationships, execute joint development agreements and facilitate innovative products with industry leaders, we are working to bring a filled-tube product to market, broadening our product offerings beyond our Pleximer™ nanocomposite additive, which we introduced last year."
NaturalNano noted that the focus of their work under the innovation award is to continue development of fragrance-loaded tubes that will be added to products within the manufacturer's new product development programs. In addition, the Company also said that this relationship will enable multiple competitive inroads for household products, as well as other market segments such as cosmetics and the growing field of cosmeceuticals, in addition to other exciting markets.
Fleischer concluded: "We are truly creating the next generation of consumer products leveraging our extended release technology and development expertise. We are excited about the market potential of filled-tube-enhanced products, and look forward to developing additional partnerships and validation programs with other leading companies."
About NaturalNano, Inc.
NaturalNano, Inc. (OTCBB: NNAN) (FWB: N3N) is a materials science company focused on developing and commercializing advanced nanomaterials and extended release nanotechnologies. Based in Rochester, NY, the Company is focused on additive technologies and processes, including its proprietary Pleximer™ polymer additive, that add value to industrial polymers, plastics and composites, as well as consumer and industrial products. NaturalNano holds and licenses more than 25 patents and applications, as well as proprietary know-how for extraction and separation processes, compositions, and derivatives of halloysite and other nanotubes.
Cautionary Statement Regarding Forward-Looking Statements: This press release may contain forward-looking statements regarding future events and future performance of NaturalNano that involve risks and uncertainties that could materially affect actual results. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of NaturalNano's filings with the Securities and Exchange Commission. The most recent annual reports on Form 10-KSB and quarterly reports on Form 10-QSB filed by NaturalNano provide information about these factors, which may be revised or supplemented in future reports to the SEC on those forms or on Form 8-K. We caution investors not to place undue reliance on forward-looking statements, and we do not undertake any obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other such factors that affect the subject of these statements, except where expressly required by law.
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