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Altair Nanotechnologies Inc. (NASDAQ: ALTI), a leading provider of advanced nanomaterials technology used in power and energy systems and other applications, today announced that it has signed a $350,000 contract through the U.S. Army's Picatinny Arsenal in New Jersey to deliver prototype batteries for use in the Army's M119 105mm lightweight gun digitization program.
Altairnano's unique lithium titanate batteries not only can operate effectively in cold areas like the mountains of Afghanistan or in regions such as the deserts of Iraq where temperatures can range from extreme cold to searing heat, but also have rapid charging capabilities essential to a wide range of Army operations around the world. The projected long life of Altairnano technology is also an important attribute that will enable the Army to spend fewer resources resupplying standard shorter-lived lithium ion batteries.
Under the contract Altairnano will deliver its prototype batteries (about the size of a motorcycle battery) this fall. Testing will extend into early 2009 with expected acceptance and approval by the U.S. Army to follow. If the Altairnano units are approved for the M119 105mm lightweight gun digitization program, they could be offered for use with the entire 105mm/M119 inventory which currently numbers around 850 guns. Each gun will require between one and three individual batteries. Based on the tests, the exact number is yet to be determined. Altairnano's lithium titanate batteries are also being considered for similar military applications by both the U.S. Army and U.S. Marine Corps.
"This is another important milestone in our revolutionary battery development," said Terry M. Copeland, Altairnano's CEO. "We are beginning to see customers seeking out our products for the unique characteristics that only Altairnano technology can provide," Copeland added. "The current program is only a beginning. Once the technology is proven in the field, we fully expect interest and supply contracts from other U.S. and foreign military services," added Copeland.
"Altairnano is proud to help improve the effectiveness of the men and women defending our nation," concluded Copeland.
About Altair Nanotechnologies Inc.
Altairnano is an innovator and supplier of advanced novel, ceramic nanomaterials. A seasoned management team complements Altairnano's leading edge scientists, 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 development of the advanced lithium ion-based batteries 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, products sales may be limited and 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 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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For Additional Information:
The Podesta Group
Altair Nanotechnologies Inc.
C. Robert Pedraza
Vice President, Corporate Strategy
Altair Nanotechnologies Inc.
McCloud Communications, LLC
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