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NaturalNano, Inc. (OTCBB:NNAN) (www.naturalnano.com) announced today financial results for the second quarter of 2011. Sales revenue for the quarter significantly increased over the same period in 2010. Annual sales revenue year to date for 2011 increased by 54% over 2010 and net operating loss decreased 75% over the same period in 2010.
Also, in this quarter, $38,950 in liabilities were forgiven, making a positive impact on NaturalNano's balance sheet.
Acting CEO and President James Wemett said, "NaturalNano is pleased to report the positive results for the 2nd Quarter of 2011. This growth in revenue comes from new orders from Fiabila S.A. for our patented Halloysite Nanotube Technology (HNT) which is used in Fiabila's nail polish products for the USA and EU markets. Fiabila has recently introduced the nail polish products into the EU following success in the USA. We expect sales growth from Fiabila to continue for the rest of the year. The year-to-date sales of our proprietary HNT product remain strong across our customer base."
About NaturalNano Inc.
NaturalNano, Inc. (OTCBB:NNAN) is a materials science company focused on developing and commercializing advanced nanocomposites. The Company is focused on additive technologies and processes, including its proprietary Pleximer that adds value to industrial polymers, plastics and composites. NaturalNano holds and/or licenses 20 patents and applications relating to Halloysite, as well as proprietary know-how for its extraction and separation processes, compositions, and derivatives. www.naturalnano.com
Cautionary Statement Regarding Forward-Looking Statements: Contains forward-looking statements regarding future events and future performance 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-K and quarterly reports on Form 10-Q 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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