RENO, Nev., May 28, 2003 (PRIMEZONE) -- Altair Nanotechnologies Inc. (Nasdaq:ALTI) announced today that it has completed a $1.3 million private placement. Under the terms of the governing agreements, Altair issued 2,015,504 shares of common stock and 1,007,752 warrants to purchase common stock at an exercise price of $1.35 per share. The placement was done with a small group of institutional investors that have all invested previously in Altair Nanotechnologies.
According to Altair Chief Financial Officer Edward Dickinson, Altair will use a part of the funds to prepay a portion of debt under the company's financing agreement to Doral 18, LLC. As a result of such payment, additional conversion rights will not accrue to Doral until at least September 1, 2003.
"Beyond providing near-term working capital, the private placement is an important accomplishment as it increased shareholders' equity beyond the $5 million that is required to maintain listing on the NASDAQ SmallCap Market system," said Dickinson. "We believe that as a result of having a pro forma shareholders' equity in excess of $5 million, Altair will qualify for an additional extension of 90 days beyond June 2, 2003 to meet the $1 minimum bid price requirement of the NASDAQ Small Cap Market."
Altair Nanotechnologies, Inc.
Nanotechnology is rapidly emerging as a unique industry sector. Altair Nanotechnologies is positioning itself through product innovation within this emerging industry to become a leading supplier of nanomaterial technology and nanomaterials worldwide. Altair owns a proprietary technology for making nanocrystalline materials of unique quality both economically and in large quantities. The company is currently developing special nanomaterials with potential applications in pharmaceuticals, batteries, fuel cells, solar cells, advanced energy storage devices, thermal spray coatings, catalysts, cosmetics, paints and environmental remediation. For additional information on Altair and its nanoparticle materials, visit www.altairnano.com.
Forward-Looking Statements
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 possibility that, notwithstanding statements from Nasdaq staff to the effect that the company would receive a 90-day extension during which to come into compliance with the minimum bid price requirement if it meets the $5 million shareholders' equity requirement on June 2, 2003, the staff may determine for reasons not anticipated by the company not to grant the company the 90 day extension and may commence the delisting process on June 2, 2003 when the company's current extension expires, in addition to other risks identified in the company's most recent Annual Report on Form 10-K, 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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