RENO, Nev., April 9, 2003 (PRIMEZONE) -- Altair Nanotechnologies, Inc. (Nasdaq:ALTI) announced today that it has entered into an agreement with Tulsa, OK-based Flowco International, Inc. naming Flowco as its exclusive agent in the People's Republic of China (PRC). Flowco represents a number of American and European companies in the PRC. Under the terms of the agreement, Flowco will market Altair's patented Hydrochloride Pigment Process (AHPP) licenses to companies in the PRC. Flowco International has successfully sold plants and services in the PRC for over ten years.
"Altair's professional team has provided me with technology and process details that will enable me to competently represent Altair," said Flowco President Mu Fa Chen. "During my visit to Altair's manufacturing plant and facilities in Reno, Nevada I was impressed with their technical capabilities and had an opportunity to completely evaluate Altair's patented TiO2 pigment process. Altair's ability to produce phase pure rutile titanium dioxide (TiO2) entirely from primary ilmenite ore is required in the PRC because of their large reserves of ilmenite ore. I believe it is also important to note," continued Chen, "that the PRC government will not approve new TiO2 plants using the old sulfate process for environmental reasons; therefore we believe an environmentally friendly process such as Altair's AHPP will be favorably looked upon."
"During a recent trip to China, several companies, including the Government Engineering Agency overseeing TiO2 development in the PRC, expressed interest in Altair's AHPP and the potential to license the process," continued Chen. "With China's world class reserves of titanium ore and very favorable labor costs, a license from Altair may allow them to rapidly develop a substantial pigment industry in the PRC."
"China is potentially a vast market for our titanium pigment technology," said Altair President Dr. Rudi E. Moerck. "With three offices in mainland China, Flowco not only has the cultural expertise Altair believes is required but agents that understand how Chinese companies conduct business. Of course it is equally important that Mr. Chen and his team of engineers understand the PRC pigment industry. We look forward to a mutually beneficial business relationship with Flowco and Flowco's clients."
FLOWCO INTERNATIONAL, INC.
Flowco International has offices in Tulsa, Oklahoma, Beijing, Wuhan and Luoyang, PRC. Flowco services companies within the refinery, petrochemical, fertilizer and chemical industries. Flowco's business is divided into three segments: equipment sales, sourcing new technologies and relocating available manufacturing facilities to the PRC.
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 possibilities that the company may be unable to attract additional customers, funded research opportunities, product development opportunities or ventures through its sales and branding campaign, that the company may never earn sufficient revenues to be profitable and that the company's nanoparticle products may not be integrated into any major market groups and products, 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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