RENO, Nev., June 5, 2003 (PRIMEZONE) -- Altair Nanotechnologies Inc. (Nasdaq:ALTI) announced today that it has received a letter from the NASDAQ Stock Market noting that the company meets the initial listing requirements for NASDAQ SmallCap Market Under Marketplace Rule 4310(c)(2)(A). Therefore, NASDAQ has provided the company with an additional 90 calendar days, or until September 2, 2003, to regain compliance with Marketplace Rule 4310(c)(8)(D), which requires the company securities to have a minimum bid price of $1.00.
If at any time before September 2, 2003, the bid price of the company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive trading days (or such longer period as NASDAQ deems appropriate), NASDAQ has indicated that it will provide written notification that the company complies with the $1.00 minimum bid rule. If compliance with this Rule cannot be demonstrated by September 2, 2003, NASDAQ has indicated that it will provide written notification that the Company's securities will be delisted. At that time, Altair may appeal NASDAQ's determination to a Listing Qualifications Panel.
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 the company will not come into compliance with the minimum bid price requirement by September 2, 2003 and that the company's common shares could be delisted from the NASDAQ SmallCap Market, 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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