RENO, Nev., August 20, 2003 (PRIMEZONE) -- Altair Nanotechnologies Inc. (NASDAQ:ALTI) reported that members of its management were on hand August 14, 2003 to meet with Senator Harry Reid during his visit to the facilities of Titanium Metals Corporation (NYSE:TIE) (TIMET) in Henderson, Nevada. Senator Reid briefly discussed his efforts in helping maintain the 15 percent tariff on all imports of titanium sponge into the U.S. TIMET's Henderson, Nevada sponge operations represent the last remaining titanium sponge production of any size in the United States. Senator Reid also noted the increasing role of Nevada's technology companies within the defense and homeland security programs.
Altair Nanotechnologies recently entered into a memorandum of understanding (MOU) with TIMET, one of the world's largest suppliers of titanium and titanium alloys. Under the terms of the MOU, Altair will provide low-cost titanium dioxide (TiO2) to make customized electrodes for use by TIMET in a research program to develop a new process that could significantly reduce the cost of producing titanium metal. The Defense Advance Research Project Agency (DARPA) awarded TIMET $12.3 million to lead a four-year development program of this new process, which is referred to as the FFC Cambridge Process and uses TiO2 feedstock.
"TIMET and Altair Nanotechnologies are companies that are good for America's economy and good for America's security," commented Senator Reid. "I am very proud to meet with employees from both companies to honor them for the vital work they do. I know TIMET and Altair will continue to have a significant impact on our homeland security in the future. I look forward to working with them." Senator Reid recently assisted Altair in securing a $1 million earmark grant from the Department of Energy to jointly develop biological and radiological nano-sensor technology with Western Michigan University and the University of Nevada, Reno.
According to the AMPTIAC Quarterly, a Department of Defense-sponsored publication, current global production of titanium metal is approximately 50,000 tons per year at a market value of $600 million. AMPTIAC estimates that, due to the current state of manufacturing, titanium is produced at only about 1/20th of its current potential world volume. It is widely believed that a reduction of cost in the manufacturing process will expand the use of titanium metal in a wider range of applications that include lightweight armored military vehicles, the manufacture of automotive components and components for utility plants, oil and gas drilling, and lightweight and durable consumer goods.
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 nanomaterials and technology 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, fuel cells, solar cells, advanced energy storage devices, thermal spray coatings, catalysts, paints and environmental remediation. For additional information on Altair's 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 and future results to be materially different than suggested by the forward-looking statements in this release, Factors that may cause actual results to differ from projected or possible results to differ from projected or possible results include the following: TIMET and Altair may be unable to agree upon terms governing a long-term license or other relationship, even if a long-term agreement is reached, it may not involve significant payment to Altair in the short-term or long-term; TIMET may be unable to develop a lower-cost process for manufacturing titanium; even if developed, TIMET's new process may not significantly lower the cost of titanium and/or expand the market for titanium, and if implemented on commercial scale, Altair's process may not prove cost-effective and/or Altair may face unanticipated quality or environmental control issues. Additional risks are 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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