EX-99.1 2 altair_8k-ex9901.htm PRESS RELEASE DATED MARCH 5, 2007 Press release dated March 5, 2007
EXHIBIT 99.1

 
 
ALTAIR NANTECHNOLOGIES REPORTS FIRST QUARTER 2007 FINANCIAL RESULTS


RENO, Nev. - May 9, 2007, -- Altair Nanotechnologies Inc. (Nasdaq: ALTI) today reported financial results for the first quarter ended March 31, 2007.

For the quarter, the company reported revenues more than doubled to $1.14 million from $545,000 for the comparable period one year ago. The net loss was $5.18 million, or seven cents per share, compared to a net loss of $4.56 million, or eight cents per share, for the first quarter of 2006. The basic and diluted weighted average shares outstanding for the quarter were 69,264,018 compared to 59,222,352 for the same period a year ago.

As of March 31, 2007, Altairnano’s balance sheet remained strong with cash, cash equivalents and short-term investments totaling $24.76 million. Long-term debt decreased to $1.20 million from $1.80 million as of Dec. 31, 2006, which represents the remaining mortgage obligation used to purchase the company’s facilities in Reno, Nev.

“During the quarter, we continued to invest in our business while working closely with our partners to further develop and commercialize our products,” said Alan J. Gotcher, Ph.D., Altairnano’s president and chief executive officer. “Our relationships with industry leaders, such as AES Corporation and The Sherwin-Williams Company, reinforce our products’ commercial viability. We believe that these types of relationships will enable us to bring to market leading-edge energy storage, life sciences and advanced materials products.”

Altairnano Recent Highlights
·  
AES Corporation, one of the world’s largest global power companies, made a $3 million strategic investment in Altairnano through the private acquisition of approximately 896,000 shares of common stock.
·  
On April 25, Sherwin-Williams and Altairnano announced the joint venture, AlSher Titania. The new company combines the Altairnano Hydrochloride Pigment (AHP) process and the Sherwin-Williams Hychlor Pigment (SWHP) process with other technologies to develop and produce high quality titanium dioxide pigment for use in paint and coatings. Alsher Titania plans to also manufacture nano titanium dioxide materials for use in a variety of applications including those related to removing contaminants from air and water.
·  
The company entered into a multi-year purchase and supply agreement with Phoenix Motorcars for up to 500 NanoSafe battery packs. The initial order, valued at $1,040,000 was received in the first quarter. The battery packs are built, and product shipments are expected to begin during the second quarter of 2007.

First Quarter 2007 Conference Call
 
Altairnano will hold a conference call to discuss its first quarter 2007 results on Wednesday, May 9, 2007 at 11:00 a.m. Eastern Daylight Time (EDT). Shareholders and members of the investment community are invited to participate in the conference call. The dial-in number for both U.S. and international callers is (913) 981-4913. Please dial in to the conference five minutes before the call is scheduled to begin. Ask the operator for the Altair Nanotechnologies call.
 
 
An audio replay of the conference call will be available from 2:00 p.m. through 11:59 p.m. EDT, Wednesday, May 16, 2007, and can be accessed by dialing (719) 457-0820 and entering conference number 1741992. Additionally, the conference call is available online, and can be accessed by visiting Altairnano's web site, www.altairnano.com.
 
 
 
 
ALTAIRNANO REPORTS 2007 FIRST QUARTER RESULTS
Page 2
 
 
ABOUT ALTAIR NANOTECHNOLOGIES INC.
Altairnano is an innovator and supplier of advanced novel, ceramic nanomaterials. Altairnano’s leading edge scientists are complemented by a seasoned management team with substantial experience in commercializing innovative, disruptive technologies. The company has developed nanomaterials for the alternative energy, life sciences and performance materials markets based on its proprietary manufacturing process. This process also provides the foundation for its innovative AHP pigment process. For more information 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 following risks: that the combined Altairnano Hydrochloride Process and The Sherwin Williams Company process will not be successfully demonstrated at large volume scale, that the AlSher joint venture will be terminated prior to the completion of testing or the construction or operation of a commercial-scale production facility; that product output will not meet market quality standards in the testing or production phase; that as a result of actual costs, demand or pricing differing from those projected, the joint venture will fail to operate profitably; that Phoenix Motorcars or other potential purchasers of NanoSafe battery packs will not purchase, for financial, market or other reasons, battery packs or materials at projected rates or times. In general, Altairnano is, and expects to be in the immediate future, dependent upon funds generated from sales of securities, grants, testing agreements, and licensing agreements to fund its testing, development and ongoing operations. In addition, other risks are identified in the company's most recent Annual Report on Form 10-K and Form 10-Q, 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.


For Additional Information:

Institutional Investors:
Retail Investors:
Fleishman-Hillard
McCloud Communications, LLC
Tom Laughran
Marty Tullio
Senior Vice President
Managing Members
312.751.3519
949.553.9748
laughrant@fleishman.com
marty@mccloudcommunications.com
   
Media Relations:
Company Information:
Fleishman-Hillard
Altair Nanotechnologies Inc.
Terry Banks
Ed Dickinson
Senior Vice President
Chief Financial Officer
202.828.9710
775.858.3750
bankst@fleishman.com
edickinson@altairnano.com

 

Tables Follow

 
 
 


ALTAIR NANOTECHNOLOGIES INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in United States Dollars)
(Unaudited)
 
           
   
March 31,
  
December 31,
  
   
2007
  
2006
  
ASSETS
          
Current Assets
          
Cash and cash equivalents
  
$
2,322,348
  
$
12,679,254
  
Investment in available for sale securities
    
22,436,829
   
14,541,103
 
Accounts receivable, net
    
929,769
   
1,624,825
 
Product inventories
    
1,019,599
   
169,666
 
Prepaid expenses and other current assets
    
292,718
   
413,390
 
Total current assets
    
27,001,263
   
29,428,238
 
               
Investment in Available for Sale Securities
    
1,499,368
   
1,306,420
 
               
Property, Plant and Equipment, net
   
11,800,801
   
11,229,406
 
               
Patents, net
    
784,044
   
805,248
 
               
Notes Receivable
    
338,654
   
330,000
 
               
Other Assets
    
127,779
   
21,261
 
               
Total Assets
  
$
41,551,909
  
$
43,120,573
  
               
LIABILITIES AND STOCKHOLDERS' EQUITY
              
Current Liabilities
              
Trade accounts payable
  
$
1,645,205
  
$
1,533,047
  
Accrued salaries and benefits
    
747,488
   
840,219
 
Accrued liabilities
    
461,706
   
526,596
 
Note payable, current portion
    
600,000
   
600,000
 
Total current liabilities
    
3,454,399
   
3,499,862
 
               
Note Payable, Long-Term Portion
    
1,200,000
   
1,800,000
 
               
Stockholders' Equity
              
Common stock, no par value, unlimited shares authorized;
              
70,020,626 and 69,079,270 shares issued and
             
outstanding at March 31, 2007 and December 31, 2006
   
119,116,995
   
115,989,879
 
Additional paid in capital
    
2,948,569
   
2,002,220
 
Accumulated deficit
    
(85,534,654
)
  
(80,353,188
)
Accumulated other comprehensive loss
    
366,600
   
181,800
 
               
Total Stockholders' Equity
    
36,897,510
   
37,820,711
 
               
Total Liabilities and Stockholders' Equity
  
$
41,551,909
  
$
43,120,573
  


 
 
 


ALTAIR NANOTECHNOLOGIES INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in United States Dollars)
(Unaudited)
 
   
Three Months Ended
 
   
March 31,
  
   
2007
  
2006
  
Revenues
          
Product sales
  
$
177,390
  
$
8,018
  
Commercial collaborations
    
347,288
   
330,270
 
Contracts and grants
    
616,254
   
207,008
 
Total revenues
    
1,140,932
   
545,296
 
Operating Expenses
              
Cost of product sales
    
210,262
   
1,266
 
Research and development
    
2,997,327
   
1,948,387
 
Sales and marketing
    
380,536
   
393,161
 
General and administrative
   
2,611,215
   
2,611,304
 
Depreciation and amortization
    
431,058
   
316,871
 
Total operating expenses
    
6,630,398
   
5,270,989
 
Loss from Operations
    
(5,489,466
)
  
(4,725,693
)
Other Income (Expense)
              
Interest expense
    
(35,000
)
  
(45,500
)
Interest income
    
343,368
   
211,303
 
Loss on foreign exchange
    
(369
)
  
(174
)
Total other income, net
    
307,999
   
165,629
 
               
Net Loss
  
$
(5,181,467
)
$
(4,560,064
)
               
Loss per common share - Basic and diluted
  
$
(0.07
)
$
(0.08
)
               
Weighted average shares - Basic and diluted
    
69,264,018
   
59,222,352
 
               


 


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