RENO, NV--(Marketwire - Apr 24, 2012) - Altair Nanotechnologies, Inc. (NASDAQ: ALTI), a leading developer of lithium titanate battery systems, today announced that its wholly-owned subsidiary, Altair Nanotechnologies (China) Co., Ltd., had entered into an economic cooperation agreement with Handan and Wu'an cities, which are located in Hebei Province in the People's Republic of China. The agreements were signed at the Handan Investment Environment Promotion Conference in Hong Kong on April 18, 2012.
The agreement will promote the development, production, sale and deployment of energy storage systems, electric vehicles (EV) and lithium titanate (LTO) materials in Handan and Wu'an cities. It provides a platform for Altair's entry into the market through collaboration in manufacturing, vehicle electrification and energy storage initiatives, including:
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Manufacturing - Altair and Wu'an City shall jointly
invest in the construction of an advanced production
facility for the Company's lithium titanate
materials and battery systems within Wu'an
city's newly formed industrial park. Wu'an City
has identified a package of incentives, which would
further support Altair's investment into the
industrial park.
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Vehicle Electrification - Altair shall provide Handan
and Wu'an cities with EV taxis and EV buses for use
in their municipal vehicle fleets.
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Energy Storage - Altair shall work with Handan City to
deploy its LTO energy storage systems in various
municipal applications, including wind farm energy
storage.
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"These new agreements will provide significant
support and incentives for our entry into the Chinese
energy storage market," said Alexander Lee, the
Company's Chief Executive Officer. "By
partnering with Handan and Wu'an cities, we will
leverage our core technologies to gain access into key
markets in China, which are eager to use LTO-based
solutions to reduce the consumption of fossil fuels and
reduce emissions."
ABOUT ALTAIR
Headquartered in Reno, Nev. with manufacturing in
Anderson, Ind., Altairnano is a leading provider of
energy storage systems for clean, efficient power and
energy management. Altairnano's lithium-titanate
based battery systems are among the highest performing
and most scalable, with applications that include
complete energy storage systems for use in providing
frequency regulation and renewables integration for the
electric grid, and battery modules and systems for
transportation and industrial applications. For more
information please visit Altair at
www.altairnano.com.
FORWARD-LOOKING STATEMENT
This report 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
Altair'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 report. These risks include the risk
that the government entities with which Altair has
contracted will be unable to fulfill their commitment due
to legal limitations, including certain procedures
required in connection with land use grants and major
product purchases; that the government entities will not
fulfill their commitments for political or other
discretionary reasons, in which case Altair will have no,
or limited, remedies; that Altair will run into
regulatory, finance or other obstacles as it attempts to
expand its operations into China; that Altair may be
harmed by the absence from the Agreement of terms and
conditions that are customary in contracts under U.S.
law; that Altair will be unable to expand capacity (or
contract with third parties) in order to meet the demand
of product orders, particularly products like electric
vehicles which Altair does not itself manufacture; that
Altair will not experience expected costs savings as a
result of its expansion into China and that Altair will
not experience an increase in sales volume or, even if it
experiences such an increase, that Altair will experience
low (or negative) gross margins and not operate
profitably in China. Other risks are identified in
Altair's most recent Annual Report on Form 10-K and
Quarterly Report on Form 10-Q filed with the SEC. Such
forward-looking statements speak only as of the date of
this release. Altair expressly disclaims any obligation
to update or revise any forward-looking statements found
herein to reflect any changes in Altair expectations or
results or any change in events.
Marketing Consultant
317-509-5968
ewitt@altairnano.com
Investors:
Larry Clawson
Director, Financial Planning and Analysis
775.858.3728
lclawson@altairnano.com
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