Altair Nanotechnologies Inc. Announces 1-for-6 Reverse Stock Split
RENO, NV, Dec 07, 2012 (Menafn - MARKETWIRE via COMTEX) --Altair Nanotechnologies Inc. ALTI today announced that itsBoard of Directors approved a 1-for-6 reverse stock split, which willbecome effective immediately following the close of trading onDecember 17, 2012. The consolidated common shares will begin tradingon a split-adjusted basis on December 18, 2012 on the NASDAQ CapitalMarket.
"The primary objective in effecting the reverse stock split at thistime is to enable Altair to maintain its listing on the NASDAQCapital Market," said Alexander Lee, Chief Executive Officer ofAltair Nanotechnologies Inc. "Over the past two quarters, we executedon a number of key milestones:
--We focused on our new China plan:
--We entered into an economic development agreement with the cities
of Wu'an and Handan in the Hebei province, which calls for the
transfer of up to 330 acres of land as well as orders for electric
buses and energy storage systems (ESS). In return, the Company
shall establish a manufacturing presence in Wu'an's new technology
--We acquired a conditional 50-year right to use 66 acres of land in
Wu'an for 13.9 million (inclusive of taxes) through a bidding
process. We retained Beijing Hengxin Delv Assets Appraisal Co.
Ltd. to perform an appraisal of the land. The value of the land
was appraised at 32.2 million, which was verified by BDO China
--We applied for special grants and subsidies, and to date, Wu'an
has awarded and paid Altair 12 million.
--We received a 1.9 million down payment from Wu'an for an initial
EV bus order.
--We completed the design of our planned LTO and ESS manufacturing
--We focused on sales and on our deliverables:
--We launched our new 2 MW ALTI-ESS Advantage product this year and
sold a system to TSK Solar in October.
--We signed a supply agreement with Proterra for deliveries in 2013.
--We built five ESS systems, three of which are now in their final
stages of commissioning.
--We ramped up our R&D proposal activity, and commenced economic
development discussions in the U.S.
--Deferred revenues grew to 5.3 million in the third quarter.
--We focused on cost reductions and the consolidation of our operations.
"We are continuing to build upon these recent successes and believe2013 will bring much stronger financial performance. Maintaining ourlisting on the Nasdaq Capital Market is important to our currentshareholders and should help us attract a broader range of investorsto the company," said Mr. Lee.
Based on 69,537,911 shares outstanding at October 12, 2012 andexcluding the effects of rounding of fractional shares, the number ofoutstanding shares following the 1-for-6 reverse stock split would be11,589,652. Any fractional shares will be rounded up to the nearestwhole share. The exercise price and the number of shares of commonstock issuable under the Company's outstanding warrants and stockoptions will be proportionately adjusted to reflect the reverse stocksplit.
Registered stockholders immediately following the closing of tradingon December 17, 2012 will receive a Letter of Transmittal from thecompany's transfer agent, Registrar and Transfer Company, withspecific instructions regarding the exchange of shares. Shareholdersthat hold shares as beneficial owners will have their holdingselectronically adjusted by their brokers or banks that hold theshares in street name for their benefit.
About Altair Nanotechnologies Inc. Altair is a leading provider ofhigh-power energy storage systems for the electric grid, industrialequipment and transportation markets. The company's lithium titanatetechnology is built on a proprietary nano-scale processing technologythat creates high-power, rapid-charging battery systems withindustry-leading performance and cycle life. Altair is headquarteredin Reno, Nevada and maintains operations in Anderson, Indiana;Zhuhai, China; and Wu'an, China. For additional information, pleasevisit: www.altairnano.com.
Forward-Looking Statements This report may contain forward-lookingstatements as well as historical information. Forward-lookingstatements, 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 causeAltair's actual results and performance in future periods to bematerially different from any future results or performance suggestedby the forward-looking statements in this report. These risks includethe risk that the consolidation will not be sufficient for theCompany to maintain its Nasdaq Capital Market and that the marketprice of the Company's common stock will subsequently drop below 1in the future, leading to a potential future delisting. Other risksare identified in Altair's most recent Annual Report on Form 10-K andQuarterly Report on Form 10-Q filed with the SEC. Suchforward-looking statements speak only as of the date of this release.Altair expressly disclaims any obligation to update or revise anyforward-looking statements found herein to reflect any changes inAltair expectations or results or any change in events.
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SOURCE: Altair Nanotechnologies Inc.
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