Altair Nanotechnologies, Inc. announced today that it is expanding its engineering, research, and development teams. The expansion will be funded by the recent exercise of outstanding warrants by shareholders, which raised approximately $6.1 million over a two-month period beginning mid November 2003. Following the exercise of such warrants, the company has approximately 45.2 million common shares outstanding.
“As a leader in nanotechnology, it is imperative we continue to invest in product innovation and technology leadership,” said Altair Nanotechnologies president Dr. Rudi E. Moerck. “We are seeing increased interest from a wide range of industries, in particular pharmaceutical and biotechnology, which are embracing the application of nanotechnology for the development of safer and more efficient sustained release dosage forms for topical and oral medications. The addition of dispersion chemists and material scientists to our already world-class research and development team furthers our strategic goal of positioning Altair at the forefront of this emerging science.”
“Over the past eight weeks we have considerably strengthened our balance sheet,” continued Dr. Moerck. “The current Altair cash position provides funding through the end of 2004 and beyond, allowing us to more aggressively market our products and services and attend important industry and financial conferences, all of which are expected to increase shareholder value.”