NaturalNano, Inc. (Pink Sheets:NNAN) (Frankfurt:N3N) announced today the signing of a letter of intent to acquire a majority stake in a privately owned technology company. The transaction is planned for completion of definitive agreements and approval of the NaturalNano's Board.
"We have been working to identify a range of opportunities to address NaturalNano's strategic goals. We have made progress on strengthening our core business and now have an opportunity to add complementary business lines that further enhance our strategic capabilities. NaturalNano is familiar with this company we are acquiring controlling interest and have worked on several projects together over the last several months. We look forward to completing the necessary legal agreements and obtaining Board approval to allow us to inform our shareholders of these products. One of the opportunities is in the world's fastest growing segment in medical safety," acting CEO and President James Wemett said.
Wemett added that, "We are excited to add these promising business lines of this company to our core Nano Technology. There are a number of synergies and added benefits which their products and markets provide. We also look forward to participating in the revenue generated by their products. Our goal at NaturalNano is to be a problem solver and to improve products through our technology by bringing Nano to life through Nano enhanced products."
NaturalNano, Inc. is a materials science company focused on developing and commercializing advanced nanocomposites. The Company is focused on additive technologies and processes, including their proprietary Pleximer that adds value to industrial polymers, plastics and composites. NaturalNano holds and licenses 24 patents and applications, as well as proprietary know-how for extraction and separation processes, compositions, and derivatives of Halloysite.