Al Yousuf LLC ("Al Yousuf") announced on December 12, 2008 that under the terms of a purchase and settlement agreement it had acquired 8,000,000 shares of common stock of Altair Nanotechnologies Inc. ("Corporation"); 5,882,353 shares were acquired at a purchase price of $1.70 per share and 2,117,647 shares were provided in exchange for a release of potential breach of contract and other claims related to a 2007 investment. All of the shares will be contractually restricted from resale for at least two years, with one-third of the shares being released from this restriction on the second, third and fourth anniversaries respectively.
Mr. Iqbal Al Yousuf is the president of Al Yousuf and may be deemed to have voting and investment control over the securities held by Al Yousuf. Prior to the acquisition, Al Yousuf held approximately 14.2% of the Corporation's outstanding shares of common stock. Immediately after the transaction, Al Yousuf owned or controlled 20,095,038 shares of common stock, representing approximately 21% of the Corporation's outstanding shares of common stock.
These securities have been acquired for investment purposes. Based upon a continuing evaluation of the Corporation's financial condition, operations, and prospects, and of other business and investment opportunities, economic and market conditions, and contractual obligations, Al Yousuf and Mr. Al Yousuf reserve the right to change their purpose with respect to their investment and take such actions as they deem appropriate in light of the circumstances existing at the time.
Additional securities may be acquired from time to time in privately negotiated transactions subject to applicable restraints, availability at prices deemed favorable, the Corporation's business or financial condition and other factors and conditions that Al Yousuf and Mr. Al Yousuf deem appropriate. Al Yousuf and Mr. Al Yousuf may also dispose of the securities if and when appropriate, subject to applicable restraints.