Corporation, a technology leader in nanomaterials and advanced nanoengineered
products, announced today that Nanophase and its partner, the German specialty
chemical company Altana AG (through its subsidiary BYK Chemie GmbH) have entered
into a new non-exclusive supply arrangement and agreed to terminate their existing
mutually exclusive relationship.
"The parties are convinced that a new and more flexible basis of cooperation
will provide both companies more options and opportunities in their markets
instead of the former, restricted agreement," said Jess Jankowski, President
and CEO of Nanophase. "We have experienced the benefits in other relationships
of graduating from an exclusive one focused on contractual requirements to a
relationship based on mutual benefit. We look forward to enjoying a similar
experience with this change in our relationship with BYK, a company that Nanophase
and the marketplace hold in high esteem. Nanophase will begin to sell nanomaterials
to the coatings industry more broadly, including to BYK, and BYK will continue
to broaden its existing portfolio of nanoparticle containing additives for coatings
"This change will help us execute on our customer direct business model,"
continued Jankowski, "as we engage directly with manufacturers on a targeted
basis and demonstrate the benefits that Nanophase can provide with our market-specific
applications development experience. BYK will continue to source nanomaterials
from Nanophase as well as from other suppliers to service its customers and
markets that have helped it to become the world class company that it is. Both
Nanophase and BYK will also gain the ability to better capitalize independently
on their intellectual property development. We are both excited about the possibilities
this new arrangement will bring."
In connection with the termination of the parties' existing mutually exclusive
relationship, Nanophase will provide Altana AG with consideration, in the form
of cash and discounts on certain subsequent nanomaterial orders, totaling $700,000.
Nanophase Technologies Corporation (NANX), is a leader in nanomaterials technologies
and provides nanoengineered solutions for multiple industrial product applications.
Using a platform of patented and proprietary integrated nanomaterial technologies,
the Company creates products with unique performance attributes from two ISO
9001:2000 and ISO 14001 facilities. Nanophase delivers commercial quantity and
quality nanoparticles, coated nanoparticles, and nanoparticle dispersions in
a variety of media.