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  • Altair to Add, Spin Off Divisions
Mar 2004
RENO, Nev., March 16 -- Altair Nanotechnologies Inc., a developer of nanomaterials, titanium dioxide pigment technology and manufacturing technologies for unique nanostructures, announced it will form a new life sciences division alongside its existing nanomaterials division as part of its restructuring initiative to focus on specific vertical markets, and that it will spin off its mineral assets to its shareholders. Altair also said its CEO, William P. Long, has announced his resignation, and Rudi E. Moerck has been appointed senior executive officer.

The new life sciences division will focus on the continued development of pharmaceutical delivery structures (TiNano Spheres), dental materials and new nano-based pharmaceuticals including Altair's lead drug candidate, RenaZorb. Moerck said a search for a senior vice president for the new life sciences division will begin immediately.

The Altair nanomaterials division will focus on materials science and on markets such as TiO2 pigment, TiO2 electrodes for titanium metal, nanostructured materials for lithium ion batteries and fuel cells, along with NanoCheck, for the prevention of algae growth. The division will continue under the direction of Senior Vice President Douglas K. Ellsworth.

Altair said it plans to distribute, or spin off, to its shareholders the capital stock of a subsidiary holding the assets of its Mineral Recovery Systems (MRS) division. Altair said it will solicit shareholder approval for the spinoff and complete the filings necessary to make the division a reporting company. MRS will hold the rights to the exploration-stage mineral deposit in Camden, Tenn., the ownership of the Altair centrifugal jig and related intellectual property for agglomeration of titanium dioxide.

Long will resign as CEO and member of Altair's board of directors as of May 1. He is expected to serve as the president of MRS and will participate in its structuring and spinoff. Moerck will become Altair's senior executive officer and will continue to be responsible for day-to-day operations of the company and for implementing its strategic plan. The company said it will a search for a new non-executive chairman of the board to work with Moerck and the board in their efforts to focus Altair's resources on generating revenue and increasing shareholder value.

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