RENO, NV--(Marketwire - June 2, 2010) - Altair Nanotechnologies, Inc. (Altairnano) (
The Company's existing seven directors were reelected to serve by an overwhelming majority for the coming year during last week's annual shareholder meeting. In the board meeting held immediately after the annual shareholder meeting, Mr. Jon Bengtson asked the board to consider naming Pierre Lortie as the Chairman for the coming year instead of himself as a result of Mr. Lortie's extensive international and leadership experience. Based on the Company's current opportunities he felt this change would best provide the Company with the guidance needed to help it successfully through its next stage of international commercial development and expansion. The Board approved the change on a unanimous vote. Mr. Bengtson was then appointed chair of the Audit Committee, a position he previously held, and Mr. Robert van Schoonenberg was appointed chair of the Compensation, Corporate Governance & Nominations Committee replacing Mr. Lortie in that role.
Mr. Lortie has been a director of the Company since 2006 and currently serves on both the Audit Committee and the Compensation, Corporate Governance and Nominations Committee. He is presently a senior business advisor to Fraser Milner Casgrain LLP, one of Canada's leading full service business law firms, and is a past president of Bombardier's transportation, capital, international and regional aircraft aerospace groups. He brings a wealth of international commercial and government leadership experience to his new role as Chairman of the Board.
In addition, a resolution authorizing the board, at their discretion without further action from shareholders, to effect a reverse stock split in the range of 3:1 to 10:1 was also overwhelmingly approved at the annual shareholder meeting. A primary reason for seeking authority to effect a reverse stock split was to try to ensure that the Company is not delisted from the NASDAQ Capital Market. The board believes that the Company's common shares will qualify for the 180 day additional grace period for continued listing on the NASDAQ Capital Market when its initial 180 day period ends in late June. As a result, the board has decided not to immediately implement a reverse split. As conditions change, however, it may determine to execute the reverse split at any time prior to May 1, 2011.
About Altair Nanotechnologies Inc.
Headquartered in Reno, Nevada with manufacturing in Anderson, Indiana, Altairnano is a leading provider of energy storage systems for clean, efficient power and energy management. Going beyond lithium ion, Altairnano's Lithium-Titanate based battery systems are among the highest performing and most scalable, with applications that include complete energy storage systems for use in providing frequency regulation and renewables integration for the electric grid, battery modules and cells for mass transit applications, and battery packs for several different military applications. For more information please visit Altairnano at www.altairnano.com.
This release may contain forward-looking statements as well as historical information. Forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, the risks that the Company may not qualify for continued listing on the NASDAQ Capital Market because of a failure to meet requirements other than the minimum bid price or for other reasons and that the board of directors may effect a reverse split even if the Company regains compliance with NASDAQ minimum bid requirements in order to increase the market price of the common shares to a more attractive price range or for other reasons. In addition, other risks are identified in the company's most recent Annual Report on Form 10-K and Form 10-Q, as filed with the SEC. Such forward-looking statements speak only as of the date of this release. The company expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in company expectations or results or any change in events.