Altair starts project with U.S.-Vietnamese mining firm

Nov. 8, 2002 — Altair Nanotechnologies said it will be paid about $250,000 for the first phase of a project with Avireco USA LLC to evaluate raw materials used in producing nanoparticle-based titanium dioxide pigments.

If the effort is successful, Altair said, the firms will sign a deal that will give Avireco exclusive license to make and sell the pigment throughout Vietnam. Altair will receive royalties on all pigments sold by Avireco, part of the U.S.-Vietnam joint mining venture Avireco Co. Ltd., and its affiliates, according to a news release.

Other phases of the project, which are contingent upon results of the first phase and the availability of project financing, include building modular plants to make the pigments using Altair’s patented process. Those plants eventually would be shipped to Vietnam for production there, the release said.

Altair, which trades on Nasdaq’s SmallCap market, closed Thursday at 73 cents a share, unchanged from Wednesday.


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