May 10, 2005 – Raymor Industries Inc. has announced that commercial production of single-walled carbon nanotubes (C-SWNT) has begun at its industrial facility in Montreal.

Raymor plans to increase its current C-SWNT commercial production capacity using high-power plasma torches already installed at its plant. The minimum projected annual revenues for the next 12 months is CDN$1.0 million, CDN$5.0 million in 24 months, and CDN$10.0 million in 36 months, the company said.

The projected revenues may significantly increase with the increased available production capacity from the plasma torches in place, Raymor added. Within 12 months, production throughput should reach rates of 10,000 grams per day. Raymor will use part of its C-SWNT production for the development of future applications both internally and with strategic, targeted partners.

“C-SWNT produced by our process are of an exceptional quality, and are combined in a way to generate a very unique product,” said Dr. Olivier Smiljanic, co-inventor of the process.

“Our product is beneficial for uses in numerous applications, including new generation batteries, semiconductors, nano-composite materials or in the biomedical field,” said Dr. Frederic Larouche, also co-inventor of the process.

“The impact of nanotubes in today’s society will be more important than the arrival of the transistor,” added Dr. Smiljanic.

Smiljanic and Larouche already have begun working for Raymor on the installation of the second, high throughput C-SWNT production unit and on the development of new applications using C-SWNT.

According to BCC Research, the carbon nanotubes market will reach U.S.$231.5 million in 2006, with an average annual growth of 173% over the next five years.