Dec. 5, 2005 — NaturalNano Inc. (OTC.BB: NNAN), a materials company whose primary business is discovering, refining and marketing naturally occurring nanomaterials, announced it has completed a merger with a public company. The combined company’s stock began trading on the over-the-counter market on Friday.
The merger was accomplished by virtue of an existing public company, Cementitious Materials Inc., acquiring the privately-held NaturalNano Inc. and changing the name of the new, combined company to NaturalNano Inc.
Before the merger, NaturalNano closed a private placement for $4.2 million. NaturalNano says its efforts are currently directed toward research, development, production and marketing of proprietary technologies in the development of commercial applications for halloysite nanotubes intended for applications in material additives for polymers, plastics and composites; cosmetics and other personal care products; absorbent materials; and pharmaceuticals and medical device additives and coatings.
In the merger, the company issued 44,919,378 shares of common stock in exchange for all of the issued and outstanding common stock of the privately-held NaturalNano. In addition, the Company issued 10,469,600 shares of its common stock to the investors who purchased securities in the private placement.