March 18, 2008 — NaturalNano Inc., a developer of advanced nanomaterials and extended release nanotechnologies, won an award for innovation from a global Fortune 500 company for its work in extended release. The award includes funding for development involving extended release of fragrances for use in home and personal care products.

The award was based on tests conducted by the global consumer products’ giant and provides a path toward a joint product launch. Terms of the funding and the name of the corporate partner, one of the world’s largest consumer products companies, were not disclosed.

NaturalNano holds a partially exclusive license from the U.S. Department of the Navy’s Naval Research Laboratory for the core technology used to load materials into nanotubes, which then releases those materials slowly over time. The innovation award includes funding for a project that uses this extended release capability to allow consumer products to have longer lasting fragrances.

According to the company, the focus of their work under the innovation award is to continue development of fragrance-loaded tubes that will be added to products within the manufacturer’s new product development programs.