NOT GOOD NEWS
RENO, NV--(Marketwire - April 15, 2011) - Altair Nanotechnologies, Inc. (Altairnano) (NASDAQ: ALTI), today announced that it received notification from Inversiones Energéticas, S.A. de C.V. (INE), that it was exercising its right to terminate the contract signed in February 2011 for the 10 Megawatt ALTI-ESS advanced battery system for frequency control. According to the termination letter, INE's action was based upon notice it recently received from SIGET, the government entity that regulates the electric utility market in El Salvador. SIGET stated that the application of this new technology is not feasible in the short term as no procedures exist in the policies of the wholesale electricity market in El Salvador that regulate the operation of systems like the ALTI-ESS.
It was anticipated by both INE and Altairnano that the appropriate regulatory procedures and policies would be put into place within the timeframes contemplated and that the issuance of the notice to proceed would occur within a reasonably short time after formalizing the contract. "We are extremely disappointed by this unexpected setback," stated Dr. Terry Copeland President and CEO of Altairnano, "but we will continue to work diligently with the management of INE to address this latest obstacle and bring the benefits of this excellent technology to the El Salvador electric grid."
All Statements are just opinions and should not be viewed as advice
