update on Canon agreement:
"RENO, NV--(Marketwire - May 17, 2011) - Altair Nanotechnologies Inc. (NASDAQ: ALTI) today announced that it has entered into a Second Amendment to Share Subscription Agreement (the "Amendment") with Canon Investment Holdings Limited ("Canon") extending the agreed upon closing date under the Share Subscription Agreement with Canon (the "SSA") from May 17, 2011 to June 3, 2011. The SSA calls for Canon to acquire newly issued shares of the Company's common stock valued at $57.6 million resulting in a 51% ownership on a fully-diluted basis immediately upon closing."
Canon has stated that it needs additional time to finalize the necessary actions required for it to close this transaction. In addition to delaying the closing date, the parties agreed that, in the interim, Altair may investigate other potential strategic investments, and that if it should structure an alternative partnership, may terminate the SSA with no penalty and pursue the alternative.
"We believe that closing the SSA with Canon is in the best long-term interests of both parties and continue to cooperate with Canon and work toward closing on the revised date of June 3rd," said Terry Copeland Altair's president and CEO. "However, until such date, we need to be thoroughly examining alternatives and that is exactly what we intend to do."
About Altair Nanotechnologies Inc.
Headquartered in Reno, Nevada with manufacturing in Anderson, Indiana, Altairnano is a leading provider of energy storage systems for clean, efficient power and energy management. Altairnano's Lithium-Titanate based battery systems are among the highest performing and most scalable, with applications that include complete energy storage systems for use in providing frequency regulation and renewables integration for the electric grid, and battery modules and cells for transportation and industrial applications. For more information please visit Altairnano at www.altairnano.com.
All Statements are just opinions and should not be viewed as advice
