1. Advanced Battery Technologies has contracted with Harbin University of Science and Technology to design the electrical controls and management system for a sedan conversion using Altair's advanced nanotechnology electrode materials in its lithium polymer batteries. 2. Advanced Battery Technologies also has entered into a cooperative agreement with the Beijing Institute of Technology for the development and testing of four electric buses to be built by Advanced Battery as prototypes for the 2008 Olympic Electric Bus Program.The all-electric buses will be manufactured using Advanced Batteries polymer lithium ion batteries under Advanced Battery Technologies' Cooperation Agreement with Beijing Institute of Technology ("BIT") for the development of Easy Access, All Electric Buses. The prototype buses, to be manufactured by Advanced Battery, are to be completed by the first half of 2006 with testing to be completed in August 2006. The results of the tests of the prototypes will be used to determine the companies that will be selected to supply the buses to be used in the 2008 Olympics.
"The buses will provide direct road test comparison of performance, cost, and acceptability," said Advanced Battery Chairman, Zhiguo Fu. "The impact of high power delivery, rapid recharge, and a long cycle life, will be demonstrated in one of the buses using advanced nanomaterials from Altair in the batteries. The use of Altair's electrode materials in our PLI batteries," continued Mr. Fu, "will enable us to provide battery performance that could present opportunities in new markets that would benefit from batteries with fast charge and discharge times, superior life cycle performance and improved life cycle economics."
ABOUT ALTAIR NANOTECHNOLOGIES INC.
Altairnano is a leading supplier and innovator of advanced ceramic nanomaterial technology. Based in Reno, Nevada, Altairnano has assembled a unique team of materials scientists who, coupled in collaborative ventures with industry partners and leading academic centers, have pioneered an array of intellectual property and products.
Altairnano's robust proprietary technology platforms produce a variety of crystalline and non-crystalline nanomaterials of unique structure, performance, quality and cost. The company has scalable manufacturing capability to meet emerging nanomaterials demands. Altairnano's two divisions, Life Sciences and Performance Materials, are focused on applications where its nanotechnology may enable new high growth markets. The Life Sciences Division is pursuing market applications in pharmaceuticals, drug delivery, dental materials and other medical markets. The Performance Materials Division is focused on market applications in advanced materials for paints and coatings; air and water treatment and alternative energy including new lithium ion battery electrode materials. For additional information on Altairnano and its nanomaterials, visit www.altairnano.com.
Advanced Battery Technologies Inc. (ABAT)
ABAT develops, manufactures and distributes rechargeable Polymer Lithium-Ion (PLI) batteries. The Company's products include rechargeable PLI batteries for mine-use lamps, electric automobiles, motorcycles, cellular phones, notebook computers, walkie-talkies and other personal electronic devices. ABAT's batteries combine high-energy chemistry with state-of-the-art polymer technology, and overcome many of the shortcomings associated with other types of rechargeable batteries.
The Company began operations in September of 2002 and has made tremendous progress in the past twenty months. ABAT has gone from a startup, to a fully functional, leading edge, technology driven, product development and manufacturing company. ABAT has also accumulated a roster of pending patents for its battery technology and plans on developing additional unique energy related products. The Company operates in the highest growth sector of the battery industry, with PLI batteries projected to account for one fourth of the market for IT and communications devices by 2005.
This release may contain forward-looking statements as well as historical information. Forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, the risks that ABAT batteries incorporating Altair's nanomaterials will not experience reduced recharge time, will overheat or will otherwise not function as anticipated; that, for financial reasons, absence of demand, the existence of better technologies or other reasons, Advanced Battery will not order significant amounts of Altair's nanomaterials in the future; that problems, if any, with Advanced Battery's batteries integrating Altair's nanomaterials will lead to a decline in industry interest in Altair's technologies; that the short-term development agreement with Advanced Battery will not lead to a long-term revenue-generating licensing, manufacturing or other agreement with ABAT or others; and that, even if Altair enters into a long term agreement with Advanced Battery or others, costs associated with performing Altair's obligations under such agreement will exceed or approach associated revenues. In addition, other risks are identified in the company's most recent Annual Report on Form 10-K, as filed with the SEC. Such forward-looking statements speak only as of the date of this release. The company expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in company expectations or results or any change in events.
For Additional Information: Advanced Battery Contact: Ms. Lisa Liu New York, NY Phone: 917 767 0033