For those of you who have been living in a cave for the past of couple years, Altairnano is a company which exploits nanotechnology to create disruptive products and is best known for their fast charging, umpteen-cycle-enduring lithium titanate battery.
Altairnano stock dropped sharply on this news but now appears to be rebounding nicely. Hopefully the company can put this transition behind them quickly and get on with the business of getting their product out of their doors and into our cars, Navy ships, and dragsters. Read the press release for yourself at the jump.
ALTAIR NANOTECHNOLOGIES CEO ALAN GOTCHER AGREES TO RESIGN; BOARD APPOINTS TERRY COPELAND INTERIM PRESIDENT
RENO, NV -- February 29, 2008 -- Altair Nanotechnologies Inc. (Nasdaq: ALTI), a leading provider of advanced nanomaterials technology for use in energy, life sciences and industrial applications, today announced that Alan Gotcher, Ph.D., has agreed to resign as an officer of the company and that the Board of Directors has begun a search for a new Chief Executive Officer. The Board has appointed Terry Copeland, Ph.D., to serve as interim President.
Dr. Copeland joined Altair Nanotechnologies on November 13, 2007 as Vice President, Operations for Altairnano's Power & Energy Group. Dr. Copeland's duties have included leading global operations and supply chain management for Altairnano's lithium titanate battery products.
Prior to joining Altair Nanotechnologies, Dr. Copeland worked as a general manufacturing and technical consultant from 2004 through the end of 2007. From 2000 through 2003, Dr. Copeland was the Vice President of Product Development at Millennium Cell, Inc., a development stage company working with alternative fuels. From 1992 through 2000, Dr. Copeland worked for Duracell, a leading consumer battery company, where he held positions as Director of Product Development (1998-2000), plant manager (1995-1998) and Director of Engineering (1992-1995). Dr. Copeland also worked for E.I. DuPont De Nemours & Co., Inc. from 1978 to 1992, where his positions included Research Engineer, Technical Manager and Manufacturing Manager. Dr. Copeland earned a BChE in Chemical Engineering from the University of Delaware and earned a Ph.D. in Chemical Engineering from the Massachusetts Institute of Technology.
ABOUT ALTAIR NANOTECHNOLOGIES INC.
Altairnano is an innovator and supplier of advanced novel, ceramic nanomaterials. A seasoned management team complements Altairnano's leading edge scientists, with substantial experience in commercializing innovative, disruptive technologies. The company has developed nanomaterials for the alternative energy, life sciences and performance materials markets based on its proprietary manufacturing process. This process also provides the foundation for its innovative AHP pigment process. For more information visit www.altairnano.com.
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 development of the advanced lithium ion-based batteries described herein will not be completed for technical, political, strategic or other reasons; that any products developed will not perform as expected in future testing or real-world applications; and that even if full commercialization occurs, products sales may be limited and costs associated with production may exceed revenues. In addition, other risks are identified in the company's most recent Annual Report on Form 10-K and Form 10-Q, 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.
[Source: Altairnano via Nanowerk]