Altair Nanotechnologies Purchases Reno Facility

August 18, 2002 by Jeff Shepard

Altair Nanotechnologies Inc. (Reno, NV) announced that it has purchased an approximately 90,000ft² building currently housing its corporate offices, laboratories and nanomaterials production facility from BHP Minerals International Inc. (BHP, Australia) for $3.0 million. Under the terms of the agreement, the first payment is due in 42 months; interest will begin to accrue in 36 months at seven percent per year. Additional terms of the agreement cancelled a three-percent royalty payment due BHP on all materials manufactured utilizing the technology purchased by Altair from BHP.