Altair Secures $7 Million Loan
CODY, Wyo., Dec. 18 /PRNewswire/ -- Altair International Inc. (Nasdaq: ALTI) today announced it has entered into a $7,000,000 loan agreement secured by the assets of its wholly owned subsidiaries Altair Technologies, Inc. (www.altairtechnologies.com) and Mineral Recovery Systems, Inc. Loan proceeds will be used to redeem remaining repricing rights (i.e. rights to receive additional common shares based on the market price of such shares) under its Security Purchase Agreement dated March 31, 2000, and for working capital to develop the company's nanoparticle and alternative energy programs. The 36 month term loan carries interest at 10%, and Altair may elect to pay principal and interest in either cash or Altair common shares.
Altair International owns a proprietary technology for making nanocrystalline materials of unique quality, economically in large quantities. The company is currently developing special nanomaterials with potential applications in fuel cells, ceramic hard coatings, catalysts, cosmetics, paints, batteries, semiconductors and telecommunications. The technology may also be used to make paint pigment at a cost forecast to be substantially lower than commercial technologies employed today.
In addition to owning Altair Technologies, Altair holds mineral leases on a world class titanium mineral sand deposit in Tennessee and is in the process of constructing a pilot plant at that site. The company's other principle asset is the Altair Centrifugal Jig, an environmentally friendly breakthrough technology for mining, coal treatment and environmental remediation.
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