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Posted: December 12, 2008
Al Yousuf LLC Acquired 8 Millon More Shares of Altair Nanotechnologies
(Nanowerk News) Al Yousuf LLC ("Al Yousuf") announced on
December 12, 2008 that under the terms of a purchase and settlement agreement
it had acquired 8,000,000 shares of common stock of Altair Nanotechnologies
Inc. ("Corporation"); 5,882,353 shares were acquired at a purchase price of
$1.70 per share and 2,117,647 shares were provided in exchange for a release
of potential breach of contract and other claims related to a 2007 investment.
All of the shares will be contractually restricted from resale for at least
two years, with one-third of the shares being released from this restriction
on the second, third and fourth anniversaries respectively.
Mr. Iqbal Al Yousuf is the president of Al Yousuf and may be deemed to
have voting and investment control over the securities held by Al Yousuf.
Prior to the acquisition, Al Yousuf held approximately 14.2% of the
Corporation's outstanding shares of common stock. Immediately after the
transaction, Al Yousuf owned or controlled 20,095,038 shares of common stock,
representing approximately 21% of the Corporation's outstanding shares of
These securities have been acquired for investment purposes. Based upon a
continuing evaluation of the Corporation's financial condition, operations,
and prospects, and of other business and investment opportunities, economic
and market conditions, and contractual obligations, Al Yousuf and Mr. Al
Yousuf reserve the right to change their purpose with respect to their
investment and take such actions as they deem appropriate in light of the
circumstances existing at the time.
Additional securities may be acquired from time to time in privately
negotiated transactions subject to applicable restraints, availability at
prices deemed favorable, the Corporation's business or financial condition and
other factors and conditions that Al Yousuf and Mr. Al Yousuf deem
appropriate. Al Yousuf and Mr. Al Yousuf may also dispose of the securities if
and when appropriate, subject to applicable restraints.