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Posted: March 28, 2008
NanoDynamics Lays Off Employees
(Nanowerk News) An undisclosed number of employees at NanoDynamics Inc. have been reassigned or released after the company discontinued some of its technology and product offerings.
The Buffalo company says it will focus on its most promising product areas. NanoDynamics makes solid oxide fuel cells, water filters and other advanced materials related to nanotechnology.
As a result, some research projects and related activities have been curtailed, mostly smaller, longer-term projects, in favor of more prominent and near-term commercial products such as solid oxide fuel cells, water filtration technology and cement additives.
While NanoDynamics wouldn't disclose the number of employees affected by the decision, spokeswoman Jennifer Parker confirmed that positions affected include engineers, administrators and technical staffers who had been brought on board to help with the company's initial public offering. However, the company requested a withdrawal Nov. 9 of its registration statement with the Securities and Exchange Commission.
Initially, NanoDynamics planned to raise $78.1 million through the sale of 6.5 million shares of common stock at a price of $12 to $14 each.
Also, in February, citing some last-minute changes in the placing agreement, Nanodynamics voluntarily withdrew its name form the Dubai International Financial Exchange before any shares were traded.
Parker said the company has near-term plans to bring on two additional senior staff members to oversee commercial business activities.
Founded in 2002, the company has facilities in Buffalo, Potsdam, Pittsburgh and Columbus, Ohio, with slightly more than 120 employees.