$48.9 Million Canon Investment Conference Call September 20, 2010 

Terry Copeland (TC):  Thank-you Tom.  Good Morning, and welcome to the call.  With me today is John Fallini, Altairnano’s Chief Financial Officer.   

The purpose of today’s call is to discuss the $48.9 million dollar strategic investment in Altair in the definitive agreement signed yesterday with Canon Investment Holdings Ltd., a Hong Kong registered company. 

Canon’s wholly owned affiliate Zhuhai Yintong Energy Company Ltd., or YTE, has installed battery capacity of 100 million amp hours that is dedicated to lithium ion power batteries, energy storage batteries and general purpose batteries. 

Altair’s board of directors voted unanimously to approve the transaction which will enable Altair to form an important strategic alliance that allows participation in the rapidly expanding greater China market and creates the opportunity to leverage Altair’s unique technology globally. 

The primary elements of the transaction include a share subscription agreement and a conditional supply and technology license agreement.  Based on the terms of the share subscription agreement Canon has agreed to purchase approximately 125, 917,996 newly issued common shares of Altair Nanotechnologies Inc. at a price of 38.82 cents per share providing $48.9 million dollars in proceeds to Altair to fund the contemplated establishment of a lithium titanate manufacturing facility in China and the company’s working capital requirements for operations in the United States. 

Immediately following the closing of the transaction Canon will have controlling ownership of 51% of Altair’s fully diluted common stock.  No warrants, or other diluted securities, will be issued in connection with the transaction.  Under the terms of the investor rights agreement after closing Canon will designate a majority of the board of directors members consistent with their 51% board of directors ownership. Al Yousuf LLC will continue to have representation on the board of directors. Canon will also have anti-dilution rights that allow them to offset the option to maintain the proportion of ownership in connection with Altair’s future capital raises and they will have registration rights after two years. 

Commercial transactions between Altairnano and YTE during the first two years following the transaction closing will require approval from a committee of independent Altair board members.   

The majority foreign ownership will impact certain of our existing contracts specifically those with the Department of Defense.  Altair will complete our current responsibilities under those contracts by year end and will not engage in further such contracts. All other customers under contract will remain in force based on their original terms. 

Change in control of Altair’s common stock will require the approval of shareholders at a special shareholders meeting of the company shareholders anticipated to be scheduled in December of 2010. 

The directors and officers of the company, and Al Yousuf LLC, have entered into share holder voting agreements in which they’ve agreed to vote all shares owned by them in favor of the share subscription agreement at that special shareholder meeting.  Other governmental and regulatory approvals will also be required prior to the closing of the transaction.  I’ll discuss these requirements in more detail later in the call along with their anticipated timing. 

$48.9 million dollars of proceeds from the Canon investment will fund working capital needs to achieve sales traction in our key markets.  Sales and marketing efforts will be expanded to target utility, OEM, and transportation markets more effectively. 

Access to the greater China market through YTE’s incorporation of our lithium titanate in their battery cells will spur revenue growth.  This funding will allow Altair to continue research and development efforts with titanate materials, battery cells, modules and systems which is important to maintain the company’s competitive position. 

YTE has indicated they may require significant volumes of lithium titanate in coming years and Altair is contemplating a lithium titanate manufacturing facility in China to support those requirements.  We anticipate such a facility to have excellent economies of scale enabling substantial cost reduction that will be carried forward into all our battery products. 

Under the conditional supply and technology license agreement Altair has agreed to sell to YTE an ALTI ESS one megawatt system for a utility scale demonstration, battery cells and our proprietary lithium titanate material to be used in the production of battery cells in China.  The agreement provides up to 6.6 million dollars in revenues to Altair by the end of 2011 including an advance of $2 million for lithium titanate to be paid within 5 days from the time of signing. 

Altair has committed to ship 20 metric tons of this material prior to year end.  Purchases of 4.6 million dollars under the supply agreement are conditional upon closing the transaction. 

YTE has the option to require repayment any portion of the 2 million dollar advance, if not offset by shipped orders if the share subscription agreement is terminated by Altair under certain conditions. 

YTE has developed a proprietary circular design battery with unique hollow structure for rapid heat dissipation, to enable its performance and long life. 

The plan to maximize performance by incorporating our titanate into their cells and have  obtained required People’s Republic of China governmental approvals to move forward with these lithium titanate batteries.  They intend to focus initially on the electric bus market in China which they believe could require as much as 5000 metric tons of lithium titanate per year.   

The company will work closely with YTE to develop and leverage the strength of each respective company’s battery products which will serve to strengthen the competitiveness of both companies in the global marketplace. 

As part of the supply agreement Altair grants to YTE the a license to use the company’s battery technology to manufacture batteries during a term commencing on the effective date and continuing as long as YTE purchases at least 60 tons of lithium titanate annually. 

The battery technology license is exclusive for the greater China market as long as YTE purchases at least a thousand tons of lithium titanate per year after 2010 and is non-exclusive in the remainder of Asia, Australia and New Zealand with the exception of the Middle East.   

Closing the transaction is subject to certain conditions including, as I mentioned previously, shareholder approval, receipt of regulatory approval from the Committee on Foreign Investment in the United States, we refer to that as CFIUS, and winding up certain defense contracts.  A slide detailing significant in the company presentation addressing the Canon investment that will be posted to our website at www.altairnano.com

It’s anticipated that the transaction will close before the end of January 2011. 

In summary, the Altair board of directors and management believe that the investment of Canon in the company creates the opportunity to accelerate market development with unique lithium titanate technology, provides near-term sales traction, opens up access to potential China markets, and potential low-cost manufacturing which will better position Altair competitively and offer the opportunity to build synergy with YTE battery technology.  The strategic partnership with Canon/YTE represents an excellent opportunity for the company’s success.  We encourage all shareholders to participate at the special shareholder’s meeting.  Whether or not you attend that meeting be sure to vote.  Your vote is very important. It’s anticipated that proxy materials will be mailed in November of this year.  

Now we’d like to open up the call to questions.  Ron, please go ahead. 

Q & A Session 

Operator (OP):  Our first question from Marco Rodriguez with Stonegate Securities. 

TC: Hi Marco. 

Marco:  Thanks for taking our questions. Hi.  I was wondering.  I apologize. I got on the call a little bit late.  I had some technical difficulties in terms of getting on so if you’ve reviewed this already I apologize. But can you provide a little more colour or reveal a

little bit the relationship between Canon and Yintong 

TC: Canon is basically the parent, it’s holding company and Yintong is 100 percent owned by Canon.  The chairman of Canon is Chairman Wei. He’s also the chairman of YTE. 

Marco:  OK. So it’s not Canon’s business, per se, for Canon to go out and invest in companies, for example. 

TC:  No.  I mean.  They’ve got this wonderful battery technology via YTE and they’re trying to exploit that technology. 

Marco. OK, OK.  And then I was wondering if you could provide a little bit of background on the development of this transaction?  How it came to be? Obviously in light of the ATM that you guys have put in place I’m just wondering when this cam about and how it kind of developed? 

TC:  You know transactions of this type obviously don’t happen over night. We’ve had initial contact with YTE some time ago but we really didn’t get serious about these discussions really until about the same time that we put the ATM in place.  John if you can remember the precise timing…? 

John Fallini (JF):  Three of four months ago, I think. 

TC:  Yeah, it was about three or four months so it was about contiguous with the ATM timing.

Marco:  Can you talk al little bit in regards to the discount that’s being, I guess, given here to Yintong and Canon? 

TC:  Uh, well I’m not sure… 

Marco: The reason for my question is I guess I’m trying to understand like in the ATM, for example, one of the reasons for providing or doing that was to kind of avoid dilution. And if  I’ve done my math right I’m looking at about a 43% discount? 

TC:  I haven’t done the math on today’s share price but I’m sure that’s… 

JF:  One of the things when you look at, if you’re saying, you know, the price that Canon is paying for the shares relative to yesterday’s closing price Yes, it’s about that kind of a discount. If you look at one of the things that the board considered was similar kinds of transactions, and they look at a longer period of time, what’s the average price of the stock of that company over a 60 day period? And when you look at it from that standpoint the transactions that were comparable basically all had warrants associated with them and the price that Canon is paying, if you look at the 60 day period average stock price is very close to the 60 day price average.  A little bit less, but very close… 

TC:  I think the 60 day average is in the 44-45 cent range and, as John says, there are no warrants associated with this.  So if you look at comparables that’s actually pretty dog gone competitive. 

Marco: Is it over the 60 day vwap or is it just a straight stock price? 

TC: Just straight. 

Marco: And then I was a little unclear with regards to the $48.9 million in proceeds you’re receiving.  Is that to specifically build a plant in China? 

TC:  No, what we’ve said was… that, you know, we’ve… number one, let me take a step back and let’s look at the China market.  Right now YTE has in place a battery facility with a capacity of about a hundred million amp hours.  That’s world-scale by any stretch of the imagination. They have agreements from governmental authorities there to use lithium titanate batteries in certain markets that have been designated over there.  Specifically busses, initially and when they look at the size of those markets and that potential they’re talking about the need of, potentially, of 5000 metric tons a year versus what we’re making today is 100 metric tons here.  By any stretch of even partial success you need a hell of a lot more capacity than we have.  And it only makes sense to do that locally in China. We’ve talked on many occasions about wanting to have regional manufacturing capabilities.  If we’re going to serve the Chinese market, particularly at this kind of magnitude, you need a plant there.  And so clearly we’re going to be looking at scaling a plant in China for that opportunity.  That’s going to do a couple of things for us.  First of all it’s going to give us tremendous economies of scale. Again, right now our capacity here in the US is 100 metric tons.  You’re talking 10, 20, 30, 40 times that size.  So that’s going to allow us to reduce our costs on the LTO which will naturally flow through to the remainder of our battery product.  This is a significant opportunity.  So, yes, clearly we’re going to be looking at building the plant in China and the proceeds are also going to go towards what I said earlier – our own development activities, our ongoing operations… Yes, all of the above. 

JF:  Let me see if I can expand on that a little bit. The $48.9 million dollars.  Basically, it, during the course of the negotiations, it became clear that Canon wanted to have a majority ownership control of the company – 51%. So, when you look at how many shares we have outstanding, outstanding warrants and options, it’s a simple math calculation to figure out here’s how many shares they would need to purchase, times the price, is what equaled the 48.9 million dollars.  I know you haven’t had access to the documents for very long.  We just filed the 8K an hour or so ago. But when you go through those documents you’ll see there’s nothing that says we have to use that $48.9 million dollars to build the plant in China.  Yes, we are looking very seriously at that, but there’s nothing that says some portion of that may be funded with equity, some portion of it might be debt financed.  Those are a lot of the details that are going to be worked out over the next X number of months working closely with YTE on what makes the best sense. 

Marco:  So, of that 48 million, or 49 million, you in essence, if I’m understanding you correctly, will use zero of it to build that plant? 

JF:  Well, there will most likely be some portion of it. What’s not fixed or determined at this point is how much of that $48.9 million would specifically be used to construct that plant. 

TC:  The fact is we don’t know how what it’s gonna cost to build a plant. We haven’t looked at that.  We just know that it makes sense to do so based on the tremendous opportunity there.  What’s really exciting about this is the only way you’re really going to gain traction in China is if you’re tied in with a Chinese company that has the right ties within China and YTE clearly has that and we want to take advantage of that and we want to accelerate that. 

Marco: OK. Alright.  So, once you have a better assessment as far as how much it would cost to build that plant, is that when you would then make a decision on how much of that money was then earmarked for extra sales and marketing, R&D type efforts that are kind of, separate, if you will, from the China venture? 

TC:  Yeah. This is all part of developing an ongoing business plan.  And we will be working very closely.  As we said, YTE, or Cannon will have the majority board representation based on their 51 percent ownership.  The very first board meeting that we’re going to have we’re going to be reviewing the budget for the following year.  We’ll work closely with them between now and then to put those plans together and to put that budget together but, just like any other business, we’re gonna have an annual budget that has to be approved by the board of directors. 

OP:  Our next question comes from Bill Warrior from Steifel Nicholas 

TC:  Hey Bill.  Bill? You there? 

Bill:   …is going to be a portion for working capital. Because I guess the main question is, given the amount of, you know, your operating cash burn and, yes it has gone down significantly over the last 12 to 15 months, but the question is how long does that sort of financing serve you? 

TC:  You sort of broke up in the first part of your question but I think the gist of it is “How long will this financing carry us?” is that basically what you were saying? 

Bill: Yes, that’s exactly right. 

TC:  I can’t give you a specific number of months because, we don’t know.  We have to obviously, work up the new business plan to meet the requirements of the new board.  We are also, as we’ve said in the past, moving steadily closer to closing our business in Hawaii and our larger customer down in Latin America.  Those will contribute significantly towards our cash issues and ongoing.  What this transaction is going to do, again, I go back to economies of scale, lowering costs.  That’s going to enable more orders faster.  And we have to understand, frankly, what those are going to look like in China because we really don’t have the details around those, and then we have to factor in what are those lower costs going to enable us to do elsewhere in the world?  We’ll be doing all that over the next few months so it’s impossible for me to give you a straight answer on where does this 48.9 million dollars take us. 

Bill:  OK.  Fair enough. Your general thoughts on strategy and supply chain going forward.  What does this really going to mean?  Should we possibly think of YTE as possibly being an outsourced cell producer, right now you’re outsourcing cell production in Korea.  Should we think about them producing LTO in China, making cells and then shipping them over to where you need to assemble them? 

TC:  Our plan is to produce the LTO in China under Altair’s flag.  In terms of contract manufacturing YTE has developed their own battery design. They refer to it as an anular battery.  It’s unique.  I’ve never seen anything like it.  They’ve got world-wide patents now or patent applications.  Their first goal, frankly, is to incorporate LTO into that battery. I will tell you they’re currently using iron phosphate in there.  They believe that LTO will give them some significant advantages. They acknowledge that we’re the worldwide leaders in LTO.  That’s why they have such a strong interest in our technology and they want to put it in their battery design first.  Does that preclude them from ultimately putting it into our prismatic design or building that?  No. But I don’t think that’s their first objective.  They want to get their own… They built this entire manufacturing facility around this anular battery and they want to bring that up on LTO first. 

JF:  To add to that: There is nothing in the agreement that precludes us from continuing with our existing cell contract manufacturers or others if we choose to as long as they’re manufacturing the cells for us for our use in sales to third parties, there’s nothing in this agreement with Canon/YTE that negatively impacts that… 

TC:  With one minor point that we would not got to somebody else in China to invest. 

JF:  Correct. 

Bill:  OK What of the.. Where is YTE right now what markets they serve?  Sounds like pretty significant capacity.  Perhaps 300 million megawatt hours or so?  Sounds like mass  transportation might be the initial target entry point for your technology but, have they done work on good scale and are they developing sort of leads over there? 

TC: YTE has a wide range of market resources.  They’ve developed partnerships with many leading enterprises in what they would call the Chinese new energy industry as well as some notable global companies.  I’m going to do my best at trying to pronounce some of these, but, forgive me…   

They’ve got strategic partnership agreements with FAW, Xiamen King Long, Chongquing Hengtong Bus, Guangtong Bus Company, Baoli International Energy, German Electric Car on the electric vehicle front.  They have strategic partnerships agreements with China Huaneng, Guandong Mingyang WindPower, Sichaun HuiRong Energy, GD Power, and Shanghai Yeufeng on the energy storage front.  I know that they have had significant discussions with the major Chinese utility. So they’re working all those very very hard.  

I believe that their initial thrust is going to be at busses.  Things in China are done a bit differently than here in the US and it’s sometimes a difficult for us to get our arms around.  Over there the government really will dictate who’s going to what industry.  Who’s going to build what for whom.  And then in happens.  And they have the authorizations from the government authority for lithium titanate in the bus market. And, I confess, I don’t understand the overall Chinese business model, business slash political model, because they’re integrated over there much more so than here.  I don’t understand it fully.  But they clearly have markets for these batteries already. They wouldn’t have built this world scale capacity as fast as they did if that were not already in place. 

OP:  Our next question comes from the line of Alex Burger with Hudson Bay. 

TC:  Hi Alek. 

Alex: (Very quiet)  Hi.  How have you confirmed that Canon has the cash to purchase these securities and has obtained the required Chinese government approval to spend such a significant amount of cash and specifically do you know the source of capital?

My second question is: Did the company shop the transaction to other buyers to assure it was getting the best deal and, if so, how many other purchasers did the company negotiate over what period of time? 

TC:  Yes, we’re confident that Canon has the financial wherewithal to do this deal.  We’ve done the appropriate due diligence as anyone would require under these circumstances.  I will tell you that Canon has major investments in other industry – particularly steel, and real estate, so the financial wherewithal is not in question at all at this point in time.  I’m sorry, what was the second part of your question? 

Alex:  The first part of that question was “What was the source of capital? And second, have they obtained the required Chinese government approval to spend such a significant amount of cash? 

TC:  They will be working on those final approvals but do not anticipate it being a problem.  As I said they are well tied in to the needed government authority for executing these kinds of transactions. 

OP:  Our next question comes from the line of Craig Irwin with Webwish Securities. 

David:  This is actually David in for Craig. 

TC:  Hi David. 

David: Hi.  Quick question.  Just wondering if you can tell us when you expect to see the 2 million hit the balance sheet? Will it be in the September quarter here? 

TC: The 2 million was expected within 5 days of the signing which was yesterday. 

David:  So, I guess the answer then would be “Yes”? 

TC: Yes. 

David:  OK.  And then when do you expect to start recognizing revenue on the one megawatt system? 

TC:  The one megawatt will be a conditional sale and it’s conditional on a couple of things.  First it’s conditional on the closing of the transaction so nothing would happen before close which would mean that any revenue recognized would be in 2011. 

David:  OK, 2011. And you right now you expect to close the deal before the end of January of 2011? That’s what I read, right? 

TC: Yes.  That’s correct. 

David:  Those are me questions.  Thank-you. 

OP:  Our next question comes from Mike McWalters with Wells Fargo Advisers. 

Mike:  Hi Terry, and John.  I wanted to ask you regarding the reverse stock split.  If the stock’s over a dollar during the month of November are you still going to go ahead and do the reverse stock split? 

JF:  It’s something that we will evaluate as we get closer to November 15th.  The major concern that the board has is that they don’t want to allow the stock to be delisted from NASDAQ.  And so it has been authorized to go forward.  The only consideration will be where is our stock price as we get closer to that November 15th date. 

TC:  It will be revisited one more time before we actually pull the trigger but I can’t say, if we’re above a dollar, I can’t say yes or no at this point. You know… 

Mike:  That’s why I asked.  It was in the press release that it would be implemented on November the 15th

TC:  That is the current game plan 

Mike:  OK.  Is there also an opportunity for a competing offer? 

TC:  Yes. 

Mike:  There is. So someone else could come in and say, you know what, I’ll give you 100 million for 49 percent. You’d be able to look at that? 

TC:  Can I take your name and number please? (chuckling) 

Mike: I’ll take that as a yes. 

TC:  Of course.  You always leave room for superior proposal opportunities.  Absolutely. 

OP:  Our next question comes from Elliot Hinman with S&H Finance. 

Eliot: Hi Terry, good-morning.  I want to continue the business of the reverse stock split because, and everybody who’s asked a question so far should be as concerned about this as myself because you guys all represent stock holders.  You know, we’ve all been very very supportive with our money and our mouths, over the years.  Last week, or the week before, you guys filed I guess they were 9Ks, or 8Ks, whichever K that is, protecting your salaries in the case of these sort of deals.  The only ones out there who seem not to be protected at this point are the stockholders and you’re asking us to vote yes and so forth and so on.  It sounds like a decent deal.  It sounds like maybe the only deal that could have saved the company. But, as this thing climbs towards 70 and 80 this talk of 10-for-one to me is ludicrous and it’s basically a total detriment to the stock holders.  Now, if we’re going to start talking about reverse stock splits we need to take this ten-for-one off of the table.  We need to start talking about 3-for-one, or four-for-one, or two-for-one because you don’t need ten-for-one to get over a dollar.  And the fact that the delisting is probably with this deal on the table you could push this out further with NASDAQ.  I think you could probably make a case with them where they would probably give you an extension.  But for us, to take a ten-for-one beating, or a one-for-ten beating it’s poison, it’s literally poison, and enough is enough with that. OK?  You guys protected yourselves, now you need to protect us.  And everybody again who’s listening, and is asking questions, ought to be very very well aware of those filings last week. I’m not trying to agitate anything here Terry, but this 10-for-one, or one-for-ten talk has got to stop. 

TC:  Eliot I think if you go back and review the language you’ll see that it said “Up to a 10-to-one split”. Nobody has ever said that it would be ten-to-one.  It said “Up to”. That means it can be anything from 2-to-one to ten-to-one.  Excuse me, 3-to-one to ten-to-one. So, I think you make some very good points, as always and you can be assured that we’re considering all those implications, and the board will be considering those, when the final number is chosen but nobody has ever said that it must be a ten-to-one.  We’ve always given the range 3-to-one to 10-to-one. 

OP: Our next question comes from the line of Warren Stevens private investor. 

Warren:  Yes I heard something about… I read somewhere… how would the price of the LTO be determined that would be sold YTE? 

TC:  How would the price of the LTO be determined based on how we feel we should sell it. I mean we sell these, we have a good understanding of what our costs are and you take that into account, and the broadness of this opportunity, you roll that up and set a price. 

JF:  And if I can add just a thought to that in looking at pricing any product you look at what will the market bear, what are our costs, what is the competitive alternatives that are out there and what’s the price that will maximize the contribution for the company?  That price is going to change over time.  It’s certainly going to be impacted as our volume increases and we have greater control on our costs driving them down. But our intent is to make a profit on everything that we sell. 

Warren:  Yeah but we were told that YTE was intending to, there were certain conditions around how much LTO they would buy and I guess it brings up the issue of if there were a possibility that the price wasn’t at a level they would buy that amount that that then cascades into a number of other issues where the relationship is not going forward essentially. 

TC:  The conditions of purchase are really more associated with closing the deal than anything else.  It’s not...  We’re going to have to, depending on the volume of the orders that they want to take ultimately when we start talking about these world class volumes obviously we’ll have significant price negotiations at that point. We haven’t set the price for those large volumes yet. That’s to come. But the conditions that are discussed in the 8K or what not really revolve mostly around just getting shareholder approval and getting the deal closed. 

Warren:  OK. I thought I heard something about a separate board to determine the issues or something like that? 

TC:  Oh. Oh. Oh.  OK. I gotcha.  Any transactions that happen between YTE and Altairnano will have to be approved by the independent directors of the board.  It’s because they would be considered a related party, a related party transaction, and so you really need that independent authority to approve the deal that it’s essentially an arms length transaction even though you’re related parties. 

OP:  Our next question comes from David Munsen, shareholder. 

David: Yes you mentioned earlier in your call your situations with Hawaii, and South America, and Proterra?  And as we approach a proxy and decisions on the deal before us can you bring us up to date on where your business is with the three things I’ve just mentioned? 

TC: As I said, Proterra everybody is well aware of. We’ve made that announcement.

We’ve begun shipping against those orders already.  That’s going well.  Hawaii is also moving along.  I was actually out there last week with HNEI. We’ve got a couple of more pieces of information that need to be filled in before we can actually sign the contract but that’s imminent, I think. And with the Latin American proposal that too is also moving forward nicely.  I’ll be going down there later this week to meet with their leadership hopefully to really push that over the edge.  It doesn’t mean signing a contract this week but it would be a very positive step towards getting that accomplished. We still expect that to happen in the near term. 

OP:  Our next question comes from the line of Howard Selter with Manhattan Enterprise. 

Howard:  I wanted to follow up on an excellent question from earlier and find out did the company shop the transaction to other buyers to assure it was getting the best deal? If so how many other purchasers did the company negotiate with and over what period of time? 

TC:  We have been in an exclusivity relationship with YTE, with Canon, since these negotiations became serious, so we haven’t spoken to anybody else in there as I indicated earlier.  We are able to accept any proposal deemed superior by the board to move forward so if those come in we’re free to consider them. 

OP:  Our next question comes from Michael Yesendo, private investor. 

Michael: Hey Terry. How you doing? 

TC:  Good-morning Michael. Or good afternoon. 

Michael: So I just, it sounds like a good transaction.  So congratulations.

Just multiplying out that the… you’re selling 6.6 million of the LTO point 20 tons, that’s about three thirty a ton. Does that that, multiplied time 5000 metric tons to come out at 6.6 million? 

TC:  No. No.  The 6.6 million was not strictly for the LTO.  That was for the LTO, and the other opportunity of the ALTI ESS plus cells.  We haven’t broken down the prices. 

Michael:  OK. So the best we have is 40 times bigger than some piece of that 6.6 million to try to figure out what how much that 5000 tons is worth?  That’s what I think other guys were trying to get at with the price per tonnage.  Ballpark what kind of dollars is that going to convert into? 

TC:  We haven’t really talked about pricing for LTO.  If you want to ballpark you might go look at what other published prices are for similar materials on the open market.  I don’t think you’ll find much on LTO but if you looked at other similar materials for instance you’d at least get some directional guidance there. And yes, I am avoiding giving a specific price.  I’m sorry.  We can’t disclose that from a competitive perspective. 

OP: Our next question comes from Warren Stevens, private investor. 

Warren: Yeah. One follow-up here. Does this transaction essentially qualify as a change of control event with respect to employment agreements and vesting of options and things like that? 

TC:  Yes it does.  I mean clearly all of a sudden you’re going to have a 51% shareholder.  It speaks for itself. 

OP:  Our next question comes from Peter… 

TC:  Operator this will be our last question.  We got to move on here.  I’m sorry who was the it from? 

OP:  It’s from Peter Cardillo, Avilon Partners. 

Peter: Hello? 

TC:  Hi Peter. 

Peter:  I just want to say that I welcome this news. This is good news. However, some of the other investors have already cleared up some of the investors have already cleared up some of the questions that I wanted to ask. The other thing I wanted to add to the fact that I too believe that the stock split is probably not going to be necessary.  You know.  This is basically 100 percent dilution for shareholders at this point. Although as I said I think this is good news, I think this gives us a fighting chance and I think we’re going to be very successful with this. However I think that the board should seriously not consider doing a reverse split at this time.  I think that the stock can go over a dollar.  There’s no reason why they will not give you an extension.  And I think there are plenty of companies out there that have in excess of  233 million shares and they know that if it does work it’s going to work whether you have 30 million shares or 200 million shares.

TC:  Well, again, we certainly appreciate the input. There are a lot of factors that go into that final decision of A) Whether or not to do the reverse split and B) OK at what ratio do you trigger that and all those things will continue to be reviewed and considered between now and November 15th. 

Everybody, folks, we’d sure like to thank you for your time this morning and your questions and generally your participation with Altair.  We’re very excited about this transaction moving forward.  I think it just opens up tremendous worlds for us. The Chinese market is absolutely exploding over there and if some of you have ever had the opportunity within the last twelve months to get over there you would see what I mean.  This is really a tremendous moment, I think, for Altairnano.  We’re really excited to move this thing forward.  Once again I would encourage everybody when the shareholder vote comes around, to vote for this transaction and to vote positively.  Thank-you all so much for your time and consideration, and enjoy the rest of your day.

OP: Ladies and gentlemen thank-you for your participation in today’s conference. This concludes the program.  You may all disconnect.  Everyone have a great day.

TC:  Bye-bye!

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