Altair's Patented Process For Producing Titanium Dioxide Pigment Evaluated by Vietnam Company
Altair Nanotechnologies today announced that it has entered into an evaluation agreement with Avireco USA, LLC. Under the terms of the agreement, Altair will determine the suitability of Avireco's feedstock to produce titanium dioxide pigment using Altair's patented process. A concentrate of Avireco's feedstock will be provided from locations within Vietnam. Altair will be paid approximately a quarter of a million dollars for the first phase of the project.
With the success of the project, as outlined in the agreement, Avireco will enter into a licensing agreement with Altair under which Avireco will have an exclusive license to manufacture and market titanium dioxide pigment throughout Vietnam. Altair will receive royalties on all pigment sold by Avireco and its affiliates.
"The agreement represents the second feedstock evaluation agreement since September 16, 2002," commented Kenneth E. Lyon, president of Altair Nanomaterials, a division of Altair Nanotechnologies. "Phase one of the development program will take place over a five-month period. The remaining phases of the project are dependent on the outcome of the first phase and the availability of project financing in Vietnam."
The overall project is scheduled to be completed in mid-2005. Under the agreement, Altair Nanomaterials and the Stanford Research Institute International, formerly Stanford Research Institute (SRI), will advise and assist Avireco to obtain international financing for its pigment project.
Avireco Co., LTD, a Vietnamese company, currently mines ilmenite ore and exports the concentrates to titanium dioxide pigment manufacturers in Asia.
Under the current project plan, at the completion of phase one, Altair, in conjunction with Avireco, will select an engineering/construction management contractor to design and manage the construction of operational modular facilities for the manufacturing of titanium dioxide pigment using Altair's patented process.
Altair will use part of its existing plant for the demonstration phase to establish design data and project development information. This data will be provided to the general contractor to facilitate the engineering design and building process.
The new facilities are planned to initially produce 5,000 tons of pigment per year with the capability to expand to 10,000 tons of pigment per year. Once the modular facilities are built and connected, the units will be operated temporarily to ensure operability, conformity of standards and provide training of Avireco supervisors. The facilities will then be disconnected and the modules will be shipped via barge to a location in Vietnam.
Altair and its personnel will work closely with Avireco representatives and contractors during all phases of the project.
Altair's patented technology is the first new comprehensive patent for producing white titanium dioxide pigment from ilmenite since the DuPont patents for a chloride process were awarded approximately 50 years ago.
The process is expected to significantly lower operating costs for pigment manufacturers, minimize environmental impact and provide the ability to recycle most of the chemical additives used in the process. This minimizes hazardous waste disposal issues that currently plague existing processes.
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