Altair Nanotechnologies Inc (ALTI) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2013

Exhibit 99.1

Altair Nanotechnologies Reports Third Quarter 2013 Financial Results

Reno, NV (Marketwire – November 13, 2013) – Altair Nanotechnologies, Inc. (“Altair”) (NASDAQ: ALTI), today reported financial results for the third quarter ended September 30, 2013.

Altair reported revenues of $1.1 million for the third quarter compared to $0.4 million for the same period in 2012.  The gross loss was $0.1 million, due to a decline in warranty and inventory reserves of nearly $0.2 million, compared to $0.4 million for the same period in 2012.

Operating expenses were $3.7 million for the third quarter, a $0.3 million decrease from $4.0 million for the same period in 2012.  Cost cutting goals were achieved with planned reductions in the research and development and sales and marketing departments. General and administrative costs increased due to the ramp up of our China operations.

The net loss for the third quarter of 2013 was $3.7 million, or $0.32 per diluted share, compared to a net loss of $4.7 million, $0.40 per diluted share, for the same period in 2012.

“We have taken drastic action to further reduce our costs including consolidating our Accounting and Finance Department into the Anderson location,” stated Richard W. Lee, Altair’s Chief Executive Officer. “In addition, some of our key research and development staff is devoting a substantial amount of time in our facilities in China in order to speed up the production capabilities in our new facilities. As production ramps up in China, we will realize the cost efficiencies in production that was the primary motivator for moving operations to China. Currently, our team in China has grown to 181 employees with most of the additions to our operations team,” said Mr. Lee.

Highlights for the quarter ended September 30, 2013 and subsequent events include:

Altair’s cash and cash equivalents decreased by $9.1 million, from $12.4 million at December 31, 2012 to $3.3 million at September 30, 2013. The net decrease of $9.1 million resulted from the net decrease in operating activities of $7.6 million, the net decrease in investing activities of $11.7 million and the net increase in financing activities of $10.7 million. The investing activities included the acquisition of the second land use right from the Government of Wu’an, China, which was paid for by using restricted cash, and the purchase of fixed assets by Northern Altair. The financing activity included the increase of deferred income due to receiving cash incentives from the purchase of the first land use right of $1.9 million and $3.6 million from the purchase of the second land use right.