EXHIBIT 99.1 

Altair Nanotechnologies Reports 2008 Financial Results

RENO, Nev. – March 11, 2009 -- Altair Nanotechnologies, Inc. (Altairnano) (Nasdaq: ALTI), a provider of energy storage systems for clean, efficient power and energy management, today reported financial results for the year ended December 31, 2008.

For the year ended December 31, 2008, the Company reported revenues of $5.7 million, down from $9.1 million for 2007. The net loss was $29.1 million, or 34 cents per share, compared to a net loss of $31.5 million, or 45 cents per share, for 2007. The basic and diluted weighted average shares outstanding for the year were 85.9 million compared to 71.0 million reported in 2007.

Operating expenses of $35.9 million for 2008 were $6.3 million less than the operating expenses of $42.2 million for 2007.  The decrease in operating expenses was primarily a result of the lower cost of product sales in 2008 associated with the lower volume of business.  The Company also disclosed that as a result of the Company not achieving its 2008 financial targets, no bonuses were paid to middle and senior level managers.  Additionally due to the overall adverse economic environment no general or cost of living salary increases were given to employees for 2009.  The Company’s normal practice is to provide cost of living increases at the beginning of each year.

 “The markets for clean energy storage systems for power-dependent applications within smart-grid, renewable integration, military, and transportation are developing,” said Dr. Terry Copeland, president and CEO of Altairnano.  “However, there is no question that current economic conditions have delayed purchasing decisions.  On a positive note, several sections of the 2009 American Recovery and Reinvestment Act are directed at those very markets and we anticipate those funds will help accelerate the adoption of advanced energy storage systems.”

The Company’s cash and cash equivalents decreased by $22.1 million, from $50.2 million at December 31, 2007 to $28.1 million at December 31, 2008. This is due primarily to net cash used in operations of approximately $30.1 million, purchases of property and equipment of approximately $3.0 million, and the payment of notes payable of $0.8 million. This decrease was partially offset by the receipt of proceeds resulting from the issuance of common shares to a single investor, the exercise of stock options and warrants, and recovery of short swing profits of approximately $11.8 million.

Net cash consumed by the Company was $22.1 million in 2008. In the first quarter earnings call, management stated that the $14.6 million of cash consumed in the first quarter was unacceptable and that it would take immediate steps to lower that burn rate to a figure closer to $2.0 million per month by the second half of the year.  Excluding the $10 million additional investment from Al Yousuf LLC in the fourth quarter, the Company’s second half burn rate averaged $1.62 million per month, considerably better than the target. Management intends to maintain this level of vigilance going forward.

As previously announced, during the fourth quarter Altairnano entered into a purchase and settlement agreement with Al Yousuf, LLC for a $10 million private placement of its common stock and release of its potential breach of contract and other claims related to its 2007 $40 million investment. Under the 2007 purchase agreement, Altairnano made certain representations and warranties related to its inventory, warranty reserve and similar matters that were affected by the write-offs and warranty offers announced in March 2008.  Under the terms of this 2008 agreement, the company also expanded its Board of Directors and appointed Eqbal Al Yousuf as the eighth director. Following its 2009 annual meeting, Altairnano intends to expand its Board to nine directors and appoint a second nominee of Al Yousuf to that seat.
 
 
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The following information was filed by Altair Nanotechnologies Inc (ALTI) on Wednesday, March 11, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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