ALTAIR RESPONDS TO RECENT STOCK DROP; UPDATE ON DEVELOPMENTS
CODY, WY -- Altair International Inc. (NASDAQ: ALTIF/ ASE:AIL) said today there has been no material change with the
Company that would account for the recent drop in the stock price.
Dr. William Long, president of Altair, said that the Company continues to make progress in testing the Jig and in completing the
final stages of the pre-feasibility study. The following, while not material news, provides the latest updates:
The coal wash test program using Altair's Centrifugal Jig is proceeding at Kerr-McGee's Galatia coal preparation plant
in Illinois. Negotiations to construct and test a second large Series 30-16 Centrifugal Jig are underway.
Altair's Centrifugal Jig has successfully produced a heavy mineral sand concentrate from the 5,000 lb. bulk sample from
its Tennessee property. The concentrate has been shipped to a Florida laboratory where dry-mill processing
applications will be employed to determine the percentage of each of the three titanium minerals as well as zircon.
The credentials of the group retained for the pre-feasibility study will soon be provided. In addition, an updated resource
model incorporating new drilling results is close to completion.
As part of its aggressive expansion strategy, the Company has hired a geologist, engineer and controller in 1998. To
accommodate new staff, the Company has leased significantly larger office space in Reno.
Insider sales of Altair stock during 1998 total 5,000 shares sold in January. Insider share sales are restricted by SEC
regulations which require advance notice of potential sales (Form 144). The filing of Form 144 does not automatically require
the insider to sell qualified shares. A recent Form 144 registration by Dr. Long has not resulted in any sales of his Altair
securities. "It is not the intent of any Altair insiders to sell into a declining market," said Dr. Long, who continues to own 12.3%,
or 1,909,029 shares, of Altair stock. |
