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ROMEOVILLE, Ill., June 25 /PRNewswire/ -- Nanophase Technologies Corporation (Nasdaq: NANX - news), a leader in nanomaterials and nanoengineered products, today announced a series of recent significant developments in its core physical vapor synthesis (PVS) nanocrystalline manufacturing process. Through a series of process improvement initiatives, the company has been able to achieve additional 30% output per reactor, significantly improve the particle size control, and enhance the quality and purity of its nanomaterials.
``This is a significant milestone for the company and continues our two year sequence of successes in lowering manufacturing cost by consistently improving a wide range of operating parameters and reducing supply chain costs,`` stated Joseph Cross, Nanophase`s president and CEO. ``During the last 15 months, Nanophase had reduced its variable manufacturing cost by approximately 50% and increased output per reactor from 30% to 100% depending on the material being produced. As these recent improvements are installed during the remainder of the year, we expect to continue to see significant further reductions in manufacturing cost and corresponding improvements in gross margins. As the implementation takes effect, we will also realize additional output per reactor and expect to achieve cumulative increases of 50% to 166% from our initial baseline position.
``We believe that these developments provide a platform for further improvements during late 2001 and 2002, as well as opening new potential market opportunities during the second half of 2001 and 2002. Clearly, the progress of scaling Nanophase`s patented technology is demonstrably successful and the company is achieving a continuing competitive manufacturing advantage in the emerging nanocrystalline field.``
Robert Haines, vice president of operations, stated: ``We are deeply committed to implementing a lean manufacturing approach in our Burr Ridge Nanopowders facility and in the Romeoville coating and pilot manufacturing operations. We expect this initiative to yield further manufacturing cost reductions and product improvements through operational efficiencies and enhanced supply chain management over the next several years. Going forward, we will continue to develop our lean manufacturing approach with a focus on agility to meet our developing customer requirements by having the right capacity at the right time with unquestionable quality.``
Nanophase Technologies Corporation provides engineered solutions utilizing nanocrystalline materials for a variety of industrial product applications. Using proprietary technology to produce nanocrystalline materials, the company creates products with unique performance attributes. The company`s global customer base includes Fortune 500 companies. Nanophase trades on the Nasdaq NMS under the symbol ``NANX.`` Visit the company`s web site at www.nanophase.com .
The words ``expect``, ``anticipates, ``plans``, ``forecasts`` and similar expressions are intended to identify forward looking statements. Statements contained in this news release that are not historical facts are forward looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements reflect the Company`s current beliefs, and a number of important factors could cause actual results for future periods to differ materially from those expressed in this news release. These important factors include, without limitation: a decision of the customer to cancel a purchase order or supply agreement; demand for, and acceptance of, the Company`s nanocrystalline materials; changes in development and distribution relationships; the impact of competitive products and technologies; and other risks indicated in the Company`s current Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. Nanophase undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties.
For Additional Information on Nanophase Technologies by fax at no cost, dial 1-800-PRO-INFO, Code NANX.