Nanophase Technologies Announces Auditing Firm Change Company Registers Equity Compensation Plan
ROMEOVILLE, Ill., Dec 4, 2001 /PRNewswire via COMTEX/ -- Nanophase Technologies
Corporation (Nasdaq: NANX), a leader in nanomaterials and nanoengineered
products, today announced that it has changed auditing firms from Ernst & Young,
LLP to McGladrey & Pullen, LLP, part of RSMi International. Nanophase made the
change because Ernst & Young views its current fee levels for Nanophase as
insufficient to allow Ernst & Young to continue providing its customarily high
quality service to the company without a significant increase in pricing.
"While Ernst & Young has provided years of excellent service to Nanophase, its
increased fee structure relative to the company's size was no longer consistent
with our cost structure or our auditing and accounting requirements," stated
Jess Jankowski, Nanophase's controller and acting CFO. "We believe that this
change will improve our costs for auditing and related services, while providing
the company with an equally skilled audit firm with a focus and fee structure
more appropriate to Nanophase's current size and growth stage. We expect that
this transition of auditing firms will be seamless. We plan on McGladrey &
Pullen performing the company's fourth quarter and year-end audit.
"This action is consistent with Nanophase's ongoing program to reduce or
minimize discretionary costs. Coupled with previous efforts this year, including
a permanent reduction in our manufacturing force achieved through productivity
gains this past summer (May through August), careful expense management, and
reductions in those costs we can affect without limiting the business, we have
achieved annualized cost savings in excess of $500,000 during 2001. These
savings are, of course, in addition to the excellent results we have achieved in
reducing manufacturing costs in the past eighteen months."
Company Registers Equity Compensation Plan
As approved by the company's shareholders at the 2001 stockholder meeting,
Nanophase registered 900,000 shares of common stock under the Nanophase
Technologies Corporation Equity Compensation Plan, which will be used for future
employee compensation beginning in 2002.
About RSM International:
RSM International (RSMi) is the 8th largest full service accounting and
consulting organization in the world. RSMi has been in continuous existence
since 1964, adopting its current name worldwide on January 1, 1993. RSM
International is represented by 80 member firms and 4 correspondent firms in 74
countries. The core member firms of RSMi are McGladrey & Pullen (USA), Salustro
Reydel (France), Robson Rhodes (UK), Haarmann Hemmelrath (Germany) and Bird
Cameron (Australia).
About Nanophase Technologies:
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; possible
disruption in commercial activities occasioned by terrorist activity and armed
conflict; and other risks indicated in the Company's filings with the Securities
and Exchange Commission. Nanophase undertakes no obligation to update or revise
these forward-looking statements to reflect new events or uncertainties.
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SOURCE Nanophase Technologies Corporation
CONTACT: Joseph Cross, President, CEO, +1-630-771-6705, Dan Bilicki, VP,
Sales & Mktg., +1-630-771-6728, or Nancy Baldwin, Investor Communications,
+1-630-771-6707, all of Nanophase Technologies Corporation, or General, Tad
Gage, +1-312-640-6745, Analysts, Lisa Fortuna, +1-312-640-6779, or Media, Tim
Grace, +1-312-274-2240, all of FRB Weber Shandwick
URL: http://www.nanophase.com
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