Executives of a Reno-based technology company last week said a disgruntled shareholder needs to exercise patience.
Lou Schnur, a Toyota dealer in Chicago who owns 9.9 percent of the common stock of Altair Nanotechnologies Inc., issued a press release saying the company should immediately mothball or sell its mining operations.
Instead, Schnur said, the company should focus exclusively on its development of nanotechnology and titaniumdioxide pigment technology.
That's already the plan, said Edward Dickinson, the chief financial officer of Altair.
The company said in December it's getting out of the mining business, and the company's executives are putting together an exit plan.
"We're always interested in shareholder opinions," Dickenson said.
"We believe Mr.
Schnur's comments are a bit premature."
Schnur said he thinks Altair's mining interests have lost $30 million in the past 30 years, and he thinks they should be sold immediately.
Schnur said a company plan to spin off the mining operations to its shareholders would continue to divert management attention from the nanotechnology businesses.
In a filing with the Securities and Exchange Commission, Schnur also said he wants the company's shareholders to vote on a proposal that the company make a greater effort to nominate candidates for its board with experience in nanotechnology.
In the filing, he said the company opposes that measure.
