Sumitomo Corporation And Carbon Nanotechnologies, Inc. (CNI) Combine Forces To Develop The Carbon Nanotechnology Industry In Asia

Market Wire, 20050229

Sumitomo Corporation and Carbon Nanotechnologies, Inc. (CNI) today, announced a joint effort to develop the carbon nanotechnology business in Asia. The decision of these two world-class organizations to combine their efforts in this most important growing industry of nanotechnology will bring even more emphasis to product development and research.

CNI is the world leader in the production of single wall carbon nanotubes (SWNT) in addition to holding a broad portfolio of technology covering production processes, enabling and end-use technology. "Sumitomo Corporation represents an important gateway into the Asian markets, " stated Dr. Bob Gower, President and CEO of CNI. "With Sumitomo's marketing skills and CNI's production and technology skills, the development and exploitation of the world-changing force of carbon nanotechnology is significantly advanced. CNI is excited with the potential of this formidable alliance."

CNI and Sumitomo will immediately begin to market CNI's products into Japan and Asia, working with customers to jointly develop applications utilizing CNI's single-wall carbon nanotubes.

"Sumitomo Corporation expects that this initial undertaking will lead to a more formal and definitive business relationship in a very short time", said Mr. Yutaka Takagi, Corporate Officer and General Manager of Electronics Division of Sumitomo Corporation. " We are looking forward to a long and meaningful relationship with CNI, that could include a significant financial investment in CNI. Sumitomo Corporation is committed to the investment and development of business in the area of carbon nanotechnology, which is expected to be one of the highest growth markets in the 21st century, leveraging our relationship with CNI."

CNI was founded in early 2000 to commercialize the scientific breakthroughs in carbon nanotechnology made at Rice University under the direction of Dr. Smalley, 1996 Nobel Prize winner. " Japan has been an important pioneer in the discovery and development of carbon nanotechnology and it is only fitting that CNI is associated with Sumitomo in this vast market, " stated Dr. Smalley.

Since 2000, CNI has significantly expanded its technology position and is actively developing new processes and applications for buckytubes in its own laboratories and in those of industrial partners. CNI is currently building a pilot plant at a Kellogg Brown & Root location in west Houston. This unit, expected to be completed in late 2001, utilizes a CNI proprietary production process. CNI estimates it could be prepared for commercial production of buckytubes by early 2005.

Sumitomo Corporation is one of Japan's largest integrated trading companies, and has long been one of the world's largest businesses in terms of sales. As a "Globally Integrated Trading Corporation," the company and its consolidated subsidiaries purchase, distribute and market a wide variety of commodities including raw materials, industrial goods, and consumer goods, for domestic trade between Japan and other nations, and trade between third-party nations.

The company not only operates worldwide with trade in various commodities but also provides various services, such as financing arrangements for customers and suppliers, planning and coordinating, and operating industrial projects, and gathering a broad range of information. In connection with these services, the company engages in a wide range of business activities - developing market potential, providing services for logistics and transportation and for information and communications, engaging in construction, developing natural resources, functioning as organizer, investing in the growing high-technology and multimedia fields, and promoting environmental protection.