Nano Labs Shareholder Update

DETROIT, MI--(Marketwired - Mar 7, 2014) -  Nano Labs Corp. (OTCQB: CTLE) is pleased to provide the following update to shareholders regarding the Company direction and vision for 2014.

Dear Shareholders,

Over the past 18 months the company has worked with Dr. Castano, our team of researchers, designers, and engineers on creating a portfolio of advanced nano technology that will provide benefits to a variety of industries including: (i) consumer products, (ii) energy, (iii) materials, and (iv) healthcare. 

Since entering into an Asset Purchase Agreement with Dr. Victor Castano on October 10, 2012 the company has followed Dr. Castano's lead and filed Intellectual Patents after reviewing several of Dr. Castano's publications. The first product identified by the company to take to market was the Nano Coatings technology.

The Nano Coatings were produced in the laboratory environment and tested under ASTM and Underwriters Laboratory protocol by several testing facilities. The company has also approached several manufactures to produce the product under license over the past 18 months. However, the company experienced consistent problems with the manufacturing of the Nano Coatings as it applies to developing several other coatings applications for uses in the Nano Nail Polish and LED system.

The Board of Directors has determined that the outstanding manufacturing issues to be resolved with the coatings technology were extensive and problematic, and it is in the best interest of the company to pursue our other opportunities such as Polec Industries and industry sectors not related to the Nano Coatings at this time.

The Board of Directors agreed that the consummation of the Asset Purchase Agreement is not in the best interests of the Company or its shareholders in light of certain difficulties pertaining to the intellectual property, testing, and the production of the Nano Coating Technology and other products provided by Dr. Castano using his Nano Coating Technology.

The Company has determined and agreed with Dr. Castano that the Asset Purchase Agreement should be rescinded (the "Rescission") and that all right, title and interest in and to the Nano Coating Technology and products publications be returned to Dr. Castano. Dr. Castano has accepted to rescind the Asset Purchase Agreement and return 101 million common shares of Nano labs Corp to the Company for cancelation.