Nanophase Announces Successful Litigation Settlement

ROMEOVILLE, Ill., April 11, 2024 (GLOBE NEWSWIRE) -- Nanophase Technologies Corporation (OTCQB: NANX), a leader in mineral-based and scientifically-driven health care solutions across beauty and life science categories — with innovations that protect skin from environmental aggressors and aid in medical diagnostics — announced today that it has agreed to a successful and amicable resolution of all ongoing litigation with BASF. The parties have executed a Settlement Agreement, an amendment to their existing supply contract, and a joint stipulation to dismiss the case with prejudice to be filed in the Superior Court of New Jersey within the next five business days.

“We are happy to conclude this litigation on positive terms. BASF has been a good partner to Nanophase over the years, and we expect that partnership to continue to bear fruit in the future,” said Nanophase President and Chief Executive Officer, Jess Jankowski. “Our commercial teams have remained aligned throughout the litigation process, but I know that all of us are excited and looking forward to focusing all of our energies on enhancing the commercial success of our businesses. Completion of the settlement allows Nanophase and Solésence to focus on what we do best, while continuing to support our sale of mineral-based Active Pharmaceutical Ingredients (“API”), into a market that recognizes the benefits these solutions bring,” continued Jankowski. “With this behind us, we expect our API and Solésence finished products business to continue to grow, enhanced further by now having the benefit of our undivided attention.”

About Nanophase Technologies

Nanophase Technologies Corporation (OTCQB: NANX), www.nanophase.com, is a leading innovator in mineral-based and scientifically driven healthcare solutions across beauty and life science categories, as well as other legacy advanced materials applications. Leveraging a platform of integrated, patented, and proprietary technologies, the Company creates products with unique performance, enhancing consumers' health and well-being. We deliver commercial quantity and quality engineered materials both as ingredients and as part of fully formulated products in a variety of formats.