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Annual Report 2001
Boston, Jan. 31, 2002 /-- NanoLab, Inc. (unlisted) today announced its financial for the year ended December 31, 2001

Total revenues for 2001 were $191,500. This is better than seven times the total of $25,600 for the same period in 2000. During the year ended December 31, 2001, 34% of revenues came from product revenues, as compared to 100% of revenues for the same period in 2000. This shift in the revenue base is due to an anticipated increase in government-sponsored research.

In 2001, NanoLab had product sales totaling $65,000; other income totaling $6,500 and the remaining revenue totaling $120,000 is due to the award of a Army funded Small Business Innovative Research (SBIR) Phase I grant. The follow-on Phase 2 grant was awarded in the fourth quarter, providing funds for 2002 and 2003 that will total approximately $350,000 each year.

Total operating expenses for 2001 were $151,400, as compared to $12,300 for the same period in 2000. The increase in operating expenses for the year ended December 31, 2001, as compared to the same period in 2000, was primarily due to increased overhead due to full time personnel, new facilities, and increased sales and marketing expenses as the Company expanded its operations. As the Company's revenue base transitions from bulk nanotube sales to more advanced products, which require more extensive development efforts, more internal resources will be dedicated to product development.

The reported net profit for the year ended December 31, 2001 was $13,647, equivalent to $0.13 per share compared to a net profit of $6,330, or $0.063 per share for the same period in 2000.

"In 2001, we focused on a number of strategic initiatives, all with the end goal of accelerating development of new nanoscale products. We have quadrupled our capacity for bulk synthesis of carbon nanotubes in many tailored forms, developed self-assembly and lithographic processes for the patterning of carbon nanotube arrays, and continued to expand our intellectual portfolio," said David L. Carnahan, President and Co-Founder of NanoLab. "Additionally, we realized record product revenues in 2001, a result of increased capacity, increased sales and marketing efforts, and increasing realization throughout the nanoscience community of NanoLab's capabilities in nanoscale engineering. We are pleased with our progress in 2001, bringing us closer to our planned entry into several new markets, which have been our primary goals for NanoLab since its founding in January 2000."