good reading...from just filed 10q...3.33m shares outstanding:
THE LASER AND PHOTONICS GROUP
Our Laser Fare (LF) subsidiary is primarily engaged in contract laser material processing; however it also
develops new applications for industrial lasers. Laser Fare has 23 high powered computer controlled lasers
that are capable of performing a wide variety of manufacturing with multi-axis manipulation. Laser Fare also
manufactures stents and complete assemblies for selective medical product companies. Approximately 75%
of Laser Fare's sales come from customers in the medical device, aerospace and power generation
industries. Customers include General Electric, United Technologies, Honeywell, Polaroid, Stryker Medical
and Dey Laboratories. Through Laser Fare we also provide a variety of value-added services, that include
assembly, heat treating, coating, testing and inspection. We quote orders through traditional sales methods
as well as through our Web site at www.laserfare.com. Laser Fare is certified for overhaul and repair by the
Federal Aviation Administration (FAA No. LQFR37K), and as a Contract Manufacturer (Type E) by the Food
and Drug Administration (FDA No. 1287338).
Our Mound Laser and Photonics Center (MLPC) subsidiary specializes in laser applications, photonics
applications and materials processing, and provides services within industry, government and education
sectors. The midwest location, a region long known for its expertise in materials and material science, gives
us a platform for growth into the automotive, aerospace, tool and die and other local industries. Specialized
services include growth of thin films by pulsed laser deposition, application of lasers to chemistry and
photochemistry, spectroscopy, and applied optics. MLPC has applied for a provisional patent on pulsed
laser deposition. The combination of Laser Fare's expertise in materials processing and MLPC's expertise
in laser and photonics applications creates a synergistic atmosphere for the advancement of laser materials
processing and the development and commercialization of new laser-based technology.
In June 2000, our MLPC subsidiary was awarded a $100,000 Phase 1 Small Business Innovative Research
(SBIR) contract from the Air Force Research Laboratory (AFRL). The SBIR is for work on the laser
deposition of High Temperature Superconductors (HTS). The work is based on recent developments at our
MLPC subsidiary in laser micromachining and fabrication technology. AFRL's Materials and Manufacturing
Directorate (AFRL/ML) possesses novel HTS process technology and has developed complementary
substrate preparation technology.
Our Advanced Technology Group (ATG) conducts research and development programs for industrial and
government sponsors. ATG has recently been awarded several contracts and subcontracts sponsored by the
Defense Advanced Research Project Agency (DARPA). DARPA is the central research and development
organization for the Department of Defense. It manages and directs selected basic and applied research
and development projects for the Department of Defense, and pursues research and technology where risk
and payoff are both very high and where success may provide dramatic advances for traditional military roles
and missions and dual-use commercial applications. As it effects ATG, these programs have been focused
on laser driven direct write technologies. Laser direct technologies enable cost-effective manufacturing of
engineered components without the use of expensive tooling by directly depositing materials on substrates
with laser energy. Active and passive devices for electronic and photonic applications can be manufactured
this way as well as a wide variety of sensors, Micro Electro Mechanical Systems ("MEMS") and actuators.
These technologies have applications across a broad range of industries that utilize electronic and photonic
materials (including telecommunications, automotive and consumer electronics).
ATG has a consulting arrangement with Tensegra Inc. of Cambridge, MA. Tensagra is creating technologies
using synthetic biomimetic materials with the mechanical responsiveness of living cells and tissues and
applying these technologies to medical, industrial and military applications. Our Advanced Technology Group
will utilize Laser Fare's and ExpressTool's proprietary techniques to fabricate structures for Tensegra.
Triton Systems of Chelmsford, MA contracts with our Advanced Technology Group to laser fabricate
aerospace components from metal matrix composite materials. These are strong lightweight materials that
are used in aerospace engines.
In May 2000, our Advanced Technology Group was awarded a contract from MIOX Corporation in support of
their award from DARPA for small portable water purification system that can be carried by a soldier in the
field. The system will provide filtered, desalinated, and disinfected water in sufficient quantity to supply a
single soldier, from natural water sources, including saltwater. We will apply our knowledge of classical
manufacturing and additive direct write techniques to enable the cost effective manufacturing of these
devices.
In June 2000, ATG was awarded a contract from the State University of New York (SUNY) at Stony Brook in
support of their award from DARPA for thermally sprayed direct write sensors. The Center for Thermal Spray
Technology at SUNY-Stony Brook is a National Science Foundation Materials Research Science and
Engineering Center. The Center conducts both basic and applied research in thermal spray materials and
processes and has a broad base of industrial support. It is recognized as a world leader in thermal spray
technology. This high energy direct write approach will create a new family of sensors and sensor enabled
MEMS that will be able to function in harsher environments than today's devices. Our successful completion
of this work will open new markets for these devices ranging from aerospace and automotive to
telecommunications.
THE PLASTICS GROUP
In April 1999, we acquired 100% of the outstanding capital stock of Osley & Whitney, Inc. (O&W), a privately
held Massachusetts corporation, from its stockholders for approximately $1.5 million payable in cash and
notes. O&W is a fifty-year-old plastic injection moldbuilding company located in Westfield, MA with
approximately 54 employees. It serves a blue-ribbon clientele of automotive, automotive aftermarket,
consumer sporting goods, and office machine companies including Polaroid, Pitney-Bowes, Hardigg
Industries, and others, from its 21,500-sq. ft. manufacturing facility. Our proprietary mold fabrication and
conformal cooling technologies lower the cost of molded parts, increase molding capacity and provide
shorter delivery times over conventional constructed molds. This compliments our established expertise in
the moldbuilding industry. O&W has achieved preferred vendor status with Pitney Bowes, Hardigg Industries
and others.
ExpressTool (ET) was integrated into our Westfield facility and separate facilities in Warwick, RI were closed
to reduce cost and improve productivity. The ExpressTool process incorporates its conformal cooling and
proprietary thermal management for high production injection mold tooling to allow molds used in the plastic
fabrication industries to cool and eject parts up to 75% faster than traditional molds. ET accepts 3-D design
computer files directly over the Internet from our customers who use such software as AutoCad, Pro-E,
Solidworks and Cadkey. ExpressTool is shipping mold inserts to such customers as Cheeseborough Pond,
3M and GE Plastics among others. In April 1999, we formed Express Pattern (EP) located in
Buffalo Grove, IL to expand our midwest presence and provide plastic rapid prototyping services to the metal
casting industries. Express Pattern ships plastic prototype parts to Allen-Bradley, Paradigm, Rolls-Royce
Allison, Motorola, Hewlett-Packard and others. In addition to quotations and prototype part production from
traditional blueprints, EP provides direct interface (including uploads over the internet) from customer CAD
software (such as AutoCad, Pro-E and others) to our stereolithography systems and equipment. Express
Pattern also provides similar services to our other subsidiaries.
Also in April 1999, we acquired 100% of the outstanding stock of Materials & Manufacturing Technologies,
Inc. (MMT) of West Kingston, Rhode Island in exchange for 20,000 shares of Infinite Group common stock.
MMT has received a patent, number 5,427,987, from the United States patent office on its work in zirconium
diboride materials. MMT has an exclusive licensing arrangement with Texas A&M University (with rights to
sub-license) for use of patents and intellectual property owned by Texas A&M in the area of electrodes and
parts made from zirconium diboride/cooper (Zyrkon(TM)) composites. Zyrkon(TM) composite electrodes
have been shown to be superior to copper, tungsten/copper and graphite electrodes in electrical discharge
machining applications. In addition, parts made from Zyrkon(TM) exhibit excellent abrasion resistance and
resistance to wear by electric arcs as well as high thermal conductivity and a relatively low coefficient of
thermal expansion. These properties indicate that Zyrkon(TM) can be used to replace current material
systems in applications as varied as injection mold tooling, spot-welding, waste remediation electrodes,
high-current switches and heat sinks. The acquisition provides us with the ability to take advantage of these
material systems in our areas of expertise as well as providing us with the ability to address new markets. |
