Irvine Sensors Incorporates IMAGEK Business Unit Demonstrations Start on Electronic Film System "EFS"
COSTA MESA, Calif., June 18 /PRNewswire/ -- Irvine Sensors Corporation (Nasdaq: IRSN, Boston Exchange: ISC) today announced that its IMAGEK business unit formed earlier in the year to exploit the Company's proprietary Electronic Film System(TM) ("EFS(TM)") technology has been incorporated as a wholly-owned subsidiary. The new subsidiary, IMAGEK, INC. (www.imagek.com), is a Delaware corporation and is headquartered with its parent, Irvine Sensors, in Costa Mesa, California.
The EFS product family is being developed by IMAGEK to allow users of existing 35mm camera equipment to insert an electronic cartridge instead of film which can capture digital images without modification to the camera. The development activity was unveiled by IMAGEK at the Photography Marketing Association (PMA) show in February.
James D. Evert, President and CEO of Irvine Sensors, said, "Prototypes of the initial EFS product have now reached the stage where we are conducting demonstrations for potential strategic partners. In contemplation of the possible business arrangements that could emerge from these demonstrations, we felt that it was time to organize IMAGEK as a subsidiary. The corporate structure also gives us additional flexibility to attract the kind of management necessary to focus on the EFS market. Although I will serve as the CEO of IMAGEK for the time being, our early objective is to recruit both a CEO and a Chairman of the Board with the kind of experience base that can rapidly address this exciting opportunity."
Irvine Sensors Corporation (www.irvine-sensors.com), located in Costa Mesa, California, is primarily engaged in the development, production and sale of high density electronics, image processing and sensing devices and mixed-mode integrated circuits which are intended to have broad applications in military and commercial systems.
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements that are dependent on risks and uncertainties including such factors, among others, as the development risks inherent in new technology, the impact of competitive technologies and the pace at which new markets develop. Irvine Sensors undertakes no obligation to publicly release the results of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Further information on Irvine Sensors Corporation is contained in publicly-filed disclosures available through the SEC's EDGAR database (www.sec.gov) or from the Company's Investor Relations.
SOURCE Irvine Sensors Corporation
CO: Irvine Sensors Corporation
ST: California, Delaware
IN: CPR ENT REA |
