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Applied Nanotech, Inc. Announces the Completion of a License Agreement With One of the Largest Display Manufacturing Companies in Japan
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Story Filed: Wednesday, September 11, 2002 10:30 AM EST
AUSTIN, Texas, Sep 11, 2002 /PRNewswire-FirstCall via COMTEX/ -- SI Diamond Technology, Inc. (OTC Bulletin Board: SIDT) through its subsidiary, Applied Nanotech, Inc. (ANI) today announced the completion of a license agreement with one of the largest display manufacturing companies in Japan. The worldwide non-exclusive license includes all the owned and assigned patents of SI Diamond and Applied Nanotech, Inc. in the field of carbon films/carbon nanotubes electron emission technologies for the manufacturing and sales of flat panel displays. For this licensing agreement ANI, Inc. received an up-front payment of $500,000 and will receive a future royalty of 2% for the product parts manufactured by the licensee. The running royalty will be paid once the licensee achieves product parts sales exceeding $100 million.
In addition, the companies decided to cooperate in other fields of nanotechnology. For the next six months ANI will perform research and development program for the Japan-based company in the field of hydrogen sensors according to agreed milestones and for a total payment of $400,000 to be executed on or before January 15, 2003.
"The license agreement is a legitimization of our carbon films/carbon nanotubes electron emission technologies. The new development program is also very significant for us showing that the results of our research are not limited to display applications only. Hydrogen sensors have a strong potential to be utilized in the future hydrogen fuel cells for many energy needs," said Dr. Zvi Yaniv, President and CEO, of Applied Nanotech, Inc.
Ron Dior |
