It isn't instantly apparent that REFR is getting anything out of this, so I'm asking out of curiousity. Since REFR saw fit to print SPDi's film shipments and expanded facilities, I'd have thought they might see these "orders" as a victory worth mentioning as well. It's an interesting story, to say the least, cautious as I remain.
REFR owns 6% of Hanglas subsidiary SPD Inc. That is outlined in July 4 announcement on Hanglas Korean site.
Here is January 8, 2001 announcement of the formation of the subsidiary. REFR later confirmed that they have contributed $800K to this venture
HANKUK GLASS INDUSTRIES ESTABLISHES SEPARATE BUSINESS UNIT
DEVOTED EXCLUSIVELY TO SPD FILM AND PRODUCTS
WOODBURY, NY and SEOUL, KOREA, January 8, 2001 - Research Frontiers Incorporated (Nasdaq: REFR), the developer and licensor of fast-responding SPD light-control technology, and its licensee Hankuk Glass Industries Inc.(KSC:02000.KS), Korea’s largest glass manufacturer, jointly announced today the formation of a separate subsidiary of Hankuk Glass Industries devoted exclusively to the mass production and sale of suspended particle device (SPD) light control film and a wide variety of end products using SPD film.
Hankuk Glass Industries, which will own a majority of the new division, known as SPD Inc., and a group of outside investors, will contribute approximately 8 billion Korean won ($6.4 million), including 6 billion Korean won in equity, to the new company. The SPD division’s Board of Directors will include Seheon Lee, Hanglas Group’s President and Chief Executive Officer, Seong Man Kim, the President of Hanglas’ Flat Glass Division, and Dr. Jeong Hoon Lee, Vice President and Director of Hanglas. Dr. Byung Seok Yu, from Hanglas’ Technical Research Institute, has been appointed as the SPD division’s Chief Technology Officer and will oversee the division’s research and product development personnel. Hanglas expects to release additional details shortly.
Seong Man Kim, President of Hankuk Glass Industries’ Flat Glass Division and a Director of SPD Inc. noted: "Hanglas’ Glass Technology Research Institute successfully achieved our goals relating to quality control, durability, production scale-up, product development, and SPD performance characteristics. The formation of a subsidiary of Hanglas dedicated exclusively to the mass production, marketing and distribution of SPD film and a variety of end-products will permit us to more rapidly deploy dedicated facilities, equipment, personnel, and capital to take advantage of our successful development effort."
SPD technology allows you to instantly and precisely control how clear or dark glass or plastic is, and adjust its light transmission by either turning a knob or having the device automatically adjust itself. This is made possible by a thin film laminate located either in between or affixed to the outside of glass or plastic sheets. This flexible film uses SPD light-control technology invented by Research Frontiers and by Hankuk Glass Industries. SPD technology is licensed by Research Frontiers to a growing number of companies in various industries, and is covered by more than 350 patents and patent applications held by Research Frontiers worldwide.
Robert L. Saxe, President of Research Frontiers, noted: "We are very impressed with Hanglas’ development effort and accomplishments to date, and look forward to the successful implementation of their business plan to mass produce and sell SPD film and end products. We regard their establishment of a new company whose resources are dedicated to mass production of SPD film and products as the opening gun announcing to the world the imminent arrival of variable light transmission products for a multitude of purposes."
Research Frontiers’ suspended particle device (SPD) technology for controlling light has many applications, including "smart" windows for homes and buildings, skylights and interior partitions. A smart window using SPD film enables users to instantly and precisely control the amount of light passing through the window, providing relief from glare or heat without blocking view, while also enabling privacy whenever desired, protection from UV damage, promotion of energy conservation, and other benefits. SPD products can be controlled either automatically (by means of a photocell or other sensing or control device) or adjusted manually by the user by turning a knob. In automotive vehicles, SPD-smart products can include windows, sunroofs, sunvisors, rear-view mirrors, instrument panels and navigation systems. SPD eyewear products - sunglasses, sport goggles such as ski goggles, and visors - will continuously and instantly control glare to the degree needed. In the flat panel display industry, SPDs may be used in products such as laptop computers, cell phones, and handheld devices such as PDAs - Personal Digital Assistants, with significant performance and cost advantages over current technologies.
About Hankuk Glass Industries Inc.
Hankuk Glass Industries Inc. which is the parent company of the Hanglas Group, employs over 1,800 people and is Korea’s largest flat glass manufacturer with 1999 sales of over 456.5 billion Korean won. Additional information about Hankuk Glass Industries Inc. and their work with SPD technology can be found on the Internet at hanglas.co.kr.
About Research Frontiers Incorporated
Research Frontiers has licensed the following companies to use its patented suspended particle device (SPD) light-control technology in emulsions, film, or end-products:
Dainippon Ink and Chemicals Incorporated-the world’s largest manufacturer of organic pigments
General Electric Company (NYSE: GE);
Glaverbel, SA of Belgium-majority-owned by Asahi Glass, one of the world’s leading automotive glass manufacturing companies;
Global Mirror GmbH & Co. KG-the world’s largest manufacturer of commercial vehicle mirror systems;
Hankuk Glass Industries Inc.-Asia’s largest flat glass producer (outside of Japan);
Hitachi Chemical Co., Ltd.-majority-owned and part of Hitachi Ltd.;
Material Sciences Corporation-the world’s second-largest producer of specialty window films (NYSE: MSC);
Polaroid Corporation-the worldwide leader in instant imaging and a supplier of instant photographic cameras and films; digital imaging hardware, software and media; secure identification systems; and sunglasses to markets worldwide (NYSE: PRD);
ThermoView Industries, Inc.-a leading integrator of businesses and technologies within the replacement window industry (AMEX: THV);
Vision Ease Lens-the world’s largest producer of polycarbonate lenses which is owned by BMC Industries, Inc. (NYSE: BMC).
Research Frontiers is a technological leader in the development and licensing of suspended particle devices (SPDs)–electrically operated light-control devices using proprietary particle suspensions and films. SPD technology permits light transmission to be electrically controlled instantly, either automatically (by means of a photocell or other sensing or control device) or adjusted manually by the user. Research Frontiers’ proprietary SPD technology enables users to control the amount of light passing through windows, skylights, eyewear (including prescription and non-prescription sunglasses and sports goggles), automotive sunroofs, sunvisors and rear-view mirrors, as well as enabling brighter easier to read flat panel information displays for use in computers, television, telephones and other electronic instruments and products. Research Frontiers currently has agreements in effect covering smart windows, automotive mirrors and sunvisors, eyewear, displays and other products with major international corporations and holds or has rights in over 350 patents and patent applications on SPD technology throughout the world. Licensees of Research Frontiers who incorporate SPD technology into end products will pay Research Frontiers a royalty of 5-10% of net sales of licensed products under license agreements currently in effect. Research Frontiers’ common stock trades on the Nasdaq National Market under the symbol "REFR." Additional information about Research Frontiers can be found on the Internet at refr-spd.com.
Note: From time to time the Company may issue forward looking statements which involve risks and uncertainties. This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results could differ and are not guaranteed. Any forward looking statements should be considered accordingly.
For Immediate Release
For further information, please contact:
Research Frontiers Incorporated
Robert L. Saxe, President
Patricia A. Bryant, Manager of Investor Relations
516-364-1902
info@refr-spd.com
Hankuk Glass Industries Inc.
In-Shick Kwon, Director (Division Management Team)
82-2-3706-9251
iskwon@hanglas.co.kr
Media Relations:
Stacy Calder
Mindstorm Communications
212-320-2125
scalder@mindstormcomm.com |
