Nano-Proprietary, Inc., through
its subsidiary, Applied Nanotech, Inc. (“ANI”),
today announced that Japan based Mitsui & Co., Ltd. has
extended its exclusive option to extend royalty bearing licenses on
behalf of Nano-Proprietary to companies headquartered in Japan which
will allow the use of NPI's carbon cold cathode intellectual property
for the manufacture of lighting devices.
To date, Mitsui has reported remarkable progress in their
discussions with at least five leading companies and reported that they
expect one or more of these companies to be interested in a license.
The purpose of the extension is to continue the prospecting process and
try to finalize license agreement under the exclusive option agreement.
In addition, as a result of the successful collaboration in Japan , the
companies also agreed to explore extending the exclusive relationship
to other Asian countries such as Taiwan.
“We couldn't be more pleased with the effort and
attention that Mitsui has given us in this relationship,”
said Tom Bijou, CEO of Nano-Proprietary. “They have a well
thought out business plan and they are familiar with, and well known
to, the companies that they are working with. Of course, results are
never a sure thing, but I think their payment reflects the confidence
that they have in being able to meet their goals.”
“Developing these strong relations with Mitsui and
the quality of the companies they bring to us for technical evaluation
has already resulted in improved CNT composites for field emission
applications relating to lighting and backlit devices,” added
Dr. Zvi Yaniv, CEO of Applied Nanotech.
Mitsui has various future extension rights, at escalating fee
levels, to maintain the right to grant licenses.