Holdings, Inc. today announced that the third phase of its research project
with a leading industrial chemical products company in Japan, announced on September
29, 2008, has been expanded and the previously announced funding of $700,000
has been increased to $1.2 million over the next twelve months in order to accelerate
the prototyping of copper inkjettable inks and product introduction. The parties
also expect a fourth phase of the project, of at least the same magnitude, to
begin in October 2009 to expand the applications.
In addition, the companies agreed to enter negotiations to finalize an exclusive
worldwide license to Applied Nanotech’s copper inks technology within
the parameters set forth in the current research agreement between the companies.
These parameters include an upfront payment of up to $2.0 million and a running
royalty rate of 4% on sales of the copper ink product. The parties agreed to
finalize and execute the license agreement no later than April 15, 2009. During
the period until then, the parties will formulate a comprehensive worldwide
license agreement drafted in both English and Japanese, based on the results
of the R&D partnership.
“I believe that the almost immediate expansion of this program by $500,000
following on the heels of last week’s announcement, along with the significant
agreement for the overall terms for a license, show the seriousness of this
application in the minds of our customer. Printable inks may redefine the manufacturing
process for a wide variety of electronic devices and ANI is at the forefront
of these developments, with this partner, as well as two additional Phase I
studies that we have underway,” said Tom Bijou, Chairman and CEO of Applied
Nanotech Holdings, Inc.