PEN Inc. (PEN) today confirmed the closing of the previously announced combination of Applied Nanotech Holdings, Inc. (Applied Nanotech) and NanoHoldings, Inc., the parent company of Nanofilm, Ltd. (Nanofilm), to form the new publicly traded company. Scott Rickert, the CEO of Nanofilm, is now the CEO and Chairman of the Board of Directors of PEN.
PEN creates one of the country's leading companies focused on developing and commercializing advanced-performance products enabled by nanotechnology. The new company unites staff and resources in nanotechnology research and development and experience in specialty product commercialization.
Nanofilm Ltd, and Applied Nanotech will continue as wholly owned subsidiaries of PEN. The company has applied to trade under a new symbol. Until it is approved, the stock will continue to trade on the OTCQB under the symbol APNT.
"My vision for PEN is to harness the vast potential of nanotechnology to create innovative, breakthrough products for a global marketplace," said Scott Rickert. "In PEN, there's both R&D expertise and commercialization experience to drive the growth strategy." PEN will focus product efforts in three areas: safety, health and sustainability. "PEN will be tackling big problems that require the solutions nanotechnology makes possible," noted Rickert.
Dr. Rickert added, "The PEN I envision will have the human capital, the scientific knowledge and the financial resources to match our ambitious goals. I know everyone on the team is ready to move forward, excited to begin a new era focused on nanotechnology-enabled performance products and company growth."
PEN also announced a newly constituted board of directors. In addition to Dr. Rickert, new directors are Jeanne Rickert, Douglas Holmes, and James Sharp. Robert Ronstadt, Howard Westerman and Ronald Berman, who were members of the Applied Nanotech board, will remain as directors of PEN.
The new company will be headquartered in Deerfield Beach, Florida. Applied Nanotech operations will continue in Austin, Texas, and Nanofilm operations will remain in Valley View, Ohio.