Milestone Payment

RNS Number : 1492Y

Nanoco Group PLC

17 December 2010

 



For immediate release

17 December 2010

NANOCO GROUP PLC

("Nanoco" or "the Company")

Milestone Payment

Nanoco Group plc (AIM: NANO), a world leader in the development and manufacture of quantum dots, solar inks and other nanomaterials, announces that it has achieved a further milestone in its supply and licence agreement with a major Japanese corporation, triggering a US$500,000 payment.

The milestone was achieved when heavy-metal-free red quantum dots being developed by Nanoco met performance criteria including a performance life of at least 50,000 hours.

The remaining milestones in the supply and licence agreement relate to the performance characteristics of green quantum dots; the delivery of 1kg of red quantum dots, which is expected early in 2011; and the delivery of 1kg of green quantum dots.

The Japanese corporation will combine the red and green quantum dots with a blue LED to produce a highly efficient white light source.

Michael Edelman, Nanoco's Chief Executive Officer, said: "We're delighted to achieve this technical milestone which demonstrates that the performance life of our quantum dots can meet or exceed the requirements of the marketplace. This milestone also reinforces our belief that Nanoco quantum dots provide the ideal solution for producing energy efficient white light.

"We look forward to achieving the remaining milestones under this supply and licence agreement and then to supplying the Japanese corporation with commercial quantities of quantum dots."

For further information please contact:

Nanoco	Tel: [phone]
Michael Edelman, Chief Executive Officer
Colin White, Chief Financial Officer
Bank of America Merrill Lynch - Corporate Broker	Tel: + 44 (0) 20 7996 2490
Will Smith
Zeus Capital - Nominated Adviser	Tel: [phone]
Alex Clarkson
Nick Cowles
Buchanan Communications	Tel: [phone]
Mark Court / Christian Goodbody

Notes for editors:

About Nanoco Group plc

Nanoco is a world leader in the development and manufacture of commercial quantities of quantum dots for use in multiple applications including lighting, solar cells and biological imaging. Nanoco's quantum dots, which are free of heavy metals and comply with RoHS legislation, can be combined into a wide range of materials including liquids, polymers and glass. Nanoco forms strategic partnerships with major end users across a range of applications.

Nanoco was founded in 2001 and is based in Manchester, UK. Nanoco began trading on the AIM market of the London Stock Exchange in May 2009 under the ticker symbol NANO.

For further information, please visit www.nanocotechnologies.com.

 

END

 

 

MSCFFLEFMFSSEIE