Milestone Payment

RNS Number : 5690Q

Nanoco Group PLC

05 August 2010

 



For immediate release

5 August 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 and other nanomaterials, announces that it has achieved a key milestone in its agreement with a major Japanese electronics company for the design and development of quantum dots for use in the LED backlighting of LCD TVs, triggering a US$600,000 milestone payment.

The 18-month development agreement, which was announced in September 2009, has a final milestone remaining and is on schedule for completion in early 2011.  

On completion, it is expected that a supply and licence agreement will be negotiated with the partner.

Michael Edelman, Nanoco's Chief Executive Officer, said: "The achievement of this milestone, which focussed on longevity and optical performance of the quantum dot LED, provides further endorsement of our ability to design and supply bespoke quantum dots capable of being incorporated into robust consumer products. We are increasingly confident that our quantum dot LEDs will be the backlight of choice for TV manufacturers as they seek to reduce the power consumption and improve the colour performance of their products."

For further information please contact:

Nanoco	Tel: [phone]
Michael Edelman, Chief Executive Officer
Michael Bretherton, Chief Financial Officer
Bank of America Merrill Lynch - Corporate Broker	Tel: + 44 (0) 20 7996 2490
Will Smith
Zeus Capital	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.

Red and green Nanoco quantum dots combined with blue LEDs produce light ideally suited for use in backlight units of LCD TVs. By producing a selective spectrum corresponding exactly to the red, green and blue filters used in current LCD TVs, they will enable manufacturers to produce TVs that offer dramatic improvements in energy efficiency with superior colour performance. 

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.

 

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