Technology and Devices International, Inc. ("TDI")

RNS Number : 8334Z

Oxford Instruments PLC

22 March 2012

 

Release date: 22 March 2012

Technology and Devices International, Inc. ("TDI")

Oxford Instruments plc ("Oxford Instruments") has formed a strategic partnership with Ostendo Technologies Inc ("Ostendo"), to exploit an emerging technology which has the potential to improve the manufacturing of High Brightness LEDs.

Oxford Instruments has transferred its ownership of TDI, a wholly owned subsidiary which develops hydride vapour phase epitaxy (HVPE) technology for use in the production of High Brightness LEDs, to Ostendo, a privately owned company based in California.  Oxford Instruments has received 0.65 million shares of Ostendo common stock plus $0.65 million in cash of which $0.15 million will be paid six months after the closing date.  Oxford Instruments will also receive a royalty when certain HVPE reactor sales are realised. 

Under the terms of the transaction, Oxford Instruments is subject to certain restrictions on the transfer of the stock in Ostendo and consequently until a liquidity event, will ascribe no value to the Ostendo stock acquired.  The cash component of the proceeds of the disposal will be used in Oxford Instruments' existing business.

The gross assets which are the subject of the transaction are $0.6 million. TDI had a loss after development expenses in the year to March 2011 of $4.3 million including amortisation of acquired intangible assets of $1.9 million.

Chief Executive, Jonathan Flint, said "The capability to produce semiconductor materials using HVPE has the potential to improve products used in solid state lighting and displays. Ostendo are well placed to use this technology and Oxford Instruments is delighted that it will continue to be developed by them. This partnership with Ostendo should allow us to maximise value from our technology investment in HVPE."

- Ends -

Issued for and on behalf of Oxford Instruments plc

For further information  please contact:

Oxford Instruments Plc                                    [phone]

Jonathan Flint, Chief Executive

Kevin Boyd, Group Finance Director

Lynn Shepherd, Group Director of Communications

MHP                                                                 [phone]

Rachel Hirst/Ian Payne

Notes to Editors  

About Oxford Instruments plc

Oxford Instruments designs, supplies and supports high-technology tools and systems with a focus on research and industrial applications. It provides solutions needed to advance fundamental physics research and its transfer into commercial nanotechnology applications. Innovation has been the driving force behind Oxford Instruments' growth and success for over 50 years, and its strategy is to effect the successful commercialisation of these ideas by bringing them to market in a timely and customer-focused fashion. 

The first technology business to be spun out from Oxford University over fifty years ago, Oxford Instruments is now a global company with over  2000 staff worldwide and is listed on the FTSE250 index of the London Stock Exchange (OXIG).  Its objective is to be the leading provider of new generation tools and systems for the research and industrial sectors.

This involves the combination of core technologies in areas such as low temperature, high magnetic field and ultra high vacuum environments, Nuclear Magnetic Resonance, X-ray, electron and optical based metrology, and advanced growth, deposition and etching.

Oxford Instruments aims to pursue responsible development and deeper understanding of our world through science and technology. Its products, expertise, and ideas address global issues such as energy, environment, security and health.  

 

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