MicroEmissive Displays Group plc, the AIM listed designer and manufacturer of lowpower light emitting polymer displays, announces that it has signed a £2 million agreement to supply its industry leading technology to a manufacturer of consumer products in the Far East. In addition, the Company is pleased to provide the market with the following update on recent operational progress.
Commenting on the contract Bill Miller, Chief Executive Officer of MED said: “Securing volume orders is vital if we are to achieve our target of becoming cash generative by the end of 2007 and this contract is an extremely positive start to the
order book we intend to build over the coming months.”
Operational update
Following our successful £5.0m fundraising in September, the Company has made important progress in all areas. As forecast in our interim results statement, the key elements of the manufacturing equipment were delivered on time, the installation process has begun and remains on schedule.
Good progress is being made at our state–of–the-art production facility in Dresden, Germany, the clean room is now prepared and the Company has hired local employees with further recruitment expected in the new year. The characterisation of the volume toolset will begin in January. The completion of the installation process and the execution of the characterisation of the manufacturing line are a key milestone for MED and are expected to be completed on schedule in the first half of 2007.
As previously stated, the manufacturing line will be ready for volume capacity and capable of volume shipment in the second quarter of 2007. Following investment in our sales and marketing channels, the business is gaining strong traction with customers.
The Company is in advance discussions with significant OEMs and a number of global distributors to secure off-take agreements for the provision of its ‘eyescreen™’ technology in volume. The management intend to progressively ramp up production throughout 2007 and is confident of being able to fulfil the volume orders that it secures.
Bill Miller added: “The milestones associated with the strategy adopted by this management team continue to be met and the business is progressing well. Our technology is attracting substantial industry attention and our enquiry levels are
extremely strong. “
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For further information, please contact: www.microemissive.com
Microemissive Displays 0131 650 7764
Bill Miller, Chief Executive
Tavistock Communications 020 7920 3150
Matt Ridsdale/Simon Compton
