MED.L Regulatory News (MED)

24 Jul 2007 07:00

MicroEmissive Displays Group PLC24 July 2007 For immediate release: 24 July 2007 MicroEmissive Displays Group plc ("MED" or "the Company") Commencement of Product Shipping from Dresden Site MED (AIM: MED.L), the AIM listed designer and manufacturer of low-power lightemitting polymer displays, today announces that it has made its first productionshipment from its new Dresden manufacturing facility, on schedule. The Dresden facility was officially opened in May of this year and hassignificantly enhanced MED's ability to manufacture its next generationeyescreen(TM) microdisplay product. Production volumes will ramp up in thesecond half of 2007 and the first half of 2008 in order to meet the growingdemand which is reflected in additional 'design in' projects and the signing ofexclusive distribution agreements, to date covering Hong Kong, China, Taiwan,Singapore, Malaysia, India, Korea, Israel and much of Europe. Commenting upon the Company achieving its first Dresden volume output, BillMiller, CEO of MED said: "This is a tremendous achievement for the engineeringand manufacturing teams in Dresden and Edinburgh. Just over a year ago, we putinto action an aggressive plan to achieve volume manufacturing as quickly aspossible. Throughout the whole project, key targets have been met culminating inthis latest milestone. He added: "We are experiencing a slight delay with a key supplier matchinginitial volumes in line with MED output, but this is a short term situation andwe are confident that this will be recovered early next year. Our focus now isto progress further along the manufacturing ramp and reach a cash neutralposition as soon as possible with 2008 our first year of profitability. Inaddition, we will also focus on augmenting the sales and marketing drive, whichhas already started to produce results in terms of a healthy order backlog." - ends - For further information, please visit www.microemissive.com or contact: MicroEmissive Displays Group 0131 650 7764Bill Miller, Chief Executive OfficerGraeme Walker, Chief Financial Officer Tavistock Communications 020 7920 3150John WestAndrew Dunn Arbuthnot Securities 020 7012 2000Ian WilliamsJohn Prior This information is provided by RNS The company news service from the London Stock Exchange