MED.L Regulatory News (MED)

28 Dec 2006 07:00

MicroEmissive Displays Group PLC28 December 2006 For Immediate Release 28 December 2006 MicroEmissive Displays Group plc ("MED" or "the Company") Contract win and operational update MicroEmissive Displays Group plc, the AIM listed designer and manufacturer oflow-power light emitting polymer displays, announces that it has signed a £2million agreement to supply its industry leading technology to a manufacturer ofconsumer products in the Far East. In addition, the Company is pleased toprovide 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 becomingcash generative by the end of 2007 and this contract is an extremely positivestart 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 madeimportant progress in all areas. As forecast in our interim results statement,the key elements of the manufacturing equipment were delivered on time, theinstallation process has begun and remains on schedule. Good progress is being made at our state-of-the-art production facility inDresden, Germany, the clean room is now prepared and the Company has hired localemployees with further recruitment expected in the new year. Thecharacterisation of the volume toolset will begin in January. The completion ofthe installation process and the execution of the characterisation of themanufacturing line are a key milestone for MED and are expected to be completedon schedule in the first half of 2007. As previously stated, the manufacturing line will be ready for volume capacityand capable of volume shipment in the second quarter of 2007. Followinginvestment in our sales and marketing channels, the business is gaining strongtraction with customers. The Company is in advance discussions with significant OEMs and a number ofglobal distributors to secure off-take agreements for the provision of its'eyescreenTM' technology in volume. The management intend to progressively rampup production throughout 2007 and is confident of being able to fulfil thevolume orders that it secures. Bill Miller added: "The milestones associated with the strategy adopted by thismanagement team continue to be met and the business is progressing well. Ourtechnology is attracting substantial industry attention and our enquiry levelsare extremely strong. " -ends- For further information, please contact: www.microemissive.com Microemissive Displays 0131 650 7764Bill Miller, Chief Executive Tavistock Communications 020 7920 3150Matt Ridsdale/Simon Compton This information is provided by RNS The company news service from the London Stock Exchange