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13 May 2008 06:09
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For immediate release: 13 May 2008
MicroEmissive Displays Group plc
("MED" or "the Company")
Trading Statement & Directorate Change
MED, the AIM listed designer and manufacturer of low power microdisplays, provides the following update on current trading.Β
Discussions with potential customers remain positive and MED has now shipped in excess of 100,000 units to three global headset manufacturers. In addition, the Company can also report nine recent design wins with potential customers who are in the process of designing its revolutionary product, eyescreenβ’ into their end products. MED is also in discussion with two of Asia's leading digital camera manufacturers regarding the further application of eyescreenβ’.
From a manufacturing perspective, the Dresden plant continues to perform well with manufacturing yields in line with the Board's expectations.
However, as a result of a general slow down in the demand for consumer electronics world-wide and a slower than anticipated development of the market for consumer head mounted displays, the Board now expects the Company to achieve month-on-month profitability during the next financial year.Β
The Company also announces today that Paul van Eynde, Director of Sales and Marketing left the employment of MED, and the Board, on 12 May 2008. Bill Miller, Chief Executive of MED, will take responsibility for the Sales and Marketing function and Graeme Walker, Chief Financial Officer, will take responsibility for Operations whilst a permanent replacement is sought.
Commenting on outlook, Bill Miller said: "We are confident that the prospects for eyescreenβ’ remain very exciting indeed. The delay in the development of the market for consumer head mounted displays has been disappointing but we are still confident that the goals for MED can be met albeit slightly later than expected."
He added: "The design-in activity remains strong and feedback from customers is extremely positive, which gives us confidence in the future performance of the Company."
-ends-
For further information, please contact:Β www.microemissive.com
|
MicroEmissive Displays Bill Miller, Chief Executive |
0131 650 7764 |
|
Tavistock Communications Matt Ridsdale Andrew Dunn Β |
020 7920 3150 |
|
Arbuthnot SecuritiesΒ Neil Kirton John Prior |
020 7012 2000 |
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