Last checked at 10 Dec 2015 07:00
For immediate release | 10 December 2015 |
NANOCO GROUP PLC
("Nanoco" or the "Company")
AGM Statement
Nanoco Group plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials, will this morning hold its Annual General Meeting ("AGM") at its headquarters in Manchester.
Anthony Clinch, Nanoco's Chairman, will make the following statement:
"We are very pleased with the progress made to date in the commercialisation of our technology in our chosen target markets.
"Michael Edelman, our CEO, has just returned from Asia, during which time he visited the Cheonan manufacturing plant. He was hugely impressed by what Dow has achieved at the plant, which is producing high quality, cadmium-free quantum dot batches to the required specification. Dow's success in demonstrating the scalability of Nanoco's technology is a major milestone for us.
"The transfer to South Korea of the production of cadmium free quantum dots, which we previously expected to be performed in Runcorn, is being accelerated. As a result, we now expect the plant to be ready to supply material to meet potential customers' commercial requirements within the first quarter of calendar year 2016. Currently, they are being sampled with film that uses quantum dots produced in Nanoco's Runcorn production facility.
"Dr Edelman met with Dow's potential customers and we remain convinced of the huge commercial opportunity open to the Company in the display market.
"Nanoco's Lighting Division, which was formed earlier this year, is making significant progress including the launch of four LED-based product groups at the recent LuxLive trade show in London. These lighting products, created with our partner Marl International, use Nanoco CFQD® Quantum Dot film and were very well received at the show. In addition, the Lighting Division is developing a phototherapy product for the cosmetic treatment of skin, which is progressing well.
"Nanoco continues to benefit from a strong balance sheet to support the commercialisation of its technology, continued product development and research. We believe that 2016 will be a landmark year in the Company's development."
For further information, please contact:
Nanoco | Tel: +44 (0) 161 603 7900 |
Michael Edelman, Chief Executive Officer | |
David Blain, Chief Financial Officer Caroline Watson, Investor Relations Manager cwatson@nanocotechnologies.com |
Tel: + 44 (0) 7799 897357 |
Canaccord Genuity - Joint Broker | Tel: +44 (0) 20 7523 8000 |
Simon Bridges Cameron Duncan | |
Mark Whitmore | |
Liberum - Joint Broker | Tel: +44 (0) 20 3100 2000 |
Neil Patel | |
Richard Bootle Steven Tredget | |
Buchanan | Tel: +44 (0) 20 7466 5000 |
Mark Court / Sophie Cowles / Stephanie Watson |
Notes for editors:
About Nanoco Group plc
Nanoco is a world leader in the development and production of cadmium-free quantum dots and other nano-materials for use in multiple applications including LCD displays, lighting, solar cells and bio-imaging. In the display market, it has an exclusive manufacturing and marketing licensing agreement with The Dow Chemical Company.
Nanoco was founded in 2001 and is headquartered in Manchester, UK. It has production facilities in Runcorn, UK, and a US subsidiary, Nanoco Inc, based in Concord, MA. Nanoco also has business development executives in Japan, Korea and Taiwan. Its technology is protected worldwide by a large and growing patent estate.
Nanoco is listed on the main market of the London Stock Exchange and trades under the ticker symbol NANO. For further information please visit: www.nanocogroup.com.