Austin, Texas, -- Nano-Proprietary, Inc. (OTC BB: NNPP), through its subsidiary, Applied Nanotech, Inc., has announced that Japan based Mitsui & Co., Ltd. has extended its exclusive option to extend royalty bearing licenses on behalf of Nano-Proprietary to companies headquartered in Japan which will allow the use of NPI's carbon cold cathode intellectual property for the manufacture of lighting devices (See press release of March 6, 2007 in Digital TV DesignLine).
To date, Mitsui has reported remarkable progress in their discussions with at least five leading companies and reported that they expect one or more of these companies to be interested in a license. The purpose of the extension is to continue the prospecting process and try to finalize license agreement under the exclusive option agreement. In addition, as a result of the successful collaboration in Japan, the companies also agreed to explore extending the exclusive relationship to other Asian countries such as Taiwan.
"We couldn't be more pleased with the effort and attention that Mitsui has given us in this relationship," said Tom Bijou, CEO of Nano-Proprietary. "They have a well thought out business plan and they are familiar with, and well known to, the companies that they are working with. Of course, results are never a sure thing, but I think their payment reflects the confidence that they have in being able to meet their goals."
"Developing these strong relations with Mitsui and the quality of the companies they bring to us for technical evaluation has already resulted in improved CNT composites for field emission applications relating to lighting and backlit devices," added Dr. Zvi Yaniv, CEO of Applied Nanotech.
Mitsui has various future extension rights, at escalating fee levels, to maintain the right to grant licenses.
Nano-Proprietary, Inc. is a holding company consisting of two wholly owned operating subsidiaries. Applied Nanotech Inc. is a premier research and commercialization organization dedicated to developing applications for nanotechnology with an extremely strong position in the field of electron emission applications from carbon film/nanotubes, sensors, functionalized nanomaterials, and nanoelectronics. Electronic Billboard Technology, Inc. (EBT) has investments related to electronic digitized sign technology. The Companies have over 200 patents or patent applications pending. Nano-Proprietary's business model is to license its technology to partners that will manufacture and distribute products using the technology. Nano-Proprietary's website is www.nano-proprietary.com.