Opsys' California-based business continues to advance cutting-edge display development following Cambridge Display Technology's (CDT) acquisition of Opsys' UK development programme
Opsys Limited today announced that it has sold its Oxford, UK-based business to Cambridge Display Technology (CDT) for an immediate payment in cash and a deferred payment in CDT shares.
Under the terms of the deal, CDT has acquired effective ownership of Opsys' business related to the intellectual property (IP), commercialisation, and technology development of dendrimer technology for organic light emitting diode (OLED) displays.
Opsys' California based OLED prototyping and pilot production facility is not part of the agreement, but will retain privileged rights to use dendrimers and other technologies developed by Opsys.
Opsys' CEO, Michael Holmes, commented, "Whilst we believe that merging the management and commercial aspects of our dendrimer technology with CDT is the best course of action for our UK business, we believe that our US operation has excellent prospects as an independent business, and we are committed to supporting it fully. It is now prototyping and sampling some of the most impressive, long-lived OLED display prototypes in the world."
The Opsys US team, led by Damoder Reddy, is building a family of OLED displays characterised by high brightness and long lifetimes. The displays are custom designed for use in portable and audio electronic products.
Opsys US is in talks with a number of major manufacturers with regard to sampling and manufacturing displays on their behalf. The company expects to make substantial sales by the end of 2003.
Opsys, headquartered in Oxford, UK, was founded in 1997 to advance cutting edge light emitting technology for flat displays and works to put innovative technologies on to an industrial development footing.
In 2001, Opsys established a 42,000 sq. ft. research and prototyping facility based in Fremont, California, for the development of small to medium sized custom displays for the portable electronics industry. The industry is targeting a wide range of electronics products for OLEDs, including mobile phones, PDAs, digital cameras, camcorders, microdisplays, and eventually personal computer and consumer products.
For further information about Opsys, visit http://www.opsysdisplays.com
Michael Oakes / Liz Trendall
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