| From: donpat | 7/27/2005 1:16:27 PM | | | | | | Global Entrepreneurs Programme Client Secures $17 Million in Financing
Wednesday July 27, 10:15 am ET
Nano-Cooling Technology Company, iCurie, Expands into the UK with US Financing
LONDON--(BUSINESS WIRE)--July 27, 2005--UK Trade & Investment's Global Entrepreneurs Programme (GEP) today announced that its client, iCurie Lab Holdings Limited ("iCurie"), a nano-cooling technology company, has successfully closed a $17 million private placement led by Indigo Securities LLC and Axiom Capital Management Inc. of New York. The financing includes a syndicate of institutional investors and business leaders from both the US and UK, and the company will also be gaining a public listing via a share exchange with a fully reporting U.S. over-the-counter bulletin board company - iCurie, Inc, (OTCBB symbol: ICUR - News). The company was founded by a former NASA and Samsung engineer Dr. Jeong Hyun Lee, who together with his management team will use the proceeds to fund manufacturing and expansion.
In addition to supporting the financing, the Global Entrepreneurs Programme assisted iCurie with attracting senior management and acquiring, transferring, and securing the core intellectual property into a British company, providing a UK base from which iCurie can grow into European and other global markets.
"iCurie is a shining example of the type of opportunity that the GEP is designed to advance - an entrepreneur with strong intellectual property, and the ability to address major global markets," said Mark Donougher, Head of the Global Entrepreneur Programme.
iCurie demonstrates the growing success of the Global Entrepreneurs Programme, an initiative of UK Trade & Investment, the British Government's main inward investment agency. The Programme employs professional "Dealmakers" who assist entrepreneurs with exceptional ideas or intellectual property in life sciences, energy, and technology, by identifying sources of finance and by assisting setting up their companies in the UK. The Dealmakers are experienced British entrepreneurs who support their clients by connecting them to a range of resources in the UK. - notably, introductions to business, technology, professional and financial networks. The Global Entrepreneurs Programme is already working with 85 entrepreneurs. An additional 20 have successfully developed businesses or opportunities in the UK with the support of the GEP.
In addition to helping iCurie secure financing, the Global Entrepreneurs Programme assisted iCurie in establishing a UK holding company to protect its IP, and by helping recruit and support a senior management team with significant global experience - both formerly with the giant Ericsson Mobile phone company. Although iCurie plans to maintain a manufacturing base in South Korea, it has transferred its IP and European headquarters to the UK, and is also planning a major design center in the UK. The GEP Dealmaker, Eric Van der Kleij, previously assisted iCurie in raising $3 million in initial funding last year.
"Although our core technology was developed in South Korea, I realized I needed a more strategically appropriate location for growing a global company based on our innovative intellectual property. The British Government's Global Entrepreneurs Programme showed us how the UK has certain advantages that make it an excellent base from which to enter the European and other global markets. Our Dealmaker also made professional and advisory resources more easily available to me and provided invaluable support for our fundraising," said Dr. Jeong Hyun Lee, PhD. "It is very satisfying to have iCurie and its backers recognize the advantages the UK offers to exceptional knowledge-based businesses. The company now has many of the ingredients it needs to become the acknowledged leader in its sector and we are delighted with their trust in us in supporting that process," said Eric Van der Kleij, iCurie's Dealmaker at the Global Entrepreneurs Programme.
iCurie was founded in 2000 by Dr. Lee, a former NASA and Samsung engineer. The company's core nano-technology solutions provide high-efficiency cooling without requiring electricity that can support a range of applications from microprocessors cooling to air conditioning.
Since setting up operations in the UK, iCurie has received the first certification of its technology well ahead of schedule. The company's iCurie Cooled(TM) nanotechnology cooling system passed performance testing and received certification from LG Electronics. iCurie wants its technology to become the new standard in cooling for the electronics industry worldwide.
About UK Trade & Investment and The Global Entrepreneurs Programme
UK Trade & Investment is the government organization that provides integrated support services for both UK companies engaged in overseas trade, and foreign businesses focused on the UK as an inward investment location. For more information visit the web site at www.uktradeinvest.gov.uk.
UK Trade & Investment launched the Global Entrepreneurs Programme (GEP) in 2003 as a new approach to economic development. The GEP champions new business ideas by bringing together entrepreneurs and those who can best guide them towards success in the UK. The Dealmakers act as a liaison between the government and entrepreneurs. For more information visit the GEP website at www.entrepreneurs.gov.uk.
About iCurie Inc.
iCurie, Inc. is the new US publicly quoted (OTCBB symbol: ICUR) parent of London-based iCurie Lab Holdings Limited, and Seoul, Korea based iCurie Labs, Inc. iCurie develops and commercializes nanotechnology derived cooling solutions for the PC, personal communications and display industries. Additional information on iCurie and its technology is available at www.icurie.com.
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Contact:
Gavin Anderson & Company, Inc. for UKTI
David Bassiouni, 212-515-1968
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Source: UK Trade & Investment
biz.yahoo.com |
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| To: caly who wrote (2) | 9/1/2005 10:50:13 AM | | From: caly | | | | Form 8-K/A for ICURIE, INC.
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31-Aug-2005
Other Events
Item 8.01 Other Events
I. Description of Business
A. Company Overview
Prior to the Share Exchange Closing, the Company (as Cedar Mountain) was a public "shell" company with nominal assets. As a result of the Share Exchange, the Company acquired and plans to continue the business and operations of iCurie UK by the shareholders of iCurie UK becoming significant shareholders of the Company, management of iCurie UK becoming management of the Company and iCurie UK becoming a wholly-owned subsidiary of the Company.
iCurie wants to become a world leader in developing and commercializing next generation cooling solutions for the PC, personal communications and display industries. The Company plans to develop, manufacture, market, sell and/or license its patented nanotechnology derived cooling devices. The Company believes that the Company's wafer thin product absorbs, transports and dissipates heat more rapidly than current heat-pipe/heat-sink cooling solutions. iCurie's unique cooling device uses microfluidic physics to move liquid at very high speeds through micro-channels within the thin panel.
iCurie has been provided with non-economic support and advice from the United Kingdom's Trade and Investment Global Entrepreneur Program, a UK government organization that identifies and assists global enterprises which might locate in the United Kingdom. The program reviews hundreds of company applications annually and selects only a limited number of companies to work with.
The current industry leading cooling technology solutions, heat-pipes/heat-sinks, were developed when PC processors such as the Pentium I® & Pentium II®, with much lower speeds and cooling demands, were the industry standards. With the rapid development of faster processors, such as the later Intel Pentium® series, the cooling industry has produced many versions of the limited heat-pipe and/or heat-sink. However, this aging technology still relies principally on solid metal to absorb and transport heat and is becoming less effective as faster processors produce increased heat levels. Battery life is substantially eroded in laptops due to heat and the energy required to operate one or more cooling systems. Lighter, thinner, smaller, faster, more efficient and less energy consuming than current cooling products, iCurie believes its coolers represent an industry solution to these issues, presently ready for commercial production. Moreover, iCurie believes that its coolers will be cheaper to commercially produce than conventional coolers.
iCurie UK acquired its nanocooling intellectual property from iCurie Lab, Inc. in March 2004, and acquired an 80.2% equity interest in iCurie Lab, Inc. in December 2004. iCurie UK was incorporated in London, England in March 2004, and iCurie Lab, Inc. was incorporated in Seoul, Korea in 2000. The remaining 19.8% of iCurie Lab, Inc. is held by third parties.
Although iCurie has entered into informal discussions with the minority shareholders to purchase their equity interests in iCurie Lab, Inc., no assurance can be given that such transaction will take place, or what the terms of any such transaction will be. See "Risk Factors" for certain information on the rights of these minority investors.
The Company plans to locate its corporate headquarters in London, England. iCurie Lab, Inc., as the Company's Research and Development center, is and will continue to be located in Seoul, Korea. The Company's telephone number in Korea is 011-82-2-3452-2005 and its fax number is 011-82-2-3452-3650. The Company also has a leased office in Miami, Florida located at 1395 Brickell Avenue, Suite 800, Espirito Santo Plaza. The Company's telephone number in Miami is 305-529-6290. Other than the Company's Chief Executive Officer and Chief Operating and Financial Officer, all of the Company's twenty-four (24) employees are located in Seoul. It is currently anticipated that the Chief Executive Officer and other members of senior management will work from the Company's London headquarters. The Company currently leases an office and research facility in Seoul, and plans to lease suitable office space in London when it relocates its headquarters.
B. Industry Overview
The PC cooling industry is an estimated $1 billion business annually. The total PC market, including desktops and notebooks, is estimated at approximately 171 million units in 2005 and is growing at approximately 10% annually. In addition, the Company expects the growth of the PC cooling industry to accelerate faster than the growth of the PC market itself, based on the increased power consumption and heat output of today's microprocessors and video cards.
iCurie has also identified several other substantial markets for its cooling systems. iCurie is evaluating an opportunity to supply cooling systems to the display market (flat panel displays) and the personal communications industry
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(for an initial deployment in PDAs and smartphones). The business opportunity to supply cooling systems to the communications and display markets is estimated at over 200 million units in 2005. Later deployments of iCurie's cooling technology may include the home appliance, automotive, defense and/or aerospace industries.
C. Technology Overview
iCurie products are based on nano thermofluidic technology. By utilizing a nano/micro scale environment, the laws of physics are manipulated to create a completely new cooling technology. This technology enables higher performance, with no noise, less energy consumption and no vibration. The product has no moving parts or pumps and consumes no power. The Company's technology can be used as a stand-alone cooling solution or in conjunction with a fan to increase cooling efficiency.
The product is a millimeter thin copper plate, into which specially designed micro and nano channels have been structured. Liquid coolant (distilled water) is placed into the micro and nano channels through a process known as VCS- Vacuum, Charge and Sealing. The heat source (CPU or other) is placed adjacent to the copper plate (as are traditional CPU coolers). When heat is generated, the liquid coolant absorbs the heat in a very short period of time (less than 0.02 sec). The heat causes the liquid coolant to change to vapor. The vapor is rapidly transported through the micro and nano channels. The vapor is changed back to liquid by rapidly dissipating the heat. The liquid coolant then returns to the heat source at a low temperature and is ready to repeat the process. The pressure gradients created by the conversion of the coolant between liquid and vapor states "pump" the coolant through the micro and nano channels as part of a continuous process. The product has been certified by LG Electronics, a recognized consumer electronics company. Pursuant to this certification process, laboratory tests were performed under strict measured conditions by a independent third party, and technical results were deemed satisfactory for acceptable performance of a current product produced by a major company (in this case a LG Tablet PC with a 1GHz Intel CPU).
D. Market Opportunity
Commercialization of the Company's cooling product is expected during the third quarter of 2005. The Company intends to employ two parallel sales models when taking its cooling technology to the market. The first is a licensing model, which the Company plans to use in specific industries or industry segments. The Company believes that giving licensing partners exclusive rights in certain specific areas represents an expedient way of creating relatively certain revenues with relatively low financial risks. The Company believes that this model will also help to create visibility and credibility for the Company's technology in other industries. The Company plans to pursue this sales model in mature industries, such as the PC industry, with well established global players.
The second sales model will be direct sales, either through an internal iCurie sales force or through joint ventures. The Company believes that the direct sales model will help increase Company revenues, but may also entail increased financial risks. The Company plans to pursue this strategy when a technology shift is taking place in a particular industry that can be taken advantage of by the Company, or when an industry is fragmented and barriers to entry are low. Under this model, the Company plans to manage its supply, manufacturing, and distribution chains through sub contractors or by utilizing the manufacturing expertise of its joint venture partners.
E. Market Plan
The marketability of iCurie's products spans basically over all industries where heat emission calls for cooling. However, there are three industries where the Company clearly believes that its technology can rapidly become the product of choice. These three industries are the PC, personal communication and display industries. Companies in these industries need components with higher performance; are used to manage complex supply chains; and are willing to accept breakthrough technologies to gain competitive supremacy.
When dividing these industries into specific segments, it is possible to tailor iCurie's technology into a well-defined product portfolio. The total volume of those segments represents approximately 400 million products sold to the end user market. The PC industry represents approximately 40% of that total and the display market more than one-third. iCurie believes that its products have a very strong value proposition in all of the above-mentioned industries. Based on iCurie's analysis of the PC industry, iCurie believes that its cooling devices would have a high competitiveness in approximately 20% of the market. This 20% is what the Company sees as the immediate addressable market. Based on its market analysis, the Company believes that 35% of the communication industry (excluding the mobile phone segment) and 10% of the display industry (basically flat panel television screens) market is addressable at launch.
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Due to market size, product competitiveness and customer need, iCurie has chosen to have the mid and high-end of the PC industry as the primary target market. The high-end segment of the display industry is the second targeted market and communication industry as the third. In a later stage, iCurie may also address numerous market segments like the telecom, home appliances, automotive, aerospace, defense industries, etc.
F. Competition
Although the Company believes that its technology represents a next generation industry solution to the cooling demands of the PC, personal communications and display industries, the Company faces and will continue to face intense competition. This competition consists of companies attempting to develop and market products similar to the Company's, as well as products incorporating alternative technologies. Although the Company believes that it has a degree of market exclusivity with respect to its product due to its intellectual property rights, there can be no guarantees that competitors will not successfully market products similar to the Company's, whether or not such products may infringe on the Company's intellectual property rights. Even if the Company is ultimately successful in challenging competitors use of its intellectual property, any such challenge will likely be both expensive and time consuming, and the Company's competitive position could be adversely affected notwithstanding successful legal actions to enforce its intellectual property rights.
In addition, there are several alternative technologies currently being developed and marketed to address the same market demands as the Company's product. Although the Company believes its product and its MCS technology provides a highly competitive solution when compared to these alternative technologies, it is possible that the market may adopt one of these alternative technologies, which may in turn become a recognized industry standard. Wide market adoption of one or more of these alternative technologies would have an adverse affect on the Company's competitive position. In addition, the Company may also face competition from technologies not yet developed, whether such future technologies address the cooling issues directly or indirectly through the development of products which produce less heat and therefore do not require an improved cooling solution.
In addition to the various forms of competition faced by the Company, it is likely that many of the Company's competitors will be much larger and better capitalized than the Company, with substantially more resources to devote to the development, manufacture and sales of cooling technology solutions. Such competitors may also benefit from existing relationships and reputations within the PC, personal communications and display industries.
G. Key Investment Considerations
The key investment considerations discussed below are qualified by the more detailed information, including "Risk Factors," appearing elsewhere herein. This disclosure contains certain forward-looking statements. The Company's actual results could differ materially from the results anticipated in these forward-looking statements as a result of certain factors discussed in "Risk Factors" and elsewhere in this disclosure.
The Company's product offers an elegant, low-cost solution.
The Company's products are based on its patented microfluidic technology. The Company is taking advantage of nano-scale physical properties and structures that they imbed and manipulate within a micro-scale environment to create a new, highly efficient cooling technology. This technology enables higher performance than current cooling systems, with no noise and no vibrations. Uniquely among current cooling products, the product requires no pump or power source. The Company believes that the product can be commercially manufactured using simple, well-known processes and at less cost than traditional cooling products.
The Company has taken significant steps to protect its intellectual property rights.
The Company believes that it has taken steps to significantly protect its intellectual property rights relating to its microfluidic technology and other aspects of its proposed product. Most material elements of the Company's product are covered by patents that the Company believes should give it a degree of market exclusivity during the term of the patents. The Company has so far been granted patents relating to it microfluidic technology in US, Korea, Japan, China and Taiwan. In addition, the Company currently has pending further patent applications relating to that technology and other associated elements. These applications designate many countries throughout the world, including the United States, Europe, Japan, China, Taiwan, India and Korea. The patents already granted, together with any further patents granted pursuant to the various applications previously referred to, will have expiration dates ranging from 2021 to 2024.
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The Company's immediate market opportunity is substantial.
The PC cooling industry is estimated today at more than $1 billion. As the PC industry uses ever more-powerful chips, including video chips, cooling has become an increasingly critical issue, yet there have been few technological innovations in this area. The industry is highly fragmented, the market need is significant, and the Company believes it has a superior product which can be sold at the same price as current products. As a result, the Company believes it can capture a significant share of the PC cooling industry.
The Company's long-term market opportunities are significant.
Beyond the PC industry, the Company has identified substantial opportunities in the flat panel display industry, and also believes there will be demand for its products by manufacturers of mobile phones and PDAs. In addition, the Company believes that there are many more addressable markets which could potentially offer large scale opportunities, such as the home appliance, automotive, defense and/or aerospace industries.
The Company's business model is scalable and offers operating leverage. The Company intends to address its target markets with a model that incorporates a mix of licensing arrangements, through which the Company can enter certain markets indirectly through the efforts of third parties, and direct product sales in conjunction with largely outsourced or joint ventured manufacturing and sales capability. The Company believes its approach will enable it to garner significant market share without large investments in fixed plant or a large sales force.
The Company has an experienced management team.
The senior management of the Company is led by Hakan Wretsell, the Company's Chief Executive Officer, Michael Karpheden, the Company's Chief Operating and Financial Officer, and Dr. Jeong Hyun Lee, Ph.D. ("Dr. Lee"), the Company's Chief Technology Officer and founder of iCurie Lab, Inc. The management team consists of successful entrepreneurs and senior level executives who have extensive experience in management, business development, marketing and sales, and systems development. In addition to this management team, the Company plans to assemble a highly capable and active Board of Directors.
II. Description of Business Location
The Company plans to locate its corporate headquarters in London, England. There are several reasons for this choice of location. iCurie's excellent support from the UK's trade and investment global entrepreneur program, a world-class financial market and access to highly skilled people were all considered when the decision was made to locate the Company's headquarters in London rather than with the operational segment of the Company in Seoul. Advantageous tax programs for new technology companies that bring intellectual capital to the United Kingdom also were considered. Furthermore, to manage a global business, it is always beneficial to be located in a time zone where it is feasible to work with the rest of the business during regular business hours, as it is from England. Regional and global communications are world class, another strong motive.
The headquarters in London will consist of top management, who will set and manage strategic priorities, business plans, and business tactics, budgets and financing. Management of sales strategy and tactics with key account management will all be part of the London organization. Product portfolio management and business management of the patent portfolio are also going to be handled in London.
The corporate R&D center is and shall continue to be located in Seoul, Korea. It is a legal entity with the name iCurie Lab Inc. iCurie owns 80.2% of iCurie Lab Inc., with the remaining 19.8% being held by third parties. iCurie UK has also established a wholly-owned subsidiary, Qool Innovations Limited, which currently has nominal assets and liabilities. The Company's Korea office currently houses the Company's twenty-four (24) employees, with the exception of Hakan Wretsell and Michael Karpheden, the Company's CEO and COO/CFO, respectively. Korea is an excellent location to recruit highly skilled engineers. The main responsibility for the Korean office is to develop and industrialize the planned product portfolio. Lab prototypes and pre-serial manufacturing shall also be its duty. Quality control is another essential responsibility for the R&D office in Korea. The Company currently leases an office and research facility in Seoul, and plans to lease suitable office space in London when it relocates its headquarters. The Company also has leased office space in Miami, Florida.
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The Company plans to establish regional business centers as the business grows. They will be focused on marketing and selling the iCurie technology and iCurie's products. It is anticipated that this part of the organization will also handle customization and specify customer applications. Moreover, the Company plans to add resources according to well-defined budgets. The Company will strive to match the number of employees to the order and sales performance and as the business requires. Additional personnel will not be added before iCurie has a solid order stock.
III. Product Description
A. Key Technology
The Company's product is based on nano and micro level channel technology. By utilizing a micro and nano scale environment, the laws of physics are manipulated to create a completely new cooling technology. This technology enables cooling products with higher performance, no noise, and no vibrations. The product doesn't need a pump.
Explanation of the working principles of iCurie's Micro Cooling System (MCS) Every closed fluid circulation device needs pressure differences, as "pressure gradients" to move fluid from one location to the next. In MCS, "Capillary Pulled Pumping Circulation (CPPC)" achieves this. The following explains the processes involved in MCS:
1. The heat source, from which the MCS is trying to remove the heat, is located in area "A". This area is the evaporation section. It is made up of many micro and nano channels. The channels are different in size and area depending on the amount of evaporation, flow velocity and fluid. The channels are filled with fluid and have an interface or meniscus at the edge of each channel in the flow direction. One can compare this to a pool of liquid and straw or small pipe where at some height of the straw will be the meniscus. If the interface of the meniscus is heated, then evaporation will occur. Due to the surface tension created by the fluid, the material of the straw and the air, the height of the meniscus will not change. The surface tension pulls the liquid column up to the same height as evaporation occurs. The quicker the evaporation, the quicker the flow. The limit of this is dependent on the surface tension force. This is different from a "pool boiling effect" where there is a pool of liquid and the liquid is heated from the bottom. The amount of evaporation, and thus the amount of heat removal, would be limited to the area of the pool.
2. Once the evaporated vapor leaves the evaporation channels, it travels through to an adjacent area "B". This is the vapor transport section, which functions like a heat pipe. In this section the vapor temperature loss is kept to its minimum, which means the efficiency is maximized.
3. Once the vapor reaches a condensation area "C", the vapor loses energy to the environment. Usually, the amount of loss to the environment is governed by the area of the condensation part. In MCS, the loss to the environment is maximized due to heat exchange that occurs in micro to nano scale, unlike other systems where the heat exchange occurs at macro or bulk scale. When the scale is reduced the efficiency is increased. This is the basis of heat exchange in MCS. Therefore, MCS cannot be made thick. This will eliminate the effects of MCS to the level of a "normal" device. As the cooled vapor travels through section "C" in the direction of the flow, the vapor loses energy and becomes liquid again.
4. The cooled liquid is "pulled" into section "D" due to the capillary effect of the channels. The channels are designed in that way to ensure that the flow only occurs in one direction and not the other. This is achieved by sustaining capillary gradient in one direction. This ensures that the flow always occurs in a given direction regardless of the position of the device.
5. When evaporation occurs in the section "A" interface, the surface tension "pulls" the liquid back to its original height. This is the pumping effect of MCS. If there is liquid behind that column, the amount of liquid pulled will be equivalent to the amount of evaporation that occurred. This finalizes the circulation of the device.
6. Therefore, the device circulates as follows: (i) evaporation of liquid,
(ii) transportation of vapor, (iii) condensation of vapor, (iv) transportation of liquid, (v) evaporation of liquid. (A-B-C-D-A) B. Product Characteristics The product is a plate that is millimeter thin and made of copper. It has very compact dimensions and it functions as one piece. There is no need for power and it has no mechanical parts. As a result, it doesn't generate any noise and
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vibrations. In addition, it is not impacted by positioning, which should make it extremely well suited for many different applications in the industry. C. Principles of Function
The product is a millimeter thin copper plate, into which specially designed micro and nano channels have been structured. Liquid coolant (distilled water) is placed into the micro and nano channels through a process known as VCS- Vacuum, Charge and Sealing. The heat source (CPU or other) is placed adjacent to the copper plate (as are traditional CPU coolers). When heat is generated, the liquid coolant absorbs the heat in a very short period of time (less than 0.02 sec). The heat causes the liquid coolant to change to vapor. The vapor is rapidly transported through the micro and nano channels. The vapor is changed back to liquid by rapidly dissipating the heat. The liquid coolant then returns to the heat source at a low temperature and is ready to repeat the process. The pressure gradients created by the conversion of the coolant between liquid and vapor states "pump" the coolant through the micro and nano channels as part of a continuous process.
D. Patents
iCurie's product portfolio is based on technology which is protected by registered patents, as well as pending patents. The Company has registered patents in Korea, Taiwan, the United States, China and Japan. The Company also has pending patents in seventeen (17) countries that are members of the European Union, Russia and India. The following table sets forth certain information with respect to certain of the Company's patents and patent applications as of the date of this report:
Related Application Registration Registration
Products Title Nation Date Application Number Date Number
KOREA 2000.5.2 2000-23505 2001.4.13 0294317
USA 2000.6.2 09-585361 2004.3.2 6698502
JAPAN 2000.6.1 2000-165037 2001.6.21 3202014
Micro Cooling Device Taiwan 2002.6.3 9110906 2002.12.3 161006
PCT number : WO00/075764 CHINA 2002.1.2 810704.1 2004.12.29 ZL 00810704.1
RUSSIA 2001.12.4 2001132727 pending pending
INDIA 2001.12.3 IN/PCT/2001/01105/DEL pending pending
EUROPE 2001.12.3 937337.4 pending pending
MCS Thin Film Cooling System KOREA 2001.8.29 10-2001-0052584 2003.12.29 0414860
Cooling device of hybrid type KOREA 2003.1.24 10-2003-0004932 pending pending
PCT 2003.10.28 PCT/KR2003/002282 pending pending
Cooling device of thin plate type KOREA 2003.5.31 10-2003-0035078 pending pending
for
preventing dry out PCT 2003.10.28 PCT/KR2003/002281 pending pending
. . .
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| To: caly who wrote (3) | 9/2/2005 9:49:37 AM | | From: caly | | | | iCurie Inaugurates its State-of-the-Art Manufacturing Facility and Receives a Grant From Korean Small and Medium Business Administration
Friday September 2, 9:00 am ET
SEOUL, Korea, Sept. 2 /PRNewswire-FirstCall/ -- iCurie, Inc. (OTC Bulletin Board: ICUR - News), who develops and commercializes next-generation cooling solutions for the PC, communication and display industries, announced today the opening of its new state-of-the-art manufacturing facility at Guro Industrial Park in Seoul, Korea.
The facility has the capacity to supply more than 700,000 cooling devices a year, and can be expanded to a maximum capacity of more than 1.2 million units a year. The decision for iCurie to invest in this facility was made in March 2005, and, in less than 6 months, the facility is ready for operation.
"With this important investment completed at record time, iCurie has demonstrated to our partners our dedication to design and supply next- generation cooling solutions," said Chief Executive Officer Hakan Wretsell.
An important purpose of the plant is to supply manufacturing test samples to a wide variety of industries. Customers will have the opportunity to test and verify their new designs in close coordination with iCurie's skilled research team.
"We now have the resources and capabilities to rapidly supply up to 500 test units from a real manufacturing environment. With this facility in place, we have become a full solution provider in the field of thermal heat management," said founder and Chief Technology Officer Dr. Jeong Hyun Lee.
Just days before the inauguration, the Korean Small and Medium Business Administration, an affiliate of the Korean Ministry of Commerce, Industry and Energy, announced that it will sponsor the ISO-certification of this iCurie manufacturing facility.
About iCurie
iCurie is a United States corporation based in Miami, Florida with subsidiaries in London, England and Seoul, Korea. iCurie intends to become a world leader in developing and commercializing next-generation cooling solutions for a wide range of industries like the PC and the communications industries. The cooling solutions are built on iCurie patents in thermofluid nanotechnology. Additional information on iCurie and its technology is available at icurie.com . The company trades on the OTC market (ICUR.OB). |
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| To: caly who wrote (4) | 9/4/2005 3:51:16 AM | | From: Motlink | | | | As I posted on Gary's board quite a while ago, this is the most intriguing part.
2005 2006 2007
---------- ---------- ----------
<S> <C> <C> <C>
Units Sold (in thousands) 293 4,300 15,400
Units Licensed (in thousands) 638 6,800 17,100
PRODUCT SALES $ 3.3 $ 52.6 $ 153.1
MARGIN $ 1.1 $ 16.7 $ 47.9
Margin% 35% 32% 31%
Royalty Income $ 0.5 $ 5.4 $ 13.7
Royalty Expense 0.0 -1.3 -2.4
Expenses -8.8 -15.6 -28.6
Financial Net -0.1 -0.4 -0.3
Income Tax 0.0 0.0 -9.8
---------- ---------- ----------
NET INCOME $ -7.2 $ 4.8 $ 20.5
---------- ---------- ----------
Average sales price $ 11.28 $ 12.23 $ 9.94
ROS% -219.0% 9.1% 13.4%
Expense% 256.1% 29.7% 18.7%
</TABLE>
TARGET CASH FLOW INFORMATION
(All dollar amounts in millions)
<TABLE>
<CAPTION>
2005 2006 2007
------ ------ ------
<S> <C> <C> <C>
Net Income $ -7.2 $ 4.8 $ 20.5
Depreciation 0.3 1.3 4.0
Capital Expenditures -2.1 -7.8 -19.0
Change in Net Working Capital -1.3 -5.9 0.0
------ ------ ------
CASH FLOW $-10.2 $ -7.6 $ 5.5
------ ------ ------
Change in Net Working Capital
Accounts Receivable -1.7 -7.2 -5.0
Accounts Payable 1.1 5.4 9.0
Inventory -0.7 -4.1 -4.0
------ ------ ------
TOTAL CHANGE IN NET WORKING CAPITAL $ -1.3 $ -5.9 $ 0.0
------ ------ ------ |
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| From: donpat | 10/31/2005 5:18:53 PM | | | | | | iCurie Receives Latest Order
Order from Central Electric Validates LED Cooling Performance
SEOUL, South Korea, Oct. 31 /PRNewswire-FirstCall/ -- iCurie, Inc.
(OTC: ICUR), a full solution provider in the field of thermal heat management
for the PC, consumer electronics, lighting and display industries, announced
today it has received its latest order. The order from Central Electronics, a
top-tier illumination provider in Korea, validates iCurie's proprietary
technology, which will be used in an LED cooling environment.
Joo-Sung Lee, Chief Executive Officer of Central Electronics, said,
"iCurie has a perfect solution for handling the space, heat and environmental
challenges encountered by LED technologies. We did extensive research and lab
tests before selecting iCurie. We are excited about the impressive lab-test
results and we are proud to be the first lighting company to implement
iCurie's technology in real solutions. Central Electronics has a reputation
for working with its customers to bring them the latest in cost-effective and
performance-enhancing technologies to optimize the usage of LEDs. By managing
heat more efficiently, we can improve performance, quality and increase
product lifetimes. Working with iCurie will ensure we have cutting-edge
thermal heat management solutions needed to remain ahead of the curve as LED
technology becomes more widespread in general lighting environments."
Hakan Wretsell, Chief Executive Officer of iCurie, said, "Central
Electronics is one of Korea's more promising illumination companies and we are
fortunate to be partnering with them. This latest order is a further
validation of our proprietary thermal management technology and represents the
launch of a standardized product to be offered to illumination companies, like
Central Electronics, worldwide as we expand beyond PC cooling solutions. The
lighting industry is moving more and more towards LED technologies due to
performance and cost improvements. As an enabling technology and extremely
competitive cooling solution, iCurie is positioned to benefit from the LED
industry's overall growth."
Wretsell continued, "We have been very busy in 2005 as we aggressively
work to commercialize our proprietary technology. We are building a
standardized product portfolio with performance ratios that exceed existing
solutions in order to meet demand requirements of customers targeting the PC,
illumination, lighting, and projector markets. We have established a full
infrastructure to support our expected growth, including establishing iCurie
as a fully reporting public company, setting up key global offices, expanding
our operations team, opening a pilot plant and signing an LOI with a potential
manufacturing partner. At this time, we have several customer projects moving
through test stages; closer to commercial launches. Test and sample orders
have already been received from companies in the flat panel display, PCB, PC,
and lighting industries. We are now setting up various distribution agents in
strategic industries like automotive, projector, and telecommunications, while
also initiating new customer projects in the defense, PC cooling after market,
and lighting industries."
Dr. Jeong Hyun Lee, Chief Technology Officer and Founder of iCurie,
concluded, "Thermal heat management remains a critical concern to companies
worldwide. As consumers demand more functionality in lighter, thinner, more
powerful devices, heat has become enemy #1. We believe iCurie's proprietary
solution, built on our portfolio of defensible patents, is the answer. We
believe that competing solutions, not yet launched, are struggling with
numerous issues. Unfriendly fluid materials, large size, and gravity
sensitivity seem to hold them back. iCurie addresses all of these limitations
with lighter, thinner, competitively priced, solutions. Importantly, because
we do not require an external power source, our solution is perfectly suited
for flash memory based devices ranging from notebooks to wireless handheld
devices and portable entertainment devices."
About iCurie
iCurie is a full solution provider in the field of thermal heat management
for the PC, consumer electronics, communication and display industries. The
Company is a leader in developing and commercializing next-generation cooling
solutions built on iCurie's patents in thermofluid nanotechnology. Former
Samsung scientist Dr. Jeong Hyun Lee, also known for his award-winning work at
NASA on two space shuttle missions, leads iCurie's team of engineers. iCurie's
extensive intellectual property portfolio includes patents registered in Korea,
the U.S., Japan and Taiwan, with patents pending in the EU, Russia, India and
in China. For more information, visit icurie.com .
Forward-Looking Statements:
This press release contains forward-looking statements, involving risks
and uncertainties. Such statements are based on management's current
expectations and are subject to certain factors, risks and uncertainties that
may cause actual results, events and performance to differ materially from
those referred to or implied by such statements. In addition, actual future
results may differ materially from those anticipated, depending on a variety
of factors which include, but are not limited to, iCurie's ability to attract
investors, iCurie's future operating results and general economic conditions
affecting consumer spending, including uncertainties relating to global
political conditions, such as terrorism and the conflict with Iraq. Readers
are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. The Company does not intend to update
any of the forward-looking statements after the date of this release to
conform these statements to actual results or to changes in its expectations,
except as may be required by law.
Contacts:
Michael Karpheden
iCurie, Inc.
Chief Financial Officer
Phone: (305) 529-6290
Email: info@icurie.com
David Pasquale / Abbas Qasim
The Ruth Group
Executive Vice President
Phone: 646-536-7006 / 7014
Email: dpasquale@theruthgroup.com / aqasim@theruthgroup.com
SOURCE iCurie
Web Site: icurie.com
prnewswire.com |
| | iCurie, Inc. (Bulls Board) | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
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| From: donpat | 11/3/2005 4:51:34 PM | | | | | | Commercialization and Joint Development Letter of Intent Expands Thermal Management Solutions Into New Markets and Materials
SEOUL, South Korea, Nov. 3 /PRNewswire-FirstCall/ -- iCurie, Inc.
(OTC: ICUR), a full solution provider in the field of thermal heat management
for the PC, consumer electronics, lighting and display industries, announced
today it has executed a letter of intent with Advanced Energy Technology, Inc.
("AET"), a leading producer of electronic thermal management solutions under
the eGRAF (R) brand name. AET is a subsidiary of GrafTech International Ltd.
(NYSE: GTI), one of the world's largest manufacturers of high quality
synthetic and natural graphite and carbon based products.
The partnership between AET and iCurie will involve the sales and
marketing by AET of iCurie's current products utilizing AET's extensive
network and capitalizing on the commercial success already achieved by AET in
the thermal management market. AET will have exclusive rights to sell and
market certain iCurie products for specific market segments. In addition, AET
and iCurie will jointly work on the development of new products based on the
combination and integration of AET and iCurie's current thermal management
technologies, including AET's graphite material science based thermal
management and iCurie's micro fluidic thermal management technologies. Jointly
developed products will be sold and marketed by AET.
Hakan Wretsell, Chief Executive Officer of iCurie, said, "This is a major
opportunity for us to work with one of the world's largest companies engaged
in commercializing new thermal management technologies based on expansive
graphite and carbon science. Importantly, this joint development partnership
could move iCurie's proprietary thermal management technology into
commercialization in yet another materials environment. We have already shown
very good test results in solutions based on copper, silicon and aluminum. The
distribution potential of the partnership with AET is just as important. AET
has significant marketing and distribution experience as shown through their
rapid commercialization of eGRAF(R) thermal management products. Through their
sales network, we expect to rapidly commercialize our products in completely
new industries, such as the automotive and flat panel display industries."
Dr. Jeong Hyun Lee, Chief Technology Officer and Founder of iCurie, said,
"Graphite opens vast new opportunities for our customers to apply our thermal
management solution in several new product categories given graphite's light
weight, malleability and competitive cost. By managing heat even more
efficiently, we can continue to improve performance, quality and product
lifetimes. From an operations standpoint, this partnership could give iCurie
immediate access to a complementary R&D organization and add powerful sales
and marketing resources to help ensure the successful commercialization of
jointly developed products."
John Wetula, President of AET, commented, "Collaborating with an
innovative science based company in the thermal management market represents
an important strategic initiative for AET. Adding iCurie's current
technologies and products to our portfolio will allow AET to leverage our
success with eGraf(R) products to further our vision of becoming the world's
leading thermal solutions provider. The joint development of next generation
thermal management solutions will create new opportunities in various market
segments and accelerate the achievement of our goals."
About iCurie
iCurie is a full solution provider in the field of thermal heat management
for the PC, consumer electronics, lighting and display industries. The
Company is a leader in developing and commercializing next-generation cooling
solutions built on iCurie's patents in thermofluid nanotechnology. Former
Samsung scientist Dr. Jeong Hyun Lee, also known for his award-winning work at
NASA on two space shuttle missions, leads iCurie's team of engineers. iCurie's
extensive intellectual property portfolio includes patents registered in Korea,
the U.S., Japan and Taiwan, with patents pending in the EU, Russia, India and
in China. For more information, visit icurie.com .
About Advanced Energy Technology Inc.
Advanced Energy Technology Inc. is one of the world's leading
manufacturers and providers of high quality natural graphite and carbon-based
products for customers worldwide in the electronics, fuel cell, automotive,
power generation, semiconductor, transportation, and petrochemical markets.
GRAFCELL(R), GRAFOIL(R), and eGRAF(R) are registered trademarks of AET. For
more information on Advanced Energy Technology Inc., call 216-529-3777 or
visit our website at graftechaet.com . For additional information
on our parent, GrafTech International, call 302-778-8227 or visit our website
at graftech.com .
Contacts:
Michael Karpheden
iCurie, Inc.
Chief Financial Officer
Phone: (305) 529-6290
Email: info@icurie.com
David Pasquale / Abbas Qasim
The Ruth Group
Executive Vice President
Phone: 646-536-7006 / 7014
Email: dpasquale@theruthgroup.com / aqasim@theruthgroup.com
prnewswire.com |
| | iCurie, Inc. (Bulls Board) | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
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| From: donpat | 11/3/2005 4:56:30 PM | | | | | | GrafTech International Reports Third Quarter 2005 Results
[November 03, 2005]
[Snips]
WILMINGTON, Del. --(Business Wire)-- Nov. 3, 2005 -- Citing lower operating costs from continued productivity and cost reduction initiatives and higher than planned third quarter 2005 graphite electrode sales volume, GrafTech International Ltd. (NYSE:GTI) today reported income before special items of $12 million, or $0.11 per diluted share, for the quarter ended September 30, 2005. (See attached reconciliation of net income.)
.....
In October 2005, GrafTech's subsidiary, Advanced Energy Technology Inc. (AET), executed a letter of intent with iCurie, Inc. (OTC: ICUR), a full provider of thermal heat management solutions for the personal computer, consumer electronics, lighting and display industries. iCurie is a leader in next generation thermal management solutions built on their patents in thermofluid nanotechnology. The strategic partnership is expected to create new opportunities for AET in new market segments and accelerate sales growth.
......
tmcnet.com |
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| To: donpat who wrote (8) | 11/17/2005 11:18:58 AM | | From: caly | | | | iCurie Signs Contract With the World's Largest Supplier of CPU Coolers to the PC Industry
Thursday November 17, 9:21 am ET
Market Leader AVC and iCurie Establish Licensing and Distribution Contract
SEOUL, South Korea, Nov. 17 /PRNewswire-FirstCall/ -- iCurie, Inc. (OTC: ICUR - News), a full solution provider in the field of thermal heat management for the PC, consumer electronics, lighting and display industries, today announced that it has signed a contract with Asia Vital Components Co., Ltd (AVC), the world's largest CPU cooler supplier.
Under the new patent license and sales exclusivity agreement, AVC plans to develop, market and sell a new thermal management product based on iCurie's patented Microfluidic Cooling System (MCS) technology for use in PCs. iCurie has granted AVC an exclusive license to manufacture, distribute and sell the product to PC manufacturers in the world market outside of Korea and Japan. AVC will use the product as a stand alone product being offered directly to leading PC manufacturers. In addition, the product will also be included as a part of existing AVC products, increasing the performance of an already very competitive product portfolio. AVC will pay iCurie a royalty for each product being sold, either as a stand alone product or as part of a system. AVC will also supply products to iCurie, to be sold to customers in the Korean and Japanese markets.
Hakan Wretsell, Chief Executive Officer of iCurie, said, "AVC has been a key strategic partner for us for several years now and realized early on the potential applications for our proprietary microfluidic thermal management technologies. We believe the exciting new device we are jointly developing will be the next generation of thermal connectivity solutions for PCs and laptop computers, and potentially other industries as well. We expect this new cooling device to be competitively priced, lightweight, significantly smaller, and higher performing compared to current technologies. As the market continues to trend towards greater power density, heat management plays an increasingly critical role to secure device performance as well as base functionality. iCurie and AVC intend to introduce this breakthrough product at the end of this year and we are very excited by its potential market adoption."
David Wang, Vice President of AVC, commented, "We are looking forward to building on our already successful relationship with iCurie. This new agreement allows iCurie access to AVC's expertise, infrastructure and sales force required for manufacturing and marketing a cooling device designed for PC applications. AVC has built a powerful distribution network to support and facilitate sales worldwide of our leading PC cooling solutions. We count the industry's top companies and innovators among our customers, providing a true win win opportunity to enhance our offerings with a new, strong product proposition. Our partnership with iCurie once again demonstrates our dedication to taking new technologies and new products to the PC industry." |
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| To: caly who wrote (9) | 11/17/2005 11:50:06 AM | | From: donpat | | | | AVC - good!
I always like companies I am invested in to have products in the real world, for sale, or in products for sale. I makes your chances of success so much better! It probably goes without saying but I, years ago, have been in companies for lengthy periods years where no products for sale ever appeared. Warrren Buffett has his investing rules - I have mine and products for sale tops the list be it a babe of a pinky or a stock with a more lofty presence.
I'm encouraged tremendously by iCurie's announcement today.
Now if the rest of the investing public will become equally enthused we may get the stock price up. |
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