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Press release BoxID: 553708 (Thin Film Electronics ASA)
  • Thin Film Electronics ASA
  • Henrik Ibsens gate 100
  • 0230 Oslo
  • http://www.thinfilm.no
  • Contact person
  • Torgrim Takle
  • +47 (95) 14 07 82

Thinfilm's Financial Report Third Quarter 2012

(PresseBox) (Oslo, Norway, ) Enclosed in pdf file is the interim report for the third quarter 2012 for the Thin Film Electronics ASA group. See below for the business review section of the report.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

BUSINESS REVIEW

During the third quarter, Thinfilm further strengthened commercial momentum for printed integrated systems and smart tags by signing a strategic commercial partnership and by initial recognition of significant sales revenue. Cross-industry awards from the World Technology Network ("WTN") and The Wall Street Journal demonstrate innovation leadership beyond the printed electronics industry.

Highlights:

- Increased momentum for system products: Entered into commercial agreement with Bemis Company Inc ("Bemis") to deliver sensor tags for the packaging market. The third quarter marked the initial recognition of considerable sales revenue.

- Established Thinfilm-led FlexTech Alliance funded consortium: Opening up new market, medical devices, for Thinfilm Addressable Memory (TM).

- Received first cross-industry awards from the World Technology Network and The Wall Street Journal: Thinfilm's technology innovation leadership recognized outside the printed electronics industry.

- Thinfilm's patent-pending printable protection deployed in high volume manufacturing of Thinfilm Memory (TM) at Inktec: Protection layer improves robustness to better meet customer requirements.

- Raised NOK 23 million in new capital through Warrants B exercise round in mid-October: 100% of the outstanding Warrants B were exercised (23,064,000 Warrants B).

- Received NOK 10 million in funding from Eurostars Programme: Accelerates the delivery of display logic for integrated printed systems.

During the third quarter of 2012, Thinfilm launched a commercial partnership with Bemis Company Inc. ("Bemis"), a world leader in flexible packaging. The companies are working together to deliver a printed sensor platform for the packaging market. In August 2012, launch of a FlexTech Alliance program for disposable blood oxygen sensors demonstrated the breadth of market potential for Thinfilm Addressable Memory(TM). "This is only the beginning of a wave of ultra low-cost printed devices in a wide range of industries," says Davor Sutija, CEO of Thinfilm.

Thinfilm continued progress on its time-temperature sensor prototype, in collaboration with PARC. Development remains on-track and a demonstration of the world's first integrated printed system device is expected by the end of 2012, or the beginning of 2013.

In October 2012, Thinfilm received cross-industry recognition for development of printed smart tags for the Internet of Things. First, Thinfilm, together with PARC, a Xerox company, was awarded runner-up for the esteemed Wall Street Journal Technology Innovation Award, which recognizes disruptive breakthroughs in the field of technology. Second, Thinfilm won the World Technology Award for the company's visionary contribution to material science and technology. The award was given by the World Technology Network, a global association of over 1,000 innovation leaders, and it recognizes companies "achieving significant innovation and lasting impact", in association with Time, Fortune, CNN, Science and The MIT Technology Review. The awards are important validation of Thinfilm's roadmap and vision.

During the third quarter of 2012, Thinfilm's production partner, Inktec, successfully incorporated Thinfilm's patent-pending printable protection layer into mass production of the 20-bit Thinfilm Memory, increasing the durability of Thinfilm printed memory in applications such as toys, games and info-kiosks.

During the week of the date of the report, Thinfilm and Swedish partners Acreo and Santa Anna IT Research Institute were awarded NOK 10 million funding by the Eurostars Programme to accelerate the commercialization of display logic for integrated printed systems. The Thinfilm consortium received a Top 10% rating among all submitted proposals in Europe, reflecting strong technology innovation and market competitiveness.