LONDON Advance Display Technologies plc is applying for its shares to be traded on the PLUS Market and issuing 50 million ordinary shares, valuing the company at £25 million at the commencement of trading.
Around six percent of the ordinary shares will be available to external investors with the remaining balance being held by ADT’s directors, Advance Nanotech Inc. and Advance Nanotech Ltd. Trading is expected to commence on January 15, 2007.
PLUS Markets Group is an independent U.K. provider of primary and secondary equity market services and currently trades over 850 small and mid-cap company shares, representing a combined market capitalization of over £150 billion.
ADT identifies patented, patent-pending and proprietary technologies at universities and funds the additional development of those technologies in exchange for the exclusive rights to commercialize the technologies. The company operates through its wholly owned Subsidiaries, NanoFED Ltd and Cambridge Nanotechnology Ltd.
It develops and commercializes nano-enabled materials and devices across three distinct display applications areas: flat panel and projection displays; plastic electronics, and flexible displays.
The company says it has nine key technologies in development, with commercialization anticipated over the next one to three years.
ADT says it has development agreements in place with global leading scientific groups at universities which have proven track records of successfully commercializing technologies.
“The funding we have secured will be used to further develop our existing technologies, and explore new possibilities, but equally importantly it will increase our profile within the display industry and provide us with the ability to raise capital in the future,” said Tony Goncalves, executive chairman of Advance Display Technologies.
Goncalves is CEO of Advance Nanotech, Inc. which he joined in November 2006. Prior to this he held a number of positions with Purdue Pharmaceutical L.P. and its independent associated companies.
Other directors of ADT include Magnus Gittins, co-founder and executive chairman of Advance Nanotech, Inc. Prior to co-founding Advance Nanotech, He was the Chief Technology Officer of a European focused, technology venture-capital fund.
Dr Gerhard Rebel is chief technology officer of Advance Display Technologies, Plc, and was previously senior vice-president for technology for Advance Nanotech, Inc. Dr. Rebel is a former engineering research fellow and lecturer at the University of Reading, U.K., where he specialized in mechanical engineering system modeling, materials science and advance sensor systems.
Also on the board is Tom Holzel, founder of Velocity Associates. He conducts strategic positioning campaigns for large and small technology companies and products. He sold a medical flat panel digital display (to Zoll Medical) for $12million helping fund the display manufacturers (PixTech) IPO. He sold a high-density low-voltage power supply to Motorola for $20million, again while still a prototype. He has been a company officer in four start-ups that led to IPOs has been associated with field emission display (FED) technology since initiating an advanced avionics display program at Raytheon in 1988. He subsequently was appointed the vice president of marketing for PixTech, a pioneer in the manufacturing of first-generation FEDs and ran their U.S. operations.