Two companies join forces to develop OLED-related systems

Two companies have signed a joint venture agreement to develop OLED- (organic light emitting diode) related systems, according to a Business Wire release. Global-Tech Appliances Inc. said its wholly owned subsidiary, Consortium Investment (BVI) Ltd. (CIBL) and Anwell Technologies Ltd., a publicly listed company in Singapore, have agreed to form a joint venture company, Lite Array Holdings Ltd.

04/13/2006


Two companies have signed a joint venture agreement to develop OLED- (organic light emitting diode) related systems, according to a Business Wire release. Global-Tech Appliances Inc. said its wholly owned subsidiary, Consortium Investment (BVI) Ltd. (CIBL) and Anwell Technologies Ltd ., a publicly listed company in Singapore, have agreed to form a joint venture company, Lite Array Holdings Ltd . It added that Lite Array's manufacturing facilities in China "will exploit synergies related to the production of OLED systems."

Under the agreement, Global-Tech will invest CIBL OLED assets and intellectual property in exchange for a convertible note from Anwell and a 30% stake in Lite Array. Lite Array is wholly owned by Global-Tech. The joint venture, said the announcement, is intended to "leverage the design and manufacturing capabilities of Global-Tech and Anwell to pursue potential opportunities in the OLED market."

Global-Tech and Anwell executives spoke out in support of the move. John C.K. Sham, president and CEO of Global-Tech, noted that combining the companies will "enhance and accelerate our progress in exploiting other opportunities in the OLED market." Franky Fan, executive chairman and CEO of Anwell added that the partnership will generate capital to develop better processing techniques for OLED systems.

OLEDs, composed of thin films of organic molecules, are a recent technology to create picture elements in display devices. OLEDs are self-luminous, require no backlight to function, generate better images than conventional LEDs, and use less power, the companies say.

—Jeanine Katzel, senior editor, Control Engineering,
jkatzel@reedbusiness.com





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