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Home > Press > UK Trade & Investment Helps iCURIE Secure $17M In Financing

Abstract:
Nano-cooling technology company expands in UK with US financing

UK Trade & Investment Helps iCURIE Secure $17M In Financing

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. William Pedder, Chief Executive of Inward Investment Group at UK Trade & Investment said:

"iCurie is a shining example of the type of company that the UK Global Entrepreneurs Programme is designed to support - an entrepreneur with strong intellectual property, and the ability to address major global markets."

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 US over-the-counter bulletin board company - iCurie, Inc, (OTCBB symbol: ICUR). iCurie will use the proceeds to fund manufacturing and expansion.

Dr. Jeong Hyun Lee, former NASA and Samsung engineer and founder of the company, said:

"Although our core technology was developed in South Korea, I realised I needed a more strategically appropriate location for growing a global company based on our innovative intellectual property. UK Trade & Investment's programme showed us how the UK is 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."

GEP employs professional "Dealmakers" who assist entrepreneurs by identifying sources of finance and assisting in setting up their companies in the UK. Dealmaker Eric Van der Kleij said:

"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 the trust they placed in the programme to help them grow their business."

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. The GEP Dealmaker, Eric Van der Kleij, previously assisted iCurie in raising $3 million in initial funding last year.

In addition to supporting the financing, GEP assisted iCurie with attracting senior management and acquiring, transferring and securing the core intellectual property into a British company. This provided a UK base from which iCurie can grow into European and other global markets.

####


Notes to editors:
1. 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. GEP is currently working with 85 entrepreneurs from the US and Asia/Pacific, and an additional 20 have successfully developed businesses or opportunities in the UK with the support of the GEP. For more information visit the GEP website at www.entrepreneurs.gov.uk

2. iCurie develops and commercializes nanotechnology derived cooling solutions for the PC, personal communications and display industries. iCurie was founded in 2000 by Dr. Lee, a former NASA and Samsung engineer. iCurie, Inc. It is US publicly quoted (OTCBB symbol: CMTD ) parent of London-based iCurie Lab Holdings Limited, and Seoul, Korea based iCurie Labs, Inc. Additional information on iCurie and its technology is available at www.icurie.com.

Contacts:
Clare Hinkley
Fishburn Hedges
020-7839-4321

Pia Pialorsi
UK Trade & Investment Press Office
020-7215-8697

Copyright © UK Trade & Investment

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