Nanotechnology Now - Press Release: "Nano Cluster Devices Announces Major Transaction"

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Nano Cluster Devices Announces Major Transaction

Posted on November 23, 2005

Christchurch, New Zealand, based Nano Cluster Devices Ltd announced today that it had concluded a major transaction with Buffalo-based NanoDynamics Inc.

The major components of the transaction are:

NanoDynamics takes control of US-based Nano Cluster Devices Inc and guarantees its performance in marketing the technology developed by Nano Cluster Devices Ltd.
Nano Cluster Devices Inc is granted an exclusive license to the novel cluster-based technologies developed by Nano Cluster Devices Ltd.
Nano Cluster Devices Ltd receives ongoing funding for further development work, licence and royalty revenues, and options to convert back to an ownership interest in Nano Cluster Devices Inc in certain circumstances.

NCD Ltd Director Michael Hawkins, who negotiated the deal with NanoDynamics, said “NanoDynamics is one of the leading nanotechnology companies in the world, with a very high international profile. The licensing and development agreements that have been negotiated secure market access for NCD’s technology, and guarantee NCD Ltd’s financial position into the medium term.”

Shareholders of Nano Cluster Devices Ltd unanimously approved the transaction prior to signing.

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