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January 12th, 2007
Nano-Proprietary, Inc. (OTCBB: NNPP) today announced that it is pleased Canon, Inc. and Toshiba Corporation have decided to continue to move forward with their SED TV.
"Restructuring of Canon's ownership position does not resolve the pending litigation which goes to trial in a few weeks," said Tom Bijou, Chief Executive Officer of Nano-Proprietary, Inc. "We have terminated Canon's license as a result of breach of contract. Moreover, our complaint against Canon includes other counts, including fraud unrelated to the ownership of SED. We are, however, willing to enter into a new license agreement with Canon on reasonable terms."
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