Summary of Recent News & Upcoming Events
Liquidmetal appoints Tony Chung to the Board of Directors, Announces Transition in Principal Financial Officer Role
LAKE FOREST, Calif.--(BUSINESS WIRE)--August 22, 2017--
Liquidmetal(R) Technologies, Inc. (OTCQB: LQMT), the leading developer of amorphous alloy technologies, elected Mr. Tony Chung as a director of the Company. In connection with his appointment to the Board of Directors, Mr. Chung resigned as Chief Financial Officer of the Company, and Mr. Bryce Van, former Corporate Controller, was appointed as Vice President of Finance and will serve as the Company's principal financial and accounting officer.
Mr. Chung served as Liquidmetal's Chief Financial Officer for nearly 10 years. During this time, he served a critical role in ensuring that the Company had adequate funding for operations and helped lead the Company to fulfill its vision as the leader of amorphous alloy technology.
"Tony's expertise in the legal and financial realms has helped propel the Company for many years. We value his experience and are delighted to know that he will continue to contribute to Liquidmetal's future success as a member of our Board of Directors," said Professor Lugee Li, Chairman and CEO.
"Now that the Company has a secure financial foundation, the time is right for me to transition to our Board of Directors, allowing me to spend more time with my family and on other meaningful ventures. But I remain fully committed to realizing the uncommon potential of Liquidmetal. I look forward to greeting our customers and investors at our upcoming Open House on October 17 as a member of our Board of Directors," said Mr. Chung.
Bryce Van has been a key member of Liquidmetal's leadership team, serving as Corporate Controller for the last four years. "Bryce has impressed me with his understanding of the strong financial discipline we need for the next phase of our Company's development: Growing revenue and generating profits. I have great confidence in him," said Professor Li.
Liquidmetal Sets "Open House" for October 17, 2017
LAKE FOREST, Calif.--(BUSINESS WIRE)--August 08, 2017--
Liquidmetal(R) Technologies, Inc. (OTCQB: LQMT), the leading developer of amorphous alloys, has terminated the lease with its previous facility located in Rancho Santa Margarita and in July of 2017, officially moved in to its new facility located at 20321 Valencia Circle , Lake Forest, CA 92630.
The Company will be hosting the public during the month of October to showcase its new, state of the art building. In particular, the Company has set aside October 17, 2017 as the date for its "Open House" specifically devoted to shareholders and investors. The Company will have further announcements with more details related to this event.
"The Company has devoted much of 2017 to acquiring and building out its new manufacturing facility. Now that we are here, we are truly excited to share our continuing story as we begin manufacturing operations in our new building. I welcome our partners, shareholders and anyone interested in our technology to come join us in celebration of our accomplishments and to get a glimpse of what the future holds for Liquidmetal," said Professor Li, Chairman and CEO.
Chairman Li Receives Excellence Award for 2017 Automotive Cast Product Design
RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--May 12, 2017--
Liquidmetal(R) Technologies, Inc. (OTCQB: LQMT), Professor Lugee Li, Chairman and CEO at LQMT, will be presented with an Excellence Award from the International Magnesium Association ("IMA") at the 2017 World Magnesium Conference being held in Singapore on May 21-23, 2017.
The Excellence Award is being presented to Professor Li in recognition of a new automotive cast design for structural portions of automotive closure panels (i.e., side doors, lift gates, hoods, trunk lids) where his unique, novel, and creative design and development of magnesium demonstrated significant advances over current practice.
"I am humbled and excited to be presented with the Excellence Award from the IMA. I have many ideas on product design across multiple industries, and I look forward to bringing such innovations to Liquidmetal for its product development and applications. If you have a chance to come to the 2017 World Magnesium Conference in Singapore, I will see you there," said Professor Li, Chairman and CEO at LQMT.
Liquidmetal(R) Commissions Advanced Amorphous Metal Molding Systems
RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--April 13, 2017--
Liquidmetal(R) Technologies, Inc. (OTCQB: LQMT; the "Company"), announced today that it has received two hot crucible amorphous metal molding machines ("Machines") from the Company's licensing partner Eontec Ltd. These Machines allow the production of amorphous alloy parts that are up to three times larger and one-third the cost of established technologies. This technology complements LQMT's well established cold-crucible systems, which are capable of producing parts that meet requirements for the most demanding medical and automotive applications. The Machines are located in the Company's new 41,000 square-foot manufacturing facility in Lake Forest, CA., where operations are planned to commence in the second half of this year.
"We are making excellent progress on our plans to significantly expand our market reach and the scale of our operations. Our hot-crucible machines provide the benefits of amorphous alloy technology to price-sensitive applications that were previously beyond our reach," said Dr. Bruce Bromage, Liquidmetal's EVP of Business Development and Operations. "I am pleased to be able to join the technology we have developed at Eontec with the exceptional talent and expertise within Liquidmetal," said Professor Li, Chairman and CEO of Liquidmetal.
Liquidmetal(R) Passes Implant Study
RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--March 28, 2017--
Liquidmetal(R) Technologies, Inc. (OTCQB: LQMT; the "Company"), announced today that it has passed additional pre-screening biocompatibility tests for use in medical implants and is now pursuing collaborations with medical implant companies.
In February of 2017, LQMT received long-term implantation results from parts 3, 10, 6 and 11 of the ISO 10993 (Biological Evaluation of Medical Devices) suite of tests, which include evaluation of genotoxicity, sub-chronic systemic toxicity, and pyrogenicity. LQMT alloy LM105 passed all of these tests well within the allowable limits. These results, combined with previously completed tests from ISO 10993 parts 10, 11, 4, and 5 which cover sensitization, irritation, acute systemic toxicity, hemocompatibility and cytotoxicity, indicate that the Liquidmetal process is compatible with a wide range of medical device requirements including long term implants.
"The results of these tests are very exciting and it positions the Company well to engage medical device customers in a broad range of implantable device applications including, cardiac rhythm, cochlear, spinal, and orthopedic implants among others. The Company will now focus on partnering with medical implant manufacturers to identify specific applications to further explore the use of Liquidmetal," said Paul Hauck, Executive Vice President of Sales and Marketing at LQMT.
Liquidmetal(R) to Purchase New Manufacturing Facility
RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--January 24, 2017--
Liquidmetal(R) Technologies, Inc. (OTCQB: LQMT) announced today that on January 18, 2017, Liquidmetal Technologies, Inc. (the "Company") entered into an agreement for the purchase of an approximately 41,000-square-foot building located in Lake Forest, California for approximately $7.8M. The Company expects to close the property purchase on February 17, 2017.
"We are very excited about the purchase of our new corporate office and manufacturing facility. The new facility will allow us to expand our manufacturing capabilities in line with our overall strategy to prepare the Company to be the global leader in amorphous alloy production," said Professor Lugee Li, Chairman and CEO at LQMT.
Liquidmetal(R) Technologies Orders First Die Cast Machine
RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--January 12, 2017--
Liquidmetal(R) Technologies, Inc. (OTCQB: LQMT), announced today that it has ordered its first amorphous metal molding machine from its Licensee, Eontec Co., Ltd. The machine design is based on a die casting platform and is complementary to the injection molding machine developed with Engel. Delivery of the machine is expected in March 2017.
Paul Hauck, Executive Vice President of Sales and Marketing, said: "The machine technology that we are purchasing from Eontec will allow the manufacture of larger parts, up to 300 grams, and will allow us to offer lower cost parts made possible with larger higher-cavitation molds. The machine capabilities from both Eontec and Engel are expected to significantly broaden the number of possible applications across multiple markets. In parallel to this order, our sales team is reviewing past customer opportunities for candidate parts that could be served with the larger capacity machine."
Professor Lugee Li Named President & CEO of Liquidmetal(R) Technologies
RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--December 14, 2016--
Liquidmetal(R) Technologies, Inc. (OTCQB: LQMT) announced today that it has named Professor Lugee Li as President and Chief Executive Officer of Liquidmetal Technologies effective immediately. Professor Li has served as a member of the Company's Board of Directors since March 10, 2016 and is the sole owner of Liquidmetal Technology Limited, a Hong Kong company that is the Company's largest shareholder. Professor Li will not be taking any compensation as a result of his appointment as President and Chief Executive Officer.
Professor Li will make his first public remarks as President & CEO at the Company's previously announced special investor update conference call to be held on Thursday, December 15, 2016. The dial-in details for the conference call are included in the press release announcing the call previously issued on December 1, 2016.
Liquidmetal Technologies Finalizes $63.4 Million Equity Raise
RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--October 27, 2016--
Liquidmetal(R) Technologies, Inc. (OTCQB: LQMT) ("LQMT", "Company"), the world's leading developer of amorphous alloys, announced today that it has finalized the additional closing pursuant to its previously disclosed Securities Purchase Agreement, dated March 10, 2016, with Liquidmetal Technology Limited ("Investor"), a Hong Kong company owned by Professor Lugee Li.
At the additional closing, the Company issued and sold to Investor an aggregate of 300,000,000 shares of Company's common stock for an aggregate purchase price of $55,000,000, comprised of 200,000,000 shares at $0.15 per share and 100,000,000 shares at $0.25 per share. As a result of the additional closing, Investor has completed its entire investment into the Company in the aggregate amount of $63.4 million as contemplated by the Securities Purchase Agreement.
In conjunction with the above, the Company appointed Professor Li as Chairman of the Board and added two new members to the Company's Board of Directors, Mr. Isaac Bresnick and Mr. Vincent Carrubba. As a result of the foregoing appointments, Mr. Abdi Mahamedi resigned as Chairman and was appointed as Vice Chairman of the Board and Mr. Robert Howard-Anderson resigned from the Board of Directors.
Professor Li is also the Chairman and majority shareholder of EONTEC, a global manufacturing company headquartered in Hong Kong with manufacturing plants in China. It specializes in new material development, such as bulk metallic glasses and medical grade magnesium for implants. EONTEC possesses a full set of mass production capabilities for zirconium based amorphous alloys, including material refining, tooling, and machining, surface treatment, as well as equipment and machine building capabilities for making large parts out of bulk metallic glass.
"Our investment in LQMT is complete and we can now fully incorporate EONTEC's capabilities with LQMT's focus on production of high-performance parts, allowing LQMT to address a broad range of market opportunities from automotive, medical and industrial customers. I am truly excited for the future and look forward to the possibilities," said Professor Li.
"Professor Li's unique expertise in metallurgical and materials engineering and manufacturing is a substantial resource for the company's Board of Directors and its vision and direction. Professor Li is exceptionally qualified to take on the role of Chairman and I look forward to supporting him and the Board for future success." said Mr. Mahamedi.
Mr. Steipp, Company's CEO, added; "The closing of the financing transaction and collaboration with EONTEC will provide us with the platform and resources necessary to establish Liquidmetal as a global force in the revolutionary amorphous alloy solutions and to fast-track the market development of its core technologies. EONTEC and Liquidmetal each bring significant capabilities to this partnership and we look forward to an exciting 2017 and beyond. "
For more information, please refer to our Form 8-K describing the transaction filed with the Securities and Exchange Commission on October 27, 2016.
Liquidmetal Technologies Announces Amendment to Securities Purchase Agreement-Technology Partnership Continues to Strengthen
RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--August 17, 2016--
Liquidmetal(R) Technologies, Inc. (OTCQB: LQMT), the world's leading developer of amorphous alloys, announced today that it has entered into an amendment to its Securities Purchase Agreement, dated March 10, 2016, with Liquidmetal Technology Limited, a company owned and controlled by Professor Lugee Li. Under the amendment, Liquidmetal Technologies agreed to extend to December 31, 2016 the deadline for the purchase by Liquidmetal Technology Limited of the remaining 300,000,000 shares under the Securities Purchase Agreement. The original deadline for the follow-on investment was August 17, 2016, and the amendment will enable Professor Li to complete the international funds transfer process required for the remaining investment. Other than the extension of the closing date, the amendment did not materially modify the terms of the original Securities Purchase Agreement.
The Securities Purchase Agreement was entered into in March 2016 in conjunction with a cross-licensing agreement with DongGuan EONTEC Co., Ltd. (EONTEC), a global manufacturing company headquartered in Hong Kong that specializes in the development of bulk metallic glasses and other new materials. In commenting on the partnership with Professor Li and EONTEC, Thomas Steipp, the CEO of Liquidmetal Technologies, stated, "Our partnership with Mr. Li and EON continues to strengthen. We are making excellent progress on expanding the solutions available to our customers worldwide, providing a wider range of part geometries, and attractive manufacturing options. We believe that the infusion of capital from Professor Li will allow Liquidmetal to grow at a much faster rate moving forward, allowing us to address a broader range of customers and to expand operations in North America and Europe. We understand that transferring funds from China to the US can present timing issues, and believe that this extension, which essentially leaves all aspects of our original agreement in place, is clearly in the best interest of our shareholders."
Professor Li, in commenting on the partnership and additional investment, stated, "I have worked closely with the Liquidmetal management team to shape a vision and a tactical plan for the future that would not have been possible for either company on its own. I look forward to furthering our relationship and am excited about the possibilities for 2017 and beyond."
Liquidmetal Shareholders Approve Authorized Share Increase Facilitating $55M Investment
RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--May 20, 2016--
Liquidmetal(R) Technologies, Inc. (OTCQB: LQMT) ("LQMT"), on March 10, 2016, LQMT announced that it had closed on a financing transaction of up to $63.4 million (initial closing occurring on March 10, 2016 in the amount of $8.4 million, with a commitment for an additional investment in the amount of $55.0 million subject to an increase in authorized shares to be approved by shareholders). The investment was made by Professor Lugee Li in conjunction with a cross-licensing agreement with DongGuan EONTEC Co., Ltd. ("EONTEC"), a publicly traded company on the Shenzhen Stock Exchange (300328.sz). Professor Li is also the Chairman and majority stockholder of EONTEC.
LQMT held its annual shareholder meeting on May 18, 2016, and shareholders approved the increase in the Company's authorized shares from 700,000,000 to 1,100,000,000 shares. This increase in authorized shares now allows the Company to issue common stock to fund the remaining $55 million investment.
"With the increase in authorized shares, we are now poised to close on the remaining $55 million investment committed by Professor Li," said Thomas Steipp, President and CEO at LQMT. "We are very excited about the ongoing partnership we are building with EONTEC and look forward to finalizing the investment transaction." continued Mr. Steipp.
Liquidmetal Technologies Raises up to $63 Million in Partnership with Global Manufacturing Firm EONTEC
-Expands Global Footprint and Product Offering-
RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--March 14, 2016--
Liquidmetal(R) Technologies, Inc. (OTCQB: LQMT) ("LQMT"), the world's leading developer of amorphous alloys, announced today that it closed on a financing transaction of up to $63.4 million (initial closing occurred on March 10, 2016 in the amount of $8.4 million through the sale of equity to a private investor, with a commitment for an additional investment in the amount of $55.0 million subject to an increase in authorized shares to be approved by shareholders) . The investment was made in conjunction with a cross-licensing agreement with DongGuan EONTEC Co., Ltd. ("EONTEC"), a publicly traded company on the Shenzhen Stock Exchange (300328.sz).
EONTEC is a global manufacturing company headquartered in Hong Kong with manufacturing plants in China. It specializes in new material development, such as bulk metallic glasses and medical grade magnesium for implants. The company possesses a full set of mass production capabilities for zirconium based amorphous alloys, including material refining, tooling, and machining, surface treatment, as well as equipment and machine building capabilities for making large parts out of bulk metallic glass.
The equity investment in LQMT was made by Professor Lugee Li, who is also the Chairman and majority stockholder of EONTEC. Professor Li serves as an Analyst for the Institute of Metal Research at the Chinese Academy of Sciences and teaches at several universities in China. As part of the transaction, Professor Li was elected as a Board member of LQMT.
"EONTEC's capabilities complement LQMT's focus on production of high-performance parts, allowing LQMT to address a broad range of market opportunities from automotive, medical, and industrial customers. This partnership positions LQMT well to support design and production globally at a vastly increased pace," said Professor Li.
"This investment and partnership recognizes the significant advancements in technological and commercial capabilities that Liquidmetal has forged over the last five years. Our brand and market positions in North America and Europe are without peer," said Thomas Steipp, President and CEO at LQMT. "This financing transaction and cross-licensing agreement provides us with the platform and resources necessary to establish a global market in Liquidmetal(R) alloy solutions and to fast-track the market development of our core offerings. With this partnership, we will extend our capabilities to significantly larger parts, as well as offering substantially lower price points for some consumer markets. EONTEC and Liquidmetal each bring significant capabilities to this partnership, and we believe that result will be a much larger market that develops much more quickly," continued Mr. Steipp
