ADVANCE DISPLAY TECHNOLOGIES PLC
FINAL RESULTS
Chairman's statement:
"Fulfilling unmet technology needs" - those words, and the market opportunities
they represent, were the inspiration for the formation of Advance Display
Technologies Plc ("ADT") and I am pleased to say that ADT remains on course for
accomplishing this aim. Comprising nanotechnologies in development across
multiple display application areas: flat panel and projection displays, plastic
electronics and flexible displays, ADT presents an addressable market
opportunity of over $100 billion.
Working with scientists at the Centre for Advanced Photonics and Electronic, a
division of the University of Cambridge and the University of Bristol, we have
consistently met our research goals and have positioned ADT well to realize its
commercialization goals and maximize its market opportunities.
In fact, over the next 12 months, we hope to see the first revenue from one of
our most exciting products, a "nanodiamond" field emission display (FED),
developed by NanoFED Limited, that offers a quantum leap in efficiency and
cost-effectiveness over existing technologies such as liquid crystal displays
(LCDs) and cathode-ray tubes. NanoFED Limited's low voltage flat panel
displays have a wide range of potential applications from displays in cars and
mobile phones to high-resolution computers and television screens for both
medical and military use. Their broad applicability offer potential access to
the $95 billion per year direct view television market. Toward that goal,
NanoFED Limited, in collaboration with the University of Bristol, recently
filed four patent applications of its core nanodiamond technology in the US,
EU, Japan and South Korea.
Another technology in ADT's pipeline, NanoLight Limited, is developing enhanced
phosphors incorporating zinc oxide nanorods for high-efficiency, low voltage
FEDs and light emitting diodes (LEDs). The zinc oxide nanorods under
development at NanoLight Limited are more environmentally friendly and will
consume ninety percent less energy than traditional light sources. The first
phase of the project, evaluating the feasibility of generating new low voltage
phosphors on glass substrates for FEDs, has been completed and the second stage
in which researchers will work to integrate the proposed hybrid phosphors into
new types of LEDs is already underway. ADT envisions fabricating a prototype
LED using coating procedures already available in the University of Bristol's
laboratories and licensing the NanoLight Limited technology to current phosphor
manufacturers.
Flexible displays are expected to create new markets within the electronic
display industry and ADT is helping to lead the way. In collaboration between
ADT and Dow Corning Limited, Ultratubes (formerly referred to as NanoOptics
Limited) is developing enhanced polymer composites incorporating nanoparticles
for ultrafast light modulation and laser pulse generation for use in optical
and telecommunications equipment as well as in bio-medical instruments,
chemical analysis, time resolved spectroscopy, electro-optical sampling,
microscopy, medical diagnostics and therapeutics, material processing, marking
and drilling. Last year, researchers produced their first working prototype by
demonstrating the efficient and inexpensive production of carbon nanotube (CNT)
polymer mode-lockers. In December 2006, Ultratubes agreed to the shipment of
evaluation samples of its mode-lockers to a leading manufacturer of short-pulse
lasers based in Germany. Also confirming its value, the technology was
recently selected as a finalist for the prestigious Brian Mercer grant.
In collaboration between ADT and Alps Electric Company, Osputt (formerly known
as Inovus Materials) is using carbon nanotubes and liquid crystal based
composites to improve the performance of optical engines in high resolution
projection based displays. Optically addressable spatial light modulators
(OASLMs) will enable new high resolution and high contrast optical engines,
creating lifelike images in projection based systems for home, office and next
generation digital cinema. Real time, high resolution digital cinema will
greatly improve the viewing experience of moviegoers and could have a
significant impact on the electronics components and home entertainment
markets. Last year, the Osputt team unveiled the first working prototype of an
optically addressed holographic projection engine exploiting unique
nanomaterial properties using an all optical spatial modulator. The optically
addressed holographic projection engine represents a fundamental step towards
realizing the future generation of high performance displays.
We believe ADT's business model - partnering with leading university research
labs and focusing our resources on bringing their ideas to market - offers the
maximum value to shareholders.
We look forward to continuing to serve our shareholders, and thank you for your
valued support and loyalty.
The following abbreviated consolidated financial statements are the unaudited
group's financial position as at 31 December, 2006. Owing to the nature
of the company's policy of share capital growth, and the lack of internal
revenue, the directors do not recommend the payment of a dividend.
Tony Goncalves
Executive Chairman
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