Nano-Proprietary, Inc. Announces Verdict in Canon Litigation
AUSTIN, TX -- (MARKET WIRE) -- 05/03/07 -- Nano-Proprietary, Inc. (OTCBB: NNPP)
today
announced that the jury has reached a verdict in its litigation against
Canon, Inc. In its verdict, the jury decided that Nano-Proprietary was due
no additional damages beyond those already received, which includes the
right to keep the $5.5 million that it originally received and termination
of the original license agreement.
"While we are disappointed by the jury's verdict, we need to keep in mind
that we already had the most important victory in the case when the Court
validated our termination of Canon's license as a result of their material
breach of the contract," said Tom Bijou, Chief Executive officer of
Nano-Proprietary, Inc. "We were also pleased that during the trial, Canon
confirmed its plans to move forward with its SED TV and continue to believe
that the advent of field emission display televisions will be a signal
event for Nano-Proprietary. We made a significant gesture to Canon during
the course of the trial that we hope will provide a framework of
cooperation and negotiation for the future. Nothing about today's verdict
changes the fact that we have significant intellectual property that we
believe will have to be licensed by anybody, including Canon, that wishes
to sell televisions based on electron emissions in the broad geographical
areas of the world where our IP is in effect. The vast majority of our
revenue forecast for 2007 has little to do with televisions. Our growth in
the materials and sensor business continues to be one of the drivers of our
future."
Safe Harbor Statement
This press release contains forward-looking statements that involve risks
and uncertainties concerning Nano-Proprietary's business, products, and
financial results. Actual results may differ materially from the results
predicted. More information about potential risk factors that could affect
our business, products, and financial results are included in
Nano-Proprietary's annual report on Form 10-K for the fiscal year ended
December 31, 2005, and in reports subsequently filed by Nano-Proprietary
with the Securities and Exchange Commission ("SEC"). All documents are
available through the SEC's Electronic Data Gathering Analysis and
Retrieval System (EDGAR) at www.sec.gov or from Nano-Proprietary's website
listed below. Nano-Proprietary hereby disclaims any obligation to publicly
update the information provided above, including forward-looking
statements, to reflect subsequent events or circumstances.
About Nano-Proprietary, Inc.
Nano-Proprietary, Inc. is a holding company consisting of two wholly owned
operating subsidiaries. Applied Nanotech Inc. is a premier research and
commercialization organization dedicated to developing applications for
nanotechnology with an extremely strong position in the fields of electron
emission applications from carbon film/nanotubes, sensors, functionalized
nanomaterials, and nanoelectronics. Electronic Billboard Technology, Inc.
(EBT) has a financial interest in technology related to electronic
digitized sign technology. Nano-Proprietary's website is
www.nano-proprietary.com.
COMPANY CONTACT
Doug Baker
Chief Financial Officer
Nano-Proprietary, Inc.
248.391.0612
Email Contact
MEDIA CONTACT
William J. Spina
781.378.2000
Email Contact
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