AUSTIN, Texas, July 19, 2011 (GLOBE NEWSWIRE) -- Applied Nanotech Holdings, Inc. (OTCBB:APNT) is pleased to announce that it has signed a license agreement for its solar ink and paste technology with YHCC. This is the first license agreement to arise out of the strategic relationship with YHCC previously announced in February 2011.
Under the terms of the license, Applied Nanotech will receive an upfront payment of $2.0 million and an ongoing royalty of 3% on sales of solar inks and pastes by YHCC. The first $1.5 million of the upfront payment is payable no later than August, 2011. The remaining $500,000 is payable in April, 2012, assuming certain technical specifications have been met. The license agreement grants YHCC an exclusive license for Applied Nanotech's solar ink and paste technology in Asia, excluding Korea and Japan.
YHCC has begun construction on a manufacturing facility to produce solar inks in its technical park in China. Applied Nanotech's aluminum pastes are the first products that YHCC will begin producing and is expected to be manufacturing and selling these pastes in 2012.
This license agreement gives Applied Nanotech exposure to the fast growing solar manufacturing market in Asia. The photovoltaic solar industry generated $82 billion in global revenues in 2010, with Asia dominating the solar manufacturing marketplace and China alone manufacturing nearly 60% of the worldwide solar cells in 2010.
Applied Nanotech's solar inks will be the first products introduced in the strategic partnership with YHCC. The parties are continuing discussions related to other collaboration opportunities.
"YHCC has shown a tremendous amount of interest in our solar inks since we began developing our relationship. We are pleased that YHCC has recognized the disruptive nature of our technology and have committed to make the commercialization of our solar inks the highest priority," commented Dr. Zvi Yaniv, CEO of Applied Nanotech, Inc.
"We are pleased to have completed the first license agreement with YHCC, which marks our third licensee that will have products in the market and generating royalties in 2012," said Doug Baker, CEO of Applied Nanotech Holdings, Inc.
About APPLIED NANOTECH HOLDINGS, INC.
Applied Nanotech Holdings, Inc. is a premier research and commercialization organization focused on solving problems at the molecular level. Its team of PhD level scientists and engineers work with companies and other organizations to solve technical impasses and create innovations that will create a competitive advantage. The business model is to license patents and technology to partners that will manufacture and distribute products using the technology. Applied Nanotech has over 300 patents or patents pending. Applied Nanotech's website is www.appliednanotech.net.
ABOUT SICHUAN ANXIAN YINHE CONSTRUCTION AND CHEMICAL GROUP CO., LTD ("YHCC")
Located in Anxian County, near Mianyang in Sichuan Province, China, YHCC currently operates through 9 separate subsidiaries located in three specialized industrial parks, occupying over 3,000 acres (700 U.S. acres). YHCC's website is http://www.yhcc.com/en/.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements that involve risks and uncertainties concerning our 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 our annual report on Form 10-K for the fiscal year ended December 31, 2010, and in reports subsequently filed by us 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 our website listed above. We hereby disclaim any obligation to publicly update the information provided above, including forward-looking statements, to reflect subsequent events or circumstances.