AUSTIN, Texas, Dec. 13, 2010 (GLOBE NEWSWIRE) -- Applied Nanotech Holdings, Inc. (OTCBB:APNT) announced that following the successful completion of the research and development portion of its agreement (see press release of January 4, 2010), its sporting goods partner has exercised its option to license its CNT composite technology for use in golf club shafts. This agreement follows the previous license agreement for tennis and badminton racquets that was signed in October 2008, with the same manufacturer.
This license agreement grants the sporting goods manufacturer the exclusive right to use Applied Nanotech's CNT composite technology in the manufacture and sale of golf club shafts in Japan and Taiwan, and the nonexclusive rights to sell the product on a worldwide basis. In exchange for this license, ANI will receive an upfront royalty payment in December 2010, and an ongoing royalty based on sales of the sporting good manufacturer's products using the technology. We expect that our partner will have products on the market in early 2011 and publicize those products prior to their introduction.
"Working together with our partner, we have achieved considerable improvement in the flexural strength of FRPs, which is equivalent to the realization of better than 10% lighter products while preserving their mechanical strength," said Dr. Zvi Yaniv, CEO of Applied Nanotech, Inc. "These results will allow our partner to introduce new and improved products in the market and we expect these products to be introduced in early 2011."
"This agreement will further increase our profitability in 2010, which was previously discussed in the November 15, 2010 shareholder letter posted on our website," said Doug Baker, CEO of APNT. "We are pleased to complete this important agreement and look forward to having this first product using our technology in the marketplace generating royalties. More importantly, we expect several products from various partners to hit the market and generate recurring royalties in 2011."
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 250 patents or patents pending. Applied Nanotech's website is www.appliednanotech.net.
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, 2008, 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.