NanoPierce Technologies Forms New Joint Venture with Scimaxx Solutions,LLC.
DENVER, Sep 22, 2003 (BUSINESS WIRE) -- NanoPierce Technologies, Inc., today, announced that it has formed a new joint venture with Scimaxx Solutions, LLC, to better promote the marketing and development activities previously conducted by its subsidiary, NanoPierce Connection Systems, Inc. It is partnered in the joint venture by the other joint venture partner, Scimaxx, LLC, which is owned by Dr. Herbert J. Neuhaus and others. The joint venture is owned 50% by each party.
NanoPierce Technologies, Inc's. contribution to the joint venture are the assets located in the Colorado Springs facility. NanoPierce Technologies also granted a worldwide, non-exclusive, non-royalty bearing license for all applications to the new joint venture. The joint venture agreement provides that once it is operating profitably, cash distributions will be made to the partners. Scimaxx is contributing cash and continuing financial support for the new joint venture.
Dr Herbert J. Neuhaus, while remaining a director and Executive Vice President of Technology and Marketing of NanoPierce Technologies, Inc., will be the Chief Executive Officer of Scimaxx Solutions and responsible for arranging financing for all continuing operations of the new joint venture.
NanoPierce Technologies Inc., retains full ownership of its intellectual property, and will contribute no cash to the joint venture. All improvements based upon the Company's intellectual property, developed by the joint venture, will belong exclusively to the Company. All new intellectual property, not based on the Company's intellectual property, will belong to the joint venture.
Paul Metzinger said: "Confronted with the most challenging market and industry conditions in decades, the Company has been forced to seek creative solutions to continue operations until conditions change and further financing is obtained. Without alternative financing arrangements, such as this new joint venture, we would not be able to sustain the Colorado Springs subsidiary or Dr. Neuhaus' team."
Mr. Metzinger continued: "Through Scimaxx Solutions, the marketing of the Company's intellectual property continues without the need to provide any further financing. This move renews the technology while enhancing the survival of a much leaner NanoPierce Technologies, Inc."
Dr. Neuhaus said: "This joint venture provides a compelling opportunity to NanoPierce's shareholders and to the Scimaxx team. Without this new approach, we would have to face even greater cutbacks in our marketing and development efforts. That would simply be unacceptable, both for my team and for the shareholders. We are fiercely committed to the NanoPierce vision, and this joint venture allows my team to continue what it has begun at NanoPierce Connection Systems, Inc."
Scimaxx Solutions, LLC, will pursue three tightly coupled strategic thrusts: (1) marketing of NanoPierce technology and intellectual property, (2) development of turn-key manufacturing solutions through the customization of the NanoPierce IP and other non-proprietary technologies, and finally (3) providing pilot and medium-scale manufacturing services.
Dr. Neuhaus continued, "The Scimaxx Solutions strategy is based on leveraging the investments made at Colorado Springs and the team's expertise together with a pragmatic recognition of where we can add value."
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