A trial could begin by March 2007 in Nano-Proprietary’s suit alle...
A trial could begin by March 2007 in Nano-Proprietary’s suit alleging Canon violated terms of a licensing agreement for part of the technology behind its surface conductor electron emitter displays (SEDs), Nano-Proprietary said in a 10-Q report filed with…
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the SEC. Nano-Proprietary sued Canon last year (CED April 13 p2) alleging it violated an agreement signed in 1999 by improperly transferring patent rights to Toshiba. The Canon-Toshiba joint venture, SED Inc., is expected to ship a 55W display later this year. The case against Canon hinges on 2 patents granted Nano-Proprietary in 1997 and 1998 covering techniques for making a carbon nanotube-based field emitter and triode structure flat panel display employing flat-field emission cathodes. A federal judge in Oct. dismissed Nano-Proprietary’s claims for tortuous interference and violations of the Latham Act, but kept its breach of covenant and fair dealings allegations intact, the SEC filing says. Meanwhile, Nano-Proprietary said it sold 750,000 shares in Feb., raising $1.5 million that will provide the company with liquidity until it breaks even. Nano-Proprietary’s Applied Nanotech unit is expected to generate revenue of $5 million this year including $1.7 million from govt. contracts, it said. The company can achieve cash flow breakeven with revenue of $6 million, it said. Nano-Proprietary had a $2.7 million revenue backlog as of Dec. 31, most of that from 6 govt. programs, the company said. Nano-Proprietary’s net loss for the fiscal year ended Dec. 31 widened to $4.66 million from $4.61 million a year earlier as revenues rose to $565,500 from $382,522. The revenue included $208,211 in expense reimbursement under U.S. govt. contracts, down from $305,721 a year earlier. It ended the year with $2.5 million in commitments for additional govt. contracts. Nano-Proprietary completed development of a nanotube-based 25” color TV last fall and has said it expects to start pilot production this year (CED Dec 19 p3).