Research Frontiers Inc. (Nasdaq: REFR) and Israel-based material
science company Gauzy Ltd. announced today that Gauzy has lead a
group that has invested $2 million in SPD-SmartGlass technology
company Research Frontiers. The investors purchased 2,173,916
shares of common stock of Research Frontiers at a price of $0.92
per share (the market price for Research Frontiers common stock at
the time the transaction was entered into) and also received
warrants expiring September 30, 2023 to purchase 1,086,957 shares
of Research Frontiers common stock at an exercise price of $1.10,
$1.20 or $1.38 per share depending upon the exercise date.
The shares purchased by Gauzy are subject to at
least a one-year lock-up period with incentives including certain
standstill and other exclusive rights, with the further possibility
of up to a five year lock-up period. The shares issued to the other
investors in the group are not subject to a similar lock-up and
will be covered by the company’s existing registration statement on
Form S-3.
Gauzy also has the ability to purchase up to $1
million worth of additional common stock from Research Frontiers at
market prices at the time of purchase (at a minimum price of $0.92
per share and a maximum of 150% of that price), and will also
receive one warrant for every two shares purchased.
Gauzy Ltd. is a licensee of Research Frontiers,
the inventor of patented SPD-SmartGlass technology. They are
licensed to develop and manufacture SPD-Smart light control
emulsion and film, as well as making SPD-Smart end products.
Eyal Peso, Founder and CEO of Gauzy, noted: “Our
business has been rapidly growing, and SPD-SmartGlass film
technology and our relationship with Research Frontiers is an
important part of our expansion strategy. We have been working with
Research Frontiers closely and see great opportunities and
synergies between our companies. This investment will help increase
and accelerate our collaboration together, and allow us to bring
the best-performing and most innovative technologies to our
customers worldwide.”
Joseph M. Harary, President of Research
Frontiers noted: “This is a substantial investment for Gauzy, and
is in addition to their already substantial internal investment in
people and equipment relating to SPD-Smart light control
technology. It is also the first time in our company’s history that
we have accepted an investment by one of our licensees. As a
material science company, Gauzy is particularly strong and focused
in the architectural smart glass industry, and the automotive
industry with many companies, and even has established a facility
in Stuttgart Germany to better service these customers. Research
Frontiers’ SPD technology is particularly strong in transportation
industry applications, such as smart windows and sunroofs for cars,
trains, aircraft and boats. Gauzy employs over 65 people and over
the past twenty one months, we have worked closely with the
talented and highly professional team at Gauzy, and welcome the
energy, experience, creative innovation and results-based culture
that they bring to benefit the entire SPD-SmartGlass industry and
its customers.”
The smart window market is an established market
with broad coverage worldwide. Research Frontiers has licensed over
40 chemical, film, and glass companies which are selling products
for the automotive, aircraft, marine, train, museum, and consumer
electronics industries. Gauzy’s established and growing network of
over 55 glass fabricators worldwide brings additional synergies,
infrastructure, and growth opportunities to the smart glass
industry.
Research Frontiers patented SPD-SmartGlass
technology is the same best-selling smart window technology that
can be found on various car models from Daimler. The MAGIC SKY
CONTROL feature, which is now in use on tens of thousands of
Mercedes-Benz SLs, SLC/SLKs, Maybach and S-Class models around the
world, uses patented SPD-SmartGlass technology developed by
Research Frontiers to turn the roof transparent by electrically
aligning tiny particles in a thin film within the glass. With the
touch of a button, drivers and passengers can instantly change the
tint of their roof to help keep out harsh sunlight and heat, and
create an open-air feeling even when the sunroof is closed. Glass
or plastic using Research Frontiers’ patented SPD-SmartGlass
technology effectively blocks UV and infrared rays in both clear
and darkly tinted modes, helping keep the cabin cooler, and
protecting passengers and interiors while also enhancing security
inside the vehicle. These benefits become even more important when
a car uses large surface areas of glass, especially in warm
climates.
Some of the other benefits of SPD-SmartGlass
include significant heat reduction inside the vehicle (by up to
18ºF/10ºC), UV protection, glare control, reduced noise and reduced
fuel consumption. Independent calculations also show that use of
SPD-SmartGlass can reduce CO2 emissions by four grams per
kilometer, and increase the driving range of electric vehicles by
approximately 5.5 percent.
Shortly after its introduction into serial
production in the automotive industry, SPD-SmartGlass has become
standard equipment on many different aircraft, and is also used in
residential and commercial architectural applications, in trains,
yachts and other marine vehicles, in display applications, and to
protect light-sensitive artwork and documents in major museums
around the world.
Along with a best of breed R&D team, Gauzy
also has an on-site production line with custom machinery for high
quality products with on time delivery. Gauzy’s technology is
featured in notable projects worldwide, including automotive
collaborations with leading OEMs and Tier 1 suppliers, hotels,
corporate offices, luxury residences, retail chains and consumer
electronics.
About Gauzy Ltd.
Gauzy is a world leader and vendor of material
science, focused on the research, development, manufacturing, and
marketing of technologies which are embedded into and onto raw
materials. Amongst Gauzy’s core areas of expertise are Liquid
Crystals and SPD, which is used to produce LCG® (Light Controlled
Glass). The company is headquartered in Tel Aviv Israel, with
additional offices in Stuttgart, Germany, Guangzhou China and Los
Angeles, California. Learn more at www.gauzy.com
About Research Frontiers Inc.
Research Frontiers (Nasdaq: REFR) is a publicly
traded technology company and the developer of patented SPD-Smart
light-control film technology which allows users to instantly,
precisely and uniformly control the shading of glass or plastic
products, either manually or automatically. Research Frontiers has
licensed its smart glass technology to over 40 companies that
include well known chemical, material science and glass companies.
Products using Research Frontiers’ smart glass technology are being
used in tens of thousands of cars, aircraft, yachts, trains, homes,
offices, museums and other buildings. For more information, please
visit our website at www.SmartGlass.com, and on Facebook, Twitter,
LinkedIn and YouTube.
Note: From time to time Research Frontiers may
issue forward-looking statements which involve risks and
uncertainties. This press release contains forward-looking
statements. Actual results could differ and are not guaranteed. Any
forward-looking statements should be considered accordingly.
"SPD-Smart" and “SPD-SmartGlass” are trademarks of Research
Frontiers Inc.
For further information, please contact:
Eyal Peso
Founder and CEO
Gauzy Ltd.
+972-72-2500385
info@gauzy.com
Brittany Kleiman Swisa
Media & Marketing Contact
Gauzy Ltd.
+972-72-2500385
brittany@gauzy.com
Joseph M. Harary
President and CEO
Research Frontiers Inc.
+1-516-364-1902
Info@SmartGlass.com
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