Liquidmetal Technologies and Visser Precision Cast Sign Amended Sublicense Agreement
May 20 2014 - 3:00PM
Business Wire
Agreement Paves the Way for More Rapid
Adoption of Amorphous Metal Manufacturing
Liquidmetal Technologies, Inc. (OTCQB: LQMT) today
announced that it has signed an amended sublicense agreement with
Visser Precision Cast LLC (VPC) that Liquidmetal believes will
accelerate the adoption of amorphous metal technology to the
benefit of both companies. Under the new agreement, Liquidmetal is
freed from its commitment to use VPC as its exclusive contract
manufacturer, and VPC is freed from its commitment to use
Liquidmetal as its exclusive sales and R&D channel. In
addition, the companies have agreed to dismiss their private
arbitration and have settled and released all claims and disputes
between them.
“We are pleased to have reached this agreement with VPC, as we
believe it is in the best interests of both companies,” said Tom
Steipp, President and CEO of Liquidmetal. “Under the new agreement,
Liquidmetal is able to enter into contracts with other
manufacturers to serve a broad array of specialized industries and
geographies. We expect a network of manufacturers to leverage their
customer relationships to readily identify promising applications,
and to leverage their quality certifications and qualified supplier
status to rapidly qualify parts for production. We believe that the
ultimate beneficiaries will be our customers, who we expect will
see, given multiple sources of supply, a more dynamic market for
amorphous metal products with faster deployment of commercial
technology and broader product offerings in all our target markets.
We expect this arrangement to enable overall market growth to occur
at a much more rapid rate.”
Ryan Coniam, President of VPC, said, “The agreement between
Liquidmetal and VPC is a big step forward for both companies. The
new agreement provides both companies with the flexibility to
pursue independent sales and manufacturing strategies needed to
rapidly grow the market for amorphous metal products. VPC has made
substantial investments in its amorphous metal casting technology
and we have proven the promise of this technology for several
high-value applications. As an example, VPC manufactured missile
canards for Lockheed Martin’s EAPS missile program, demonstrating
the exacting tolerances that can be met with injection molded
amorphous metal. VPC is also providing commercial-scale
manufacturing for one of Liquidmetal’s licensees, demonstrating our
capability to manufacture amorphous metal parts in large
volumes.”
Bruce Bromage, Liquidmetal’s Executive Vice President of
Operations, said, “VPC undertook the challenge of mastering mold
design, casting and post-processing operations for a relatively new
and advanced technology. We appreciate the investments VPC has made
to commercialize this technology and to develop manufacturing
solutions for novel applications, going the distance to satisfy the
needs of our customers.”
Under the terms of the amended sublicense agreement, VPC will
have rights to manufacture, market, and sell amorphous metal
products directly to customers, and it will retain a license to the
full portfolio of technology developed by Liquidmetal that exists
as of the date of the agreement. Liquidmetal will have rights to
contract with manufacturers of its choosing, and it will retain
exclusive rights to any technology that Liquidmetal develops after
the date of the agreement. The companies will work together to
complete certain projects that VPC currently is manufacturing for
Liquidmetal customers, and the companies may choose to work
together in the future on a project-by-project basis.
Details of the agreement will be released by Liquidmetal in a
forthcoming Form 8-K.
About Liquidmetal Technologies
Rancho Santa Margarita, California-based Liquidmetal
Technologies, Inc. is the leading developer of bulk alloys and
composites that utilize the performance advantages offered by
amorphous alloy technology. Amorphous alloys are unique materials
that are distinguished by their ability to retain a random
structure when they solidify, in contrast to the crystalline atomic
structure that forms in ordinary metals and alloys. Liquidmetal
Technologies is the first company to produce amorphous alloys in
commercially viable bulk form, enabling significant improvements in
products across a wide array of industries. For more information,
go to www.liquidmetal.com.
About Visser Precision Cast
Denver-based Visser Precision Cast, LLC provides advanced metals
manufacturing solutions to its customers through amorphous casting,
precision machining, and additive manufacturing (direct metal laser
sintering). VPC, an ISO 1345 certified manufacturer, has experience
producing metal prototypes and parts for many industries, including
the aerospace and defense, automotive, medical device, consumer
products, and luxury goods industries. For more information, go to
www.visserprecisioncast.com.
Forward-Looking Statements
This press release contains "forward-looking statements,"
including but not limited to statements regarding the advantages of
Liquidmetal's amorphous alloy technology, scheduled manufacturing
of customer parts and other statements associated with
Liquidmetal's technology and operations. These statements are based
on current expectations of future events. If underlying assumptions
prove inaccurate or unknown risks or uncertainties materialize,
actual results could vary materially from Liquidmetal's
expectations and projections. Risks and uncertainties include,
among other things; customer adoption of Liquidmetal's technologies
and successful integration of those technologies into customer
products; potential difficulties or delays in manufacturing
products incorporating Liquidmetal's technologies; Liquidmetal's
ability to fund its current and anticipated operations; the ability
of third party suppliers and manufacturers to meet customer product
requirements; general industry conditions; general economic
conditions; and governmental laws and regulations affecting
Liquidmetal's operations. Additional information concerning these
and other risk factors can be found in Liquidmetal's public
periodic filings with the U.S. Securities and Exchange Commission,
including the discussion under the heading "Risk Factors" in
Liquidmetal's 2013 Annual Report on Form 10-K.
Liquidmetal Technologies, Inc.Otis BuchananMedia
Relations949-635-2120otis.buchanan@liquidmetal.com
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