May 19, 2008: 09:15 AM EST
Nano-Proprietary, Inc. (OTCBB: NNPP) announced that its subsidiary, Applied Nanotech, Inc. ("ANI"), has agreed to solidify its relationship with Mitsui & Co., Ltd. The parties agreed to extend the option agreement and continue negotiations toward the framework of a master practical relationship and agreement. This represents the next step in the development of ANI's relationship with Mitsui. See press releases dated March 6, 2007 and July 27, 2007.
Under the proposed structure, Mitsui will hold a contingent license, locking in the terms under which Mitsui will be able to extend sublicenses to its prospects. Mitsui has paid a fee to protect their position as the exclusive master license holder by continuing the current option agreement until July 31, 2008. At that time, the existing option agreement will terminate. During the next three months the companies intend to jointly expedite the discussions with potential sublicensees already identified by Mitsui. The proposed master practical agreement may include an exclusive agency agreement and/or an exclusive license agreement. The parties intend to continuously monitor the sublicensing process and adjust their understanding and activities accordingly.
"I am pleased that this relationship is moving in the direction of Mitsui becoming our exclusive licensee for lighting products with several sublicense relationships," said Thomas F. Bijou, Chairman and Chief Executive Officer of Nano-Proprietary, Inc.
ABOUT NANO-PROPRIETARY, INC.
Nano-Proprietary, Inc. is a holding company consisting of two wholly owned operating subsidiaries. Applied Nanotech, Inc. is a premier research and commercialization organization dedicated to developing applications for nanotechnology with an extremely strong position in the fields of electron emission applications from carbon film/nanotubes, sensors, functionalized nanomaterials, and nanoelectronics. Electronic Billboard Technology, Inc. (EBT) possesses technology related to electronic digitized sign technology. The Companies have over 250 patents or patents pending. Nano-Proprietary's business model is to license its technology to partners that will manufacture and distribute products using the technology. Nano-Proprietary's website is www.nano-proprietary.com.
Chief Financial Officer
William J. Spina