Duluth, MN-based Ikonics and Boulder, CO-based Imaging Technology Int'l (iTi) plan to use a joint development agreement to create an inkjet system based on iTi's equipment technology and Ikonics' substrate technology. Ikonics has filed for a patent related to the project.
"If successful, this technology could make Ikonics a leader in a new application for digital printing," says Ikonics CEO Bill Ulland. "Success, however, is far from assured and no income is anticipated before 2007."
Ikonics also has elected for an early exercise of its warrants to buy 33,333 shares of stock in iTi at a price of $7.50 per share. Ikonics was granted warrants to buy an additional 8,333 shares at $8.50 per share. "In addition to being a strategic investment, we believe iTi is a good financial investment with many exciting projects in development and a list of blue chip customers," Ulland says.
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