Prime View International Reaches Agreement to Acquire E Ink.
Combination will Accelerate Global Shift to Electronic Reading for Savings and Convenience
TAIPEI, Taiwan & CAMBRIDGE, Mass. -- Prime View International ("PVI See Present Value Index. ") (8069.TW), a leading small and medium display provider and the world's highest volume supplier of ePaper display modules, today announced that it has signed a definitive agreement to acquire E Ink Corporation E Ink Corporation is a privately held manufacturer of electrophoretic displays (EPDs), a kind of electronic paper. E Ink is located in Cambridge, Massachusetts, and was founded in 1997 by Joseph Jacobson, a professor in the MIT Media Lab. , the leader in electronic paper display materials and intellectual property for approximately $215 million.
The new company will expand capacity and develop improvements for ePaper display screens that are easy on the eyes, long-lasting, and highly portable. ePaper is ideal for reading of digital documents which are less wasteful, more convenient and more up-to-date than paper documents.
"The ePaper display module market will grow to over $3 billion by 2013. This market will see further growth with the emergence of color not of the white race; - commonly meaning, esp. in the United States, of negro blood, pure or mixed.
See also: Color displays and flexible displays, serving eBook/eTextbook, eNewspaper/eMagazine and eDocument markets. Currently, electrophoretic display An electrophoretic display is an information display that forms visible images by rearranging charged pigment particles using an applied electric field.
In the simplest implementation of an electrophoretic display, titanium dioxide particles approximately one micrometre in technology has more than 90% market share in the overall ePaper displays, and E Ink is the #1 supplier of electrophoretic materials," according Dr. Jennifer Colegrove, DisplaySearch's Director of Display Technologies.
"The market for electronic book devices such as the SONY Reader The Sony PRS-500 Reader is an e-book reader for the U.S. market. It uses an electronic paper display developed by E Ink Corporation, that has 166 dpi resolution, four levels of grayscale, is viewable in direct sunlight, requires no power to maintain the image, and is usable in and Amazon Kindle A portable e-book device from Amazon.com that provides wireless connectivity to Amazon for e-book downloads as well as Wikipedia and search engines. Using Sprint's EV-DO cellphone network, dubbed WhisperNet, wireless access is free. It also includes a built-in dictionary. is forecasted to grow from 1.1 million units in 2008 to 20 million units in 2012, a cumulative annual growth rate of 105% over the four-year period," said iSuppli analyst Vinita Jakhanwal, "PVI and E Ink enabled this market back in 2005 and they have been the display market leaders ever since."
"The world is searching for green technology that saves energy and cuts waste and still provides an outstanding experience," said Scott Liu, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of PVI, "E Ink's electronic paper meets those needs, especially in electronic publishing An umbrella term for non-paper publishing, which includes publishing online or on media such as CDs and DVDs. and mobile displays. The people in both companies will unite to provide the world's best digital reading experience and that will benefit all our customers and end users."
"Combining E Ink and PVI creates a single public company that is dedicated to electronic paper," said Russ Wilcox Russ Wilcox was an English professional footballer, playing for Northampton Town, Hull City, Doncaster Rovers, Preston North End and Scunthorpe United. He scored 27 goals in 481 league appearances. At Scunthorpe, he was player-assistant manager to Brian Laws. , co-founder, President and CEO of E Ink Corp. "With a common ownership structure, we can get closer to customers around the world, streamline the supply chain, and speed up new product development."
The deal is the capstone in a transformation at PVI over the past four years to focus on electronic paper displays. In 2005, PVI acquired the ePaper business of Philips Electronics and partnered with E Ink to provide displays for electronic books including the popular SONY Reader and the Amazon Kindle 2 and Kindle DX. PVI also invested heavily in dedicated driver chips and touch screens for ePaper, as well as flexible displays, which will be marketed later this year. In 2008, PVI bought a 74% stake of Hydis Technologies of Korea, quadrupling capacity for the transistor backplanes used in ePaper.
E Ink and PVI currently support nearly 20 eBook manufacturers worldwide. In addition to electronic books, E Ink's Vizplex[TM] imaging film is used in cellphones, signage, smartcards, memory devices, and battery indicators. E Ink sales were $18M in the first quarter of 2009, up 157% over the same quarter in 2008.
With the merger, PVI gains substantial intellectual property and employee talent, while securing supply of a critical component during the rapid growth phase of the market, and adding alliances and relationships across the ePaper and flexible display industry. E Ink will continue to supply its products across the display industry and will have access to increased operating funds to boost production and accelerate new technology and product developments.
PVI will finance the acquisition with an equity placement and a convertible bond offering led by Taiwanese securities firm KGI KGI Keck Graduate Institute
KGI Key Goal Indicator
KGI Kitchen Gardeners International
KGI Key Geographic Ideas
KGI Küchengeräte International (Miele subdivision)
KGI Kernel Graphic Interface . The transaction is subject to shareholder and customary regulatory approval and is expected to close in the fourth quarter of 2009.
Since its inception, E Ink has collaborated with a wide range of partners to develop a global ecosystem for electronic paper displays. E Ink also amassed a portfolio of hundreds of patent applications, including 150 issued in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . IEEE Spectrum IEEE Spectrum is a magazine edited by the Institute of Electrical and Electronics Engineers. The IEEE's description of it is:
In the past twelve months customers have announced many exciting E Ink-enabled devices.
* Oprah Winfrey endorsed Amazon's Kindle on live television calling it "her favorite gadget". Subsequently Amazon's Kindle 2 has proven highly popular and the Kindle DX enters the eTextbook and eNewspaper space with a large 9.7" screen.
* SONY launched a new PRS-700 Reader with integrated touch screen.
* Chinese astronauts brought the Hanwan N510 eBook into outer space on a recent Shenzhou 7 mission.
* PVI, Epson, LG Display, PolymerVision, Hewlett-Packard and Plastic Logic demonstrated flexible active matrix displays using E Ink Vizplex imaging film.
* E Ink Corporation teamed with Esquire Magazine and Ford Corporation on the first ePaper animated magazine cover.
* In May 2009, Verizon announced the Samsung Alias 2 cellphone (CELLular telePHONE) The first ubiquitous wireless telephone. Originally analog, all new cellular systems are digital, which has enabled the cellphone to turn into a smartphone that has access to the Internet. , with a changeable keypad made with E Ink Vizplex imaging film.
E Ink was recognized with top business and industry awards in 2008, including The Smaller Business Association of New England (SBANE SBANE Smaller Business Association of New England ) Top Innovator Award; the Boston Business Journal's List of Boston's Fastest Growing Companies; and, The FineTech Japan Display Components & Materials Category Grand Award, among others.
E Ink Corporation will remain headquartered in Cambridge, Mass. and plans to expand its employee base from 127 to 150 people during 2009.
PVI was advised on the acquisition by investment bank Credit Suisse and law firm Baker & McKenzie. E Ink Corporation was advised by investment bank Thomas Weisel Partners Thomas Weisel Partners Group, Inc. (NASDAQ: TWPG), often shortened to just TWP or TWeisel, is a U.S. middle-market and growth focused investment banking firm based in San Francisco, California. and law firm Bingham McCutchen.
About Prime View International
Founded by Taiwan's leading paper making and printing group YFY YFY Youth for Youth (1907.TW) in 1992, Prime View International (8069.TW) is the pioneer TFT (Thin Film Transistor) The term typically refers to active matrix screens on laptop computers. Active matrix LCD provides a sharper screen display and broader viewing angle than does passive matrix. See LCD and thin film.
TFT - Thin Film transistor business in Taiwan. Its corporate philosophy aims to deliver revolutionary products, user experiences and environmental benefits through advanced technology development. This tradition has led to its continuous investments in the field of ePaper display as well as the acquisition of Hydis Technologies in 2008, the manufacturer of the world's best wide viewing angle LCDs. Listed in Taiwan's OTC market, PVI is now the world's top ePaper module maker and a leading supplier of small to medium size LCDs.
About E Ink Corporation
E Ink Corporation is the world's leading supplier of electronic paper display (EPD EPD
expected progeny difference. ) technologies. E Ink's technology is ideal for many consumer and industrial applications spanning handheld devices, eBooks, eNewspapers, PC-accessories, public information displays and promotional signs. E Ink is a private corporation that includes among its investors and strategic partners Air Products and Chemicals, Chi Lin Technology, Epson, Hearst Corp, Intel, LG Display, Motorola, Philips, Prime View International, Toppan Printing Co and Wacom. E Ink's customers include Amazon, Casio, Citizen, Hanwang, Hitachi, iRex, Lexar, Plastic Logic, Samsung and Sony. E Ink news can be found at: www.eink.com
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