30 March 2012

Oxford Instruments transfers ownership of TDI to Ostendo Technologies as part of strategic partnership  

UK-based Oxford Instruments plc (which manufactures etch, deposition and growth equipment through its Oxford Instruments Plasma Technology division) has transferred ownership of its wholly owned subsidiary Technologies and Devices International (TDI) to Ostendo Technologies Inc (which develops solid-state lighting based display technologies and products) of Carlsbad, CA, USA.

Acquired by Oxford Instruments in April 2008, TDI develops hydride vapour phase epitaxy (HVPE) technology for the production of compound semiconductor materials, such as GaN, AlN, AlGaN, and InN, for the manufacture of HB-LEDs.

Oxford Instruments has received 0.65m shares of Ostendo common stock, plus $0.65m in cash, of which $0.15m will be paid six months after the closing date. Oxford Instruments will also receive a royalty when certain HVPE reactor sales are realised.

“The capability to produce semiconductor materials using HVPE has the potential to improve products used in solid state lighting and displays. Ostendo are well placed to use this technology and Oxford Instruments is delighted that it will continue to be developed by them. This partnership with Ostendo should allow us to maximise value from our technology investment in HVPE,” said Jonathan Flint, chief executive of Oxford Instruments.

Under the terms of the transaction, Oxford Instruments is subject to certain restrictions on the transfer of the stock in Ostendo and consequently until a liquidity event, will ascribe no value to the Ostendo stock acquired. The cash component of the proceeds of the disposal will be used in Oxford Instruments’ existing business.

The gross assets which are the subject of the transaction are $0.6m. TDI had a loss after development expenses in the year to March 2011 of $4.3m, including amortisation of acquired intangible assets of $1.9m.

See related items:

Oxford Instruments acquires TDI

Tags: Ostendo TDI LEDs HVPE

Visit: www.oxford-instruments.com

Visit: www.ostendo.com