Research Frontiers Incorporated announced 30 April 2004 that it will write off its remaining investment in SPD Inc., a majority-owned and controlled subsidiary of Korean glass company Hankuk Glass Ind…
Research Frontiers Incorporated announced 30 April 2004 that it will write off its remaining investment in SPD Inc., a majority-owned and controlled subsidiary of Korean glass company Hankuk Glass Industries Inc. Research Frontiers, the inventor of fast responding suspended particle device (SPD) light control technology, said in a press release that it invested approximately USD 825,000 for a 6.9% minority ownership interest in the common stock of SPD Inc. In 2003, Research Frontiers wrote down its investment in SPD Inc. by USD 615,200 due to the financial condition and results of operations of SPD Inc. On 28 April 2004, SPD Inc. informed Research Frontiers that it was planning to sell its equipment and other assets and cease its business activities. As a result, Research Frontiers will write off its entire remaining investment in SPD Inc. of USD 209,704 in the quarter ended 31 March 2004. Joseph M. Harary, President of Research Frontiers, noted that SPD Inc.“s factory in Incheon Korea was the first in the world to produce SPD light-control film using Research Frontiers patented suspended particle device (SPD) light-control technology. “While there were some limitations in SPD Inc.“s method of producing SPD film, they should be commended for introducing the first commercial SPD film product for architectural and automotive applications. The newer films currently being made by our other active licensees use the next-generation emulsions invented at Research Frontiers and developed for commercial scale-up by licensees including Hitachi, Dainippon, and Air Products. These emulsions can be rapidly cured into SPD light-control film have significantly improved performance characteristics such as much clearer optical viewing properties, 50% greater range of light transmission, fast switching speeds and excellent durability characteristics, even when tested under severe environmental conditions.” Hankuk Glass Industries, Inc. and its subsidiary, SPD Inc., is one of several companies licensed by Research Frontiers to make SPD light-control films. These other companies are now active in the production of light-control emulsions and films using Research Frontiers“ SPD technology.