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Plextronics Completes $3.4 Million Financing Including Pennsylvania State Assistance

Published on 2004-05-24. Author : SpecialChem

Pittsburgh, PA, May 24, 2004 - PlextronicsSM, Inc., a pioneer in the commercialization of inherently conductive polymers (ICPs), is pleased to announce the close of a $3.4 million financing round. The round was led by Smithfield Trust Company and included Innovation Works as well as new and existing angel investors. This round also included financial support from the Pennsylvania Department of Community and Economic Development (DCED) and an equipment line of credit with Silicon Valley Bank. Plextronics has secured total financing of $4.6 million since its July 2002 founding.

Plextronics, a Carnegie Mellon University spin-out, leverages over a decade of research from the world-renown laboratory of Dr. Richard D. McCullough. "For years, the research of the McCullough Lab has focused on the promise of ICPs. Since its founding, Plextronics has been validating the economic feasibility and the commercial potential of this technology as well as the efficacy and scalability of the material. For certain customers in the electronics and coatings industries, Plextronics' commercialization of this technology will significantly reduce costs, while for others it can create new revenue opportunities. This funding gives the company the needed fuel to develop products ranging from nanoscale plastic electronics to coatings and bulk plastics that these markets are demanding," stated Dr. McCullough, co-founder and Dean of the Mellon College of Science at Carnegie Mellon University.

Plextronics' products are a new generation of materials that combine the functional benefits of conductivity with the design, processing, weight and cost advantages of plastics. The company's core technology, Plexcore™, enables highly conductive and stable systems with superior physical properties at a cost that facilitates broad market opportunities. These characteristics coupled with multiple integration methods will make Plexcore the material of choice for the coatings, bulk plastics and advanced electronics industries.

Applications can include integrating Plexcore materials into the latest miniaturized electronics devices, flexible flat panel displays, and into products that could solve costly problems such as electrostatic discharge and corrosion.

"The ICP market is beginning to explode," explained Mark E. McDonel of Smithfield Trust Company. "According to Business Communications Co." he said, "the North American market for conductive polymers will increase eight fold to $1.6 billion over the next four years. Plextronics is at the leading edge of this revolution. By leveraging the research performed at Carnegie Mellon and applying it to commercial applications, the potential is boundless."

"We feel confident that our investment in Plextronics' expansion is a solid investment for Allegheny County and for the Commonwealth," said Community and Economic Development Secretary Dennis Yablonsky. "We are pleased to provide the support that will help Plextronics realize the commercial significance of this powerful technology. We commend them for choosing to expand in Western Pennsylvania and welcome the 85 jobs they will create in Pittsburgh over the next three years."

"Pittsburgh is the right place to build this company. It has a rich history as a materials science innovator, and Plextronics represents the next generation of that lineage. We have recruited industry veterans such as Glenn Thompson, as Chief Operating Officer, who most recently served as General Manager for PPG in South America. In addition, some of our biggest potential customers are right in our back yard and there is a wealth of plastics and coatings companies that reside in western Pennsylvania," said Andy Hannah, President and CEO of Plextronics. "New investors such as Smithfield Trust Company, the ongoing support of Innovation Works and the assistance of the Commonwealth of Pennsylvania underscore how well the region understands this type of innovation."

For more information about ongoing research at the Mellon College of Science at Carnegie Mellon University, please contact Lauren Ward, Director of Media Relations, at 412-268-7761.

About Plextronics Plextronics SM, Inc. is a pioneer in the commercialization of inherently conductive polymers (ICPs). Plextronics, a Carnegie Mellon University (CMU) spin-out, leverages over a decade of research from the world-renown McCullough Labs. Plextronics' products are a new generation of materials that combine the functional benefits of conductivity with the design, processing, weight and cost advantages of plastics. The company's core technology, Plexcore™, enables highly conductive and stable systems with superior physical properties at a cost that facilitates broad market opportunities. These characteristics coupled with multiple integration methods will make Plexcore the material of choice for the coatings, bulk plastics and advanced electronics industries. For additional information, please visit www.plextronics.com.

About the Pennsylvania Department of Community and Economic Development The mission of the Department of Community and Economic Development (DCED) is to foster opportunities for businesses and communities to succeed and thrive in a global economy, thereby enabling Pennsylvanians to achieve a superior quality of life. DCED is led by Secretary Dennis Yablonsky who was unanimously confirmed by the Pennsylvania Senate on March 11th, 2003. For information on DCED funding, visit the DCED Web site at www.inventpa.com. For information on the economic stimulus program, visit www.newPA.com.

About Smithfield Trust Company Smithfield Trust Company is a privately owned financial institution chartered and regulated by the Pennsylvania Department of Banking. It offers a full range of trust, custody, and investment management services to individuals, their families, foundations, endowment funds, and employee benefit plans. Smithfield provides the highest levels of personal service, the utmost in confidentiality, and a variety of investment managers and styles, including venture capital and private equity opportunities. Smithfield Trust Company presently has $430,000,000 in assets under administration. For more information call Robert Y. Kopf, Jr. at 412-261-0779 or visit www.SmithfieldTrust.com.

About Innovation Works Innovation Works is a state-sponsored organization investing in technology startups in Southwestern Pennsylvania. Innovation Works' mission is to increase the region's new enterprise success rate by providing the highest potential technology companies with access to risk capital, business expertise, and other resources. Through a continuum of hands-on support, guidance, and investment, Innovation Works helps companies to maximize their chances of attracting additional capital and achieving commercial success. For more information, visit www.innovationworks.org.

Source: Plextronics


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