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