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PolyOne Announces ICP Licensing Agreement with GeoTech

Published on 2003-07-17. Author : SpecialChem

End-use applications for Teslart™ and Catize® products include corrosion-resistant coatings, anti-static fabrics and packaging, and electronic products

CLEVELAND (June 23, 2003) - PolyOne Corporation (NYSE: POL) today announced an exclusive licensing agreement with GeoTech Chemical, LLC. The agreement provides PolyOne with exclusive rights to manufacture and market Teslart inherently conductive polymers (ICP), which are based on technology originally developed by NASA, as well as Catize corrosion control additives named and developed by GeoTech.

ICPs have electrical conductivity properties similar to metals and inorganic semiconductors but are lighter in weight, easier to process and more environmentally friendly. The patented Teslart ICP additives can be combined with solvent- or water-based resins for use in corrosion-resistant coatings, anti-fouling coatings, anti-static fabrics and packaging, conductive inks and adhesives, EMI/RFI shielding and electronic products. The patented Catize products, containing both ICPs and metal particles, can be added to paints, coil coatings, pre-treatments and other systems to prevent corrosion.

"The innovative technology behind the Teslart ICP and Catize corrosion control products is a key growth opportunity for PolyOne," said Cindy Kerker, director of new business ventures for PolyOne. "We offer the market reach, capacity and resources to expand the inherently conductive polymer market beyond its current niche positioning, and we're fortunate to have the technology innovators, GeoTech, as our partner."

In 2000, the Nobel Prize in Chemistry was awarded to three scientists involved in the early discovery and development of ICPs. That same year, GeoTech, located in Tallmadge, Ohio, signed an exclusive licensing agreement with NASA's Kennedy Space Center to manufacture and market an economically viable ICP, now marketed as Teslart, which is based on lignosulfonated polyaniline. The Teslart brand is a reference to Serbian-American inventor, electrical engineer and scientist Nikola Tesla, who earned more than 700 patents from the late 1800s to early 1900s.

"We are pleased to have the opportunity to work closely with PolyOne," said Christopher Geer, vice president of GeoTech who is now serving as a full-time consultant to PolyOne. "Together, we can further the technology and manufacturing capacity to meet the needs of current customers as well as target new markets."

Seegott Incorporated, the largest specialty chemical distributor in the U.S.A. based in Streetsboro, Ohio, will remain the distributor of the Teslart ICP additives and Catize corrosion control products. Ed Weinfurtner, president of Seegott, said, "The opportunity to work with PolyOne gives our ICP Group a tremendous resource for technology and a highly respected name in the marketplace."

PolyOne Corporation (NYSE: POL), with 2002 revenues of $2.5 billion, is an international polymer services company with operations in thermoplastic compounds, specialty resins, specialty polymer formulations, engineered films, color and additive systems, elastomer compounding, and thermoplastic resin distribution. Headquartered in Cleveland, Ohio, PolyOne has employees at manufacturing sites in North America, Europe, Asia, and Australia, and joint ventures in North America, South America, Europe, Asia and Australia. Information on the Company's products and services can be found at www.polyone.com.

Source: PolyOne Corp.

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