E INK CORPORATION ANNOUNCES $15.8 MILLION VENTURE INVESTMENT
Motorola and Hearst among investors in revolutionary display company
Cambridge, MA. - May 19, 1998 – E Ink Corporation, a leading developer of revolutionary electronic displays based on "electronic ink" that can be printed onto paper and other flexible surfaces, today announced that it has closed $15.8 million in total equity financing. The financing will allow E Ink to continue to develop its proprietary technologies and products, build manufacturing-scale operations and pursue additional partnerships to move its technology more rapidly into commercial applications.
The private financing was shared by corporate and venture investors including: Motorola, Inc. (NYSE: MOT), Creavis GmbH, Atlas Venture, Applied Technology Venture, The Hearst Corporation, The Interpublic Group of Companies, Inc. (NYSE: IPG), Solstice Capital and others.
"The tremendous interest in this round of financing reflects the impact our electronic ink and display capabilities will have in major markets," said Jim Iuliano, President and CEO of E Ink. " Our technology cuts across several industries, so it is important to build relationships with recognized leaders in their respective markets. That is what makes the breadth of participants in this round of financing so significant. We have assembled leading electronics, specialty chemical, media and venture capital companies which are not only committed to assisting us in commercializing our technology; but are sold on the vast market potential of our electronic ink. We believe E Ink is ideally positioned to take this concept from prototype to product."
E Ink also announced that Alan P. Zabarsky, Vice President and Chief Technical Officer of Motorola's Messaging Systems Products Group, will join the E Ink board of directors. "We are pleased at the number of ways this investment fits for Motorola," commented Mr. Zabarsky. "The potential to use high contrast, flexible displays that we can design creatively into our future products is quite exciting. Also, as the worldwide market leader in paging technology, we can help E Ink in other applications where controlling displays through a networked paging system is desirable."
"The technology to produce 'electronic paper' has many compelling ramifications for a leading media company like Hearst," said Kenneth A. Bronfin, Senior Vice President and Deputy Group Head of Hearst New Media & Technology. " Ultimately, this novel technology could dramatically change the way we publish our books, magazines and newspapers. We look forward to collaborating with E Ink as they turn this innovation into products that consumers will want and need."
"We are impressed at the high level of integration between chemistry and electronics," said Dr. Michael Droescher, President of Creavis. " Being able to apply electronic ink onto many different flexible or rigid surfaces allows E Ink to put displays where they have never existed before. We are excited about working jointly with the company to further develop their electronic ink to a paper-like quality."
"The scope of applications for electronic ink is enormous," remarked Christopher Spray, General Partner of Atlas Venture. "As a seed investor, I am pleased with how rapidly the technology is advancing. Given the quality of partners the company is attracting, E Ink remains ideally positioned to drive the emerging need for improved information display."
"This technology may well create entirely new ways for advertisers to communicate with consumers," said Gil Fuchsberg, Corporate Director, New Media/Technologies, The Interpublic Group of Companies, Inc., one of the world's largest organizations of advertising agencies and communications-services companies. "With E Ink, all types of printed media could come alive, ultimately adding new appeal and function to everything from common store signs and retail promotions to magazine advertising and direct mail. And the potential to help gestate entirely new forms of advertising and promotion is also quite intriguing. We're excited about working with E Ink to explore the possibilities."
About E Ink Holdings
Founded in 1992 by Taiwan's leading papermaking and printing group YFY (1907.TW), E Ink Holdings Inc. "E Ink" (8069.TW) is the pioneer of TFT and ePaper business in Taiwan. Its corporate philosophy aims to deliver revolutionary products, user experiences, and environmental benefits through advanced technology development. This vision has led to its continuous investments in the field of ePaper display as well as its 2008 acquisition of Hydis Technologies, manufacturer of the world's best wide viewing angle LCDs and its 2009 acquisition of E Ink Corp., the worldwide leader in ePaper. Listed in Taiwan's GreTai Securities Market and the Luxembourg market, E Ink is now the world's largest supplier of displays to the eBook market. For corporate information, please visit www.einkgroup.com; for EPD information, please visit www.eink.com / tw.eink.com; and for FFS information, please visit www.hydis.com.