Agreement Paves the Way for More Rapid Adoption of Amorphous Metal
Manufacturing
RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--May 20, 2014--
Liquidmetal Technologies, Inc. (OTCQB: LQMT) today announced that
it has signed an amended sublicense agreement with Visser Precision Cast
LLC (VPC) that Liquidmetal believes will accelerate the adoption of
amorphous metal technology to the benefit of both companies. Under the
new agreement, Liquidmetal is freed from its commitment to use VPC as
its exclusive contract manufacturer, and VPC is freed from its
commitment to use Liquidmetal as its exclusive sales and R&D channel. In
addition, the companies have agreed to dismiss their private arbitration
and have settled and released all claims and disputes between them.
“We are pleased to have reached this agreement with VPC, as we believe
it is in the best interests of both companies,” said Tom Steipp,
President and CEO of Liquidmetal. “Under the new agreement, Liquidmetal
is able to enter into contracts with other manufacturers to serve a
broad array of specialized industries and geographies. We expect a
network of manufacturers to leverage their customer relationships to
readily identify promising applications, and to leverage their quality
certifications and qualified supplier status to rapidly qualify parts
for production. We believe that the ultimate beneficiaries will be our
customers, who we expect will see, given multiple sources of supply, a
more dynamic market for amorphous metal products with faster deployment
of commercial technology and broader product offerings in all our target
markets. We expect this arrangement to enable overall market growth to
occur at a much more rapid rate.”
Ryan Coniam, President of VPC, said, “The agreement between Liquidmetal
and VPC is a big step forward for both companies. The new agreement
provides both companies with the flexibility to pursue independent sales
and manufacturing strategies needed to rapidly grow the market for
amorphous metal products. VPC has made substantial investments in its
amorphous metal casting technology and we have proven the promise of
this technology for several high-value applications. As an example, VPC
manufactured missile canards for Lockheed Martin’s EAPS missile program,
demonstrating the exacting tolerances that can be met with injection
molded amorphous metal. VPC is also providing commercial-scale
manufacturing for one of Liquidmetal’s licensees, demonstrating our
capability to manufacture amorphous metal parts in large volumes.”
Bruce Bromage, Liquidmetal’s Executive Vice President of Operations,
said, “VPC undertook the challenge of mastering mold design, casting and
post-processing operations for a relatively new and advanced technology.
We appreciate the investments VPC has made to commercialize this
technology and to develop manufacturing solutions for novel
applications, going the distance to satisfy the needs of our customers.”
Under the terms of the amended sublicense agreement, VPC will have
rights to manufacture, market, and sell amorphous metal products
directly to customers, and it will retain a license to the full
portfolio of technology developed by Liquidmetal that exists as of the
date of the agreement. Liquidmetal will have rights to contract with
manufacturers of its choosing, and it will retain exclusive rights to
any technology that Liquidmetal develops after the date of the
agreement. The companies will work together to complete certain projects
that VPC currently is manufacturing for Liquidmetal customers, and the
companies may choose to work together in the future on a
project-by-project basis.
Details of the agreement will be released by Liquidmetal in a
forthcoming Form 8-K.
About Liquidmetal Technologies
Rancho Santa Margarita, California-based Liquidmetal Technologies, Inc.
is the leading developer of bulk alloys and composites that utilize the
performance advantages offered by amorphous alloy technology. Amorphous
alloys are unique materials that are distinguished by their ability to
retain a random structure when they solidify, in contrast to the
crystalline atomic structure that forms in ordinary metals and alloys.
Liquidmetal Technologies is the first company to produce amorphous
alloys in commercially viable bulk form, enabling significant
improvements in products across a wide array of industries. For more
information, go to www.liquidmetal.com.
About Visser Precision Cast
Denver-based Visser Precision Cast, LLC provides advanced metals
manufacturing solutions to its customers through amorphous casting,
precision machining, and additive manufacturing (direct metal laser
sintering). VPC, an ISO 1345 certified manufacturer, has experience
producing metal prototypes and parts for many industries, including the
aerospace and defense, automotive, medical device, consumer products,
and luxury goods industries. For more information, go to www.visserprecisioncast.com.
Forward-Looking Statements
This press release contains "forward-looking statements," including but
not limited to statements regarding the advantages of Liquidmetal's
amorphous alloy technology, scheduled manufacturing of customer parts
and other statements associated with Liquidmetal's technology and
operations. These statements are based on current expectations of future
events. If underlying assumptions prove inaccurate or unknown risks or
uncertainties materialize, actual results could vary materially from
Liquidmetal's expectations and projections. Risks and uncertainties
include, among other things; customer adoption of Liquidmetal's
technologies and successful integration of those technologies into
customer products; potential difficulties or delays in manufacturing
products incorporating Liquidmetal's technologies; Liquidmetal's ability
to fund its current and anticipated operations; the ability of third
party suppliers and manufacturers to meet customer product requirements;
general industry conditions; general economic conditions; and
governmental laws and regulations affecting Liquidmetal's operations.
Additional information concerning these and other risk factors can be
found in Liquidmetal's public periodic filings with the U.S. Securities
and Exchange Commission, including the discussion under the heading
"Risk Factors" in Liquidmetal's 2013 Annual Report on Form 10-K.
Source: Liquidmetal Technologies, Inc.
Liquidmetal Technologies, Inc.
Otis Buchanan
Media Relations
949-635-2120
otis.buchanan@liquidmetal.com
