AUSTIN, TX /MARKET WIRE/ -- Nano-Proprietary Inc. announced that the jury has reached a verdict in its litigation against Canon Inc. In its verdict, the jury decided that Nano-Proprietary was due no additional damages beyond those already received, which includes the right to keep the $5.5 million that it originally received and termination of the original license agreement.
"While we are disappointed by the jury's verdict, we need to keep in mind that we already had the most important victory in the case—the court validated our termination of Canon's license as a result of their material breach of the contract," said Tom Bijou, Chief Executive Officer of Nano-Proprietary Inc. "We were also pleased that during the trial Canon confirmed its plans to move forward with its SED TV and continue to believe that the advent of field-emission display televisions will be a signal event for Nano-Proprietary. We made a significant gesture to Canon during the course of the trial that we hope will provide a framework of cooperation and negotiation for the future. Nothing about today's verdict changes the fact that we have significant intellectual property that we believe will have to be licensed by anybody, including Canon, that wishes to sell televisions based on electron emissions in the broad geographical areas of the world where our IP is in effect. The vast majority of our revenue forecast for 2007 has little to do with televisions. Our growth in the materials and sensor business continues to be one of the drivers of our future."
About Nano-Proprietary Inc.
Nano-Proprietary Inc. is a holding company consisting of two wholly owned operating subsidiaries. Applied Nanotech Inc. is a premier research and commercialization organization dedicated to developing applications for nanotechnology, with an extremely strong position in the fields of electron emission applications from carbon film/nanotubes, sensors, functionalized nanomaterials, and nanoelectronics. Electronic Billboard Technology Inc. has a financial interest in technology related to electronic digitized sign technology. For more information on Nano-Proprietary, visit the company's Web site.