Dyesol & Timo Technology Sign off Heads of Agreement (HOA) for Korean Joint Venture
Seoul, Korea / Canberra, Australia - 4th June 2008
Source: Dyesol Limited, press release
http://www.ad-hoc-news.de/drucken.html?art_id=17387997
Dyesol (ASX: DYE) and Timo Technology (KOSDAQ; 037340) have signed a HOA as the first step in investigating the establishment of a Joint Venture In Korea to develop Dyesol's Dye Solar Cell (DSC) Technology for the Consumer Electronics Market. Korea is a rapidly developing market place and technology development centre for DSC.
The HOA arises from negotiation over the last 5 months following Timo's decision to enter the DSC business arena with Dyesol. The proposed JV company business plan will initially focus on product development for selected consumer applications that have a pathway to volume manufacture in Korea. The terms of the HOA provide for all necessary steps leading to potential joint investment and for Dyesol to license all the required technology to support the joint operation. It is expected that the business will commence operation this calendar year.
Timo was established in 1996 and has a current market capitalization of approx. USD 77M with revenues of USD 68m mainly derived from its wireless and network business's both in Korea and internationally. Timo has long term associations with Korea Telecom and also LG Nortel domestically and internationally.
Dr Moon CEO Timo Technology says 'In mid 2007 Timo made a strategic decision to enter the DSC market and successfully established a government funded R&D project. On making the important strategic decision on DSC we decided to investigate formal collaboration options with suitable organisations. After extensive due diligence we recognized Dyesol had the skills, expertise and strategic alignment to meet our long term goal of diversifying into a rapidly growing market complementary to our existing business. Commercial collaboration with Dyesol provides the opportunity to develop new consumer and industrial products.'
Gordon Thompson Dyesol Director says 'Establishing a joint operation with Timo is an exciting opportunity. It is consistent with our strategic direction, and enables us to establish an important footprint in the region. Timo's skill set, organizational culture and established network of strategic manufacturing and distribution partners is complementary to the Dyesol business model and provides an immediate and unparalleled access to the key target markets.'
Further information on Dyesol: http://www.dyesol.com
Further information on Timo Technology: http://www.timo.co.kr