LONDON, April 14 /PRNewswire-FirstCall/-- Today, an historic agreement was
signed in London paving the way for a former NASA scientist and his team to
bring their revolutionary new nano-scale, super-cooling technology to the
world -- from a UK base. The patented, environment-friendly system is
expected to have a major global impact on a range of everyday applications --
ranging from air conditioning to increasing computer speeds.
After award-winning work on two space shuttle missions with NASA, former
Samsung scientist Dr. Jeong Hyun Lee created and patented the breakthrough
cooling technology -- initially to address the development-hindering problem
of semiconductor cooling. The radical cooling technology is unique in that it
does not require fans, pumps, dangerous gases or electricity to be effective.
The system has been initially applied to semiconductor cooling in overcoming
one of the biggest barriers in developing faster computer speeds -- heat.
However Dr. Lee and his team believe the technology could eventually reduce
the size and running cost of air conditioning by around 70%.
In a landmark deal that was assisted by UK Trade & Investment, iCurie Lab
Holdings Ltd. has attracted significant series A investment from specialist US
Emerging-Technology finance organization Hansen Gray & Company, Inc.
(OTC: HGCI), to establish the worldwide headquarters in the UK. The new
company also hopes to create hundreds of new jobs in the UK nanotechnology
iCurie's Chief Executive, Dr. Jeong Hyun Lee said: "The world has only
recently started to understand the true impact of current cooling methods
which can often consume a significant amount of energy or use chemicals which
could endanger the environment. We wanted to provide our solution to the
problem as efficiently as possible from a global-rollout perspective. We
found that the UK offers the ideal financial, technical and corporate
environment from which to grow a major global business."
Mark E Gray, Chief Executive of Hansen Gray & Company, Inc, said: "We
could not be more pleased to have completed the iCurie agreement, and our
special thanks goes to the British Government's Global Entrepreneur Programme
and their crucial support. We believe in world-class management teams, as
well as businesses with the potential for sustainable growth based on quality
and innovation in the value chain, versus ones that compete solely on price.
We were very impressed with Dr. Lee and iCurie's underlying innovations which
embody all of these qualities, when properly supported in the right funding
and development environment."
William Pedder, head of UKTI's Inward Investment team said: "This
important agreement represents a double-win for the UK, by attracting both
word class scientists and intellectual property in iCurie Labs, as well as
significant inward-investment finance from Hansen Gray & Company to the UK.
We are delighted that the strengths of the UK have once again been recognized
as one of the most favorable locations in the world for establishing a
knowledge-based global business."
iCurie and Hansen Gray were provided with assistance and resources of
UKTI's Global Entrepreneur Programme, crucial information on key strategic
funding sources, as well as professional advice from PricewaterhouseCoopers on
the most efficient corporate structure to create, protect, and develop a new
major global business.
NOTES FOR EDITORS
1. UK Trade & Investment is the government organization that provides
integrated support services for UK companies engaged in overseas trade and
foreign businesses focused on the UK as an inward investment location. It
brings together the work of teams in 200 British embassies and FCO posts
overseas and government departments across Whitehall. In England, UK Trade &
Investment services are delivered through the 45 Business Links and other
partners including Regional Development Agencies and Chambers of Commerce,
coordinated by nine regional International Trade Directors. The devolved
administrations in Scotland, Wales and Northern Ireland have their own
arrangements for local delivery of services. UK Trade & Investment's work
ensures UK and overseas companies benefit from the organization's continuing
commitment to provide an integrated service, delivering business opportunities
through a global network. For more information visit the web
2. The UK Global Entrepreneur Programme is a specialist team created
within UK Trade & Investment. Comprised of successful entrepreneurs and
venture capitalists known as "Dealmakers", the team use their extensive
networks and experience to identify and attract the highest calibre flow of
"People and Ideas of Exceptional Potential" to the UK. For more information
visit the website at www.entrepreneurs.uktradeinvest.gov.uk
Contact: Mark Donougher, +44 (0)207 215 2589.
3. Hansen Gray & Company, Inc., (OTC: HGCI) is a holding company based in
Atlanta, Georgia. The firm's management has substantial experience in
investment banking and plans to complete a series of strategic investments and
acquisitions in 2004. Specifically, the firm's investment focus is in the
areas of bio-tech, alternative energy and emerging technology companies.
Additional information on the firm is available at www.hansengray.com or by
calling (770) 781-6500.
News release available online at http://newsroom.uktradeinvest.gov.uk / or
for more information on UK Trade & Investment visit www.uktradeinvest.gov.uk
For photographs of the signing ceremony please contact Chris Salter on the
For further press information please contact Chris Salter, Press Officer
UK Trade & Investment on: 020 7 855 4625.
SOURCE Hansen Gray & Company, Inc.