ATLANTA, Oct. 29 /PRNewswire-FirstCall/ -- Hansen Gray & Company, Inc. (OTC: HGCP) announced today that it has entered into an agreement in principle for an option to acquire up to 100% of iCurie Lab Holdings, Ltd., parent company of iCurie Lab, Inc., a rapidly-growing nanotechnology company based in Seoul, Korea. Hansen Gray, a publicly traded venture capital firm previously entered into an agreement to purchase as much 45% of iCurie Lab Holdings, Ltd. The option for Hansen Gray to purchase the remaining 55% of the privately-held company will be contingent upon Hansen Gray's securing substantial additional financing to support iCurie's business plan and growth objectives along with certain requisite shareholder and regulatory approvals. The iCurie Cooled(TM) Micro Cooling System (ICMCS), a patented nanotechnology cooling system for microchips, represents a critical advancement in overcoming one of the most significant challenges to ever- increasing computer processing speeds -- heat. In May, the Company's ICMCS passed performance testing and received certification from LG Electronics, Inc. (KOREA: 066570), one of the top five manufacturers in the world of OEM PCs. Details of the test results and full technical printout of the LG certification are available on the iCurie website, http://www.iCurie.com . In addition to receiving LG certification, iCurie has a manufacturing partnership agreement with Taiwan-based AVC (Asia Vital Components Co., Ltd.) the world's largest supplier of CPU (Computer Processing Units) cooling systems. Mark E. Gray, CEO of Hansen Gray & Company said, "We are extraordinarily confident in the iCurie microchip cooling technology. The issue of how to manage heat while increasing processing speed is a problem of tremendous proportion being faced today in a broad array of consumer electronics including computers. We believe iCurie has the solution. As such, we consider focusing primarily on our investment in iCurie to be in the best interest of our shareholders." Upon finalization of the agreement and completion of the necessary filings, Hansen Gray will change its corporate name to iCurie Lab Holdings, Ltd. and apply for a new Cusip number. With respect to Hansen Gray's other technology holdings, the Company intends to retain the intellectual property assets of Voicetel Systems Inc., a developer of voice recognition software, primarily for the smart home industry and Cyberquest Partners Inc., which has developed proprietary imaging systems and integrated chip technology that combines to form a system and a method for virtual reality. Hansen Gray & Company, Inc. (OTC: HGCP) is a publicly traded venture capital firm based in Atlanta, Georgia. The firm's management has substantial experience in all areas of investment banking, specializing in mergers and acquisitions, with an emphasis on emerging technologies including nanotechnology. The firm has completed a series of strategic investments and acquisitions in 2004, including acquisitions such as CyberQuest, which is engaged in VR and 3D imaging and a 45% investment stake in iCurie, which is engaged in nanoscale cooling for semiconductors. Additional information on the firm is available at http://www.hansengray.com or by calling 678) 542-2000. About iCurie Lab Holdings, Ltd. iCurie Lab Holdings, Ltd. is a holding corporation based in London, England. Through iCurie Lab, Inc, it operates a technology research and development laboratory specializing in next generation cooling technologies. The Company's technology has a wide array of cooling applications in development including computer chips, cellular telephones, automotive, refrigeration, heating and air conditioning and specialized defense applications. Additional information on iCurie and the technology is available at http://www.icurie.com . This press release contains forward-looking statements, involving risks and uncertainties including statements regarding the Company's financial performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors which include, but are not limited to, our ability to leverage our technology, manage our growth, protect our intellectual property rights, attract new customers and general economic conditions affecting consumer spending, including uncertainties relating to global political conditions, such as terrorism and the conflict with Iraq. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward - looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
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