SCHENECTADY, N.Y., April 8, 2011 /PRNewswire/ -- BlackBox Semiconductor, Inc. ("BlackBox"), formerly Visitrade, Inc. (OTCBB: VTDI), a semiconductor technology development and application company, announced today that it has executed a binding letter of intent (the "Binding LOI") to purchase the BlackBox Semiconductor subsidiary of Shrink Nanotechnologies, Inc. ("Shrink") in order to commercialize its "electronic glue" semiconductor chemistry.
Purchase terms of the Binding LOI in include:
- $75,000 in cash at closing and approximately 19.9% of BlackBox VTDI shares to Shrink in exchange for
- Shrink's BlackBox subsidiary, including its worldwide exclusive license for the semiconductor electronic glue technology and pending patents from the University of Chicago, and Shrink common stock with a current market value of approximately $1.2 M.
"Access to this exciting technology, intellectual property assets, and investment from Shrink provides a great step forward to the company and a healthy start for our capital structure as we continue to raise funds for the acceleration of our commercialization efforts," stated David Duncan, BlackBox CEO. Duncan added, "Following the closing of the BlackBox Semiconductor Transaction, we will focus 100% of our efforts towards the business."
Semiconductor electronic glue chemistry incorporates engineered inorganic semiconductor and metal nanostructures with proprietary and patent pending electronic glues that are maintained and deposited in liquid form. BlackBox semiconductor liquids can be deposited using low-cost printing and other high throughput techniques to create high-performing, solid semiconductor films and structures.
BlackBox technology solves the problem of previously attempted solution-processed inorganic semiconductor methods that were limited by poor electronic performance. Its electronic glue chemistry allows efficient transfer of electric charges between the semiconductor nanomaterials and results in high transport and mobility of charge carriers through the manufactured semiconductor solid.
BlackBox semiconductors can be manufactured using rigid and flexible substrates while retaining any desired nanostructures. Semiconductor nanostructures exhibit unique optical and electronic properties that have the potential to create revolutionary semiconductor materials for a range of large market applications including photovoltaics, energy storage, optical sensing, and other printed electronics.
"The possibilities enabled by this powerful chemistry platform are considerable," explained BlackBox CEO David Duncan. "The ability to use low-cost techniques to manufacture high-performing semiconductor films for current and next generation applications using our electronic glue liquid semiconductor process would represent a significant advancement in semiconductor technology."
About BlackBox Semiconductor, Inc.
BlackBox Semiconductor, Inc. is a research, development, and technology application company dedicated to the commercial adoption of a chemistry platform that produces semiconductor thin-films and other structures from solution-based processes. Its proprietary and patent pending electronic glue technology improves the electronic properties for solution produced semiconductor materials for use in existing and next generation applications within the renewable energy and electronics industries.
For BlackBox Semiconductor
Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Forward-looking statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements are estimates only. Actual results may differ materially from those anticipated in this press release. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to BlackBox's ability to obtain additional financing and to build and develop markets for BlackBox's biotechnology and other technologies and products. These factors should be strongly considered when making a decision to acquire or maintain a financial interest in BlackBox, including consulting with a FINRA registered representative prior to making such decision. BlackBox undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in BlackBox's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact BlackBox's success are more fully disclosed in BlackBox's most recent public filings with the U.S. Securities and Exchange Commission.
SOURCE BlackBox Semiconductor, Inc.; Shrink Nanotechnologies, Inc.