IRVINE, Calif., April 8, 2011 /PRNewswire/ -- Shrink Nanotechnologies, Inc. ("Shrink") (OTC Markets: INKN), an innovative high technology company announced today that on April 5, 2011 the United States Patent & Trademark Office (USPTO) has issued patent number 7,919,062 to Corning Incorporated of Corning, NY. This patent is the key intellectual property associated with the exclusive worldwide license Shrink executed with Corning last year in order to design, manufacture and market a unique integrated modular microfluidic system. Shrink is now in final negotiations with parties to jointly develop the Corning microfluidic system, and given the claims that were issued under the subject patent, Shrink, with counsel, is analyzing the market and taking a harder look at existing potentially infringing products in the growing microfluidics space.
Shrink CEO Mark L. Baum stated, "We are pleased to have received notice that the Corning patent has been issued. This is an important step for us as we work with potential partners to make and market this system which we believe has the potential to be "the standard" inter-connect platform for microfluidic systems. And microfluidic systems are omnipresent throughout the health care and beyond, from drug and chemical analysis assays to water purification tests. While we could work with any small group to build this technology, we have worked hard to seek out market leading manufacturers to co-develop this system. The issuance of this patent, we believe, takes us closer to finalizing the kind of arrangement with the kind of group that Shrink wishes to associate itself with." Baum added, "While not a first priority, there are numerous companies in this space that are marketing modular microfluidic systems. Given the claims of the Corning patent, and the resources we have put into this project, we certainly will be reviewing the market landscape for possible infringers as we plan our strategy going forward."
About Shrink Nanotechnologies, Inc.
Shrink Nanotechnologies, Inc. is a FIGA™ organization, focusing on leveraging contributions from experts in Finance, Industry, Government and Academia. Operating as a high-technology development-stage company, Shrink licenses, owns and in all cases develops proprietary and patent-pending nano-sized technologies, components and product systems for a number of leading edge technology markets of varying sizes. For more information, please visit www.shrinknano.com.
For Shrink Nanotechnologies, Inc.
Mark L. Baum
(760) 804-8844 Ext. 205
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 due to a myriad of factors given the stage of development of Shrink. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Shrink is a development stage company and any investment in Shrink should only be made after (i) review of our public filings with the U.S. Securities and Exchange Commission (www.sec.gov), particularly the "Risk Factors" in our most recent Form 10-K, and (ii) after counsel from a registered investment professional.
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