3DIcon Issues Q1 Fiscal 2011 Report Including Significant Milestones in Strengthened Management and Finances
TULSA, Okla., May 10, 2011 (GLOBE NEWSWIRE) -- 3DIcon Corporation (OTCBB:TDCP), a developer of volumetric, three-dimensional projection and display technologies, today reported a recap of the significant milestones achieved and embarked upon in its fiscal 2011 first quarter ended March 31, 2011. These milestones include developments in management, finance, technology, and commercialization.
- Management Succession Plan
3DIcon's Founder, Chairman, and CEO, Martin Keating, in conjunction with the company's Board of Directors, has put a management succession plan into place. Mr. Keating seeks to retire from active management of 3DIcon while continuing to serve as a board member. The company's Board is currently interviewing prospective CEO candidates.
- Expanded Science & Technology Team
3DIcon appointed Dr. Brian Hoover as Vice President, Technology Development. Vivek Bhaman has taken the position of Chairman, Technical Advisory Board. 3DIcon continues to seek additional key people to expand its Technical Advisory Board. The company is currently seeking to hire additional science personnel including: 1) an optical engineer; 2) a materials and nano-particles chemical engineer; 3) a design engineer; as well as filling other technical support positions. Aiming to advance commercialization efforts, 3DIcon has created the position of Vice President, Business Development and is currently seeking candidates.
- Technology Development
The company signed a Facilities Use Agreement with Oklahoma State University-Tulsa's Helmerich Research Center. 3DIcon will utilize the world-class technology facilities at the Helmerich Research Center for creating the next generation image space for CSpace®, 3DIcon's patented 3D volumetric technology. The company is currently developing a trade show prototype which will be used in commercial demonstrations. The focus of the work at the Helmerich center will be using specialty technologies to create a larger, clearer, three dimensional image space. These technology developments come on the heels of 3DIcon receiving a U.S. patent for CSpace in December of 2010. 3DIcon's technologies continue to be accepted for presentation at scientific conferences featuring the latest advancements in the science and technology of 3D imaging.
- Business Development
3DIcon has been in talks with, and is scheduled to make presentations to, potential commercialization partners. These include industry leaders and Fortune 100 companies in the fields of medical imaging, air traffic control, command and control, inventory management, and gaming. 3DIcon is scheduled to demonstrate its CSpace technology for specific applications. In the second quarter 3DIcon will present to a leading gaming company, while in the fourth quarter they are scheduled to present to a Fortune 50 company in the area of aerospace and command and control.
3DIcon has eliminated virtually all of its debt and has a significantly improved cash position. The company is in talks with investment banking groups regarding strategic financing and the possibility of moving the company to a major stock exchange, given reaching certain milestones. The company continues to apply for non-dilutive financing including government grants to advance its R&D.
"We have reached a significant turning point at 3DIcon. The technology has developed to a level where we are attracting top technology talent to expand our management team. We are having substantive discussions with companies that are leaders in their industries regarding demonstrating and potentially licensing our breakthrough 3D imaging technology. We expect that further fortifying our finances coupled with commercial transactions will solidify our position as the leader in the next generation of 3D imaging technologies globally. The growing team at 3DIcon is very excited about the company's near and long term prospects," stated 3DIcon Board Member Victor Keen.
About 3DIcon Corporation
3DIcon Corporation is a developer of groundbreaking 3D projection and display technologies that are designed to produce full color, high-resolution, 360-degree volumetric images, a development many consider to be the next step in 3D display technology. CSpace creates both dense and translucent images for use in mission critical functions including healthcare, security and defense. CSpace enables viewing inside organs, cargo containers, and baggage, as well as large scale terrain such as oceans and mountains, all of which are beyond the capabilities of other current display methodologies. The company also offers a software product, Pixel Precision®, which targets the R&D market for developers using Texas Instruments' DLP® line of products. For visualization of CSpace images please visit www.3dicon.net.
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SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION ACT OF 1995
With the exception of historical information, the matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of 3DIcon could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations, inability to hire and retain qualified personnel, and changes in the general economic climate. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by 3DIcon, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.
CONTACT: 3DIcon Corporation Judy Keating 918-494-0509
Released May 10, 2011