May 4 2010
Shrink Nanotechnologies, Inc. (“Shrink”) (OTCBB:INKN)(OTCBB:INKND), an innovative nanotechnology company developing products and licensing opportunities in the solar energy production, medical diagnostics and sensors and biotechnology research and development tools businesses, announced today that it has received notification that it has purchased the PowerSkin™ trademarks from the bankruptcy estate associated with the Millennium Cell (NASDAQ:MCEL).
Pending additional clearances from the US Patent & Trademark Office, Shrink will market its Quantum Dot Solar Concentrator technologies, which enhances existing silicon-based photovoltaic (PV) systems and the ability for these systems to absorb sunlight and convert it to electricity, under the name PowerSkin™.
“The core solar concentrator technology we have been developing at Shrink over the past few years is one that we believe has the ability to change the way people think about everyday building products like windows, as an example. Imagine a window that produces power. Imagine an electric vehicle that is re-charged from a solar window that is absorbing the sun’s rays while the owner of the vehicle is working. Or imagine a flat panel crystalline silicon solar panel array that produces critical additional power because it had a low cost PowerSkin™ panel attached to it that enabled the overall system to increase its efficiency to the point where the over payback from the power produced made the system made more economic sense from Day 1. At Shrink, we believe that our quantum dot solar concentrator systems have this promise – without the reliance on mirrors, a lens or a tracking device – a completely non-optical system. And going forward, as a result of this most recent intellectual property acquisition, all Shrink Solar, LLC solar concentrator products and technologies will be branded under the PowerSkin™ brand,” stated Mark L. Baum, CEO of Shrink Nanotechnologies, Inc.
Baum added, “Our management team is particularly excited about this acquisition; however, we are even more impressed with the additional opportunities we have seen and which we continue to actively conduct due diligence on in the marketplace for distressed alternative energy assets, products and technologies which we believe may be utilized in furtherance of our solar operating unit, Shrink Solar’s, mission to integrate our technologies into existing solar powered rooftop applications, residential and commercial windows and additional “low hanging fruit” applications so that our country gains energy independence, a critical national imperative. We will continue to update our loyal shareholders and the marketplace to the extent we decide to make additional moves in this ever fluid merger and acquisition environment for intellectual property and valuable under-priced alternative energy assets.”