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Photon Dynamics Acquires Salvador Imaging
Photon Dynamics, Inc., a leading global supplier of integrated yield management solutions for the flat panel display market, has acquired all of the outstanding shares of Salvador Imaging in exchange for approximately $20 million.
Salvador Imaging, an international supplier of high-performance digital cameras, will be operated as a wholly owned subsidiary of Photon Dynamics and employees of Salvador Imaging will become employees of Photon Dynamics. David Gardner, founder and CEO of Salvador Imaging, will be president of the subsidiary. On April 23, 2007, Photon Dynamics entered into a joint venture agreement with Salvador Imaging. The joint venture resulted in the formation of Salvador Systems LLC, a Photon Dynamics Company, which was formed to address low-light visible digital imaging applications in the defense and security markets, and unique inspection capabilities in industrial applications. Salvador Systems combined the digital imaging core competencies of both Photon Dynamics and Salvador Imaging to provide highly sensitive color and monochrome cameras that can be used to provide persistent 24-hour surveillance capabilities from full daylight to starlight (night vision) conditions for the military and security markets. Under terms of the definitive merger agreement, the current joint venture and licensing agreements will dissolve and Salvador Systems LLC will be absorbed into the acquisition of Salvador Imaging. Jeffrey Hawthorne, president/ceo of Photon Dynamics, said, "The benefits of the acquisition of Salvador Imaging are clear and immediate. Photon will own all of Salvador's imaging capabilities, which we believe will provide more immediate revenue for the company and expand the addressable markets for additional growth potential." Salvador Imaging brings a background of more than 20 years in combining speed and dynamic range, deep experience with nearly all CCD sensor manufacturers and a reputation for knowledge in both camera and sensor design. The acquisition of Salvador Imaging expands Photon Dynamics' addressable markets by providing access to advanced digital camera technology to address all visible and near infrared imaging applications in defense, homeland security, surveillance, industrial machine vision and medical/dental. Hawthorne added, "Advanced digital imaging is a core technology for Photon Dynamics' flat-panel yield-management equipment. By combining our imaging and manufacturing knowledge with Salvador's expertise in developing high-performance cameras, we can utilize our technology to address markets outside of the flat-panel display market. We could not ask for a better team than Salvador Imaging, and we look forward to the contributions the company will bring to Photon Dynamics."
Vitex Granted Six New Patents
Vitex Systems, Inc., a leading technology developer, licensor and engineering service provider for thin-film encapsulation and moisture barrier films used in flexible electronic products and displays, has been granted six new patents. These new patent grants bring Vitex's owned or controlled patents to 127. This solidifies the company's intellectual property (IP) portfolio following its successful reinvention as a licensing and technology development company—a move achieved by leveraging its leadership position in thin-film encapsulation for flexible substrates and organic light-emitting diode (OLED) displays.
"As manufacturing continues to shift abroad, specifically to Asia Pacific, global recognition of IP rights becomes an increasingly important issue, so every patent granted is a noteworthy win for us as it reaffirms the protection of our IP," said Vitex's director of sales and marketing, Chyi-Shan Suen. "To this end, it is important that we protect our IP rights not only in places where products are sold, but also where they are made."
The recently granted patents are directed at protecting the unique technology Vitex has developed for edge sealing on OLED displays and other electronic devices, as well as for unique tool apparatus needed for the deposition of the proprietary thin-film encapsulation. The six patent wins comprise two each in Europe and China, and one each in the United States and Taiwan.