Nano Cluster Devices makes $2.25mil share offer

Nano Cluster Devices Limited makes share offer for $2.25 million

21 March 2007

Nano Cluster Devices Limited, one of the technology enterprises spun out of the University of Canterbury, has issued a prospectus to raise a total of $2.25 million.

The offer is being supported by the company’s major subscribing shareholders.

Managing Director Michael Hawkins said that the proceeds of the share offer to the 180 shareholders would be applied to the company’s continuing research and development programme.

“The offer proceeds will also enable further development of the company’s offshore presence, especially through strategic partnerships and other relationships in North America, Asia and Europe,” said Mr Hawkins.

At the University of Canterbury, Nano Cluster Devices has developed a revolutionary way of making tiny electrically conducting wires less than one thousandth the width of a strand of human hair.

The most important feature of these nanowires is that they self-assemble, which provides a very significant commercial advantage over competing technologies.

“This is technology with a large number of potential applications, and we are in the process of seeking co-development partners,” said Mr Hawkins.

Nano Cluster Devices is presently developing low-cost gas sensors and has demonstrated hydrogen sensor prototypes, but the invention also has other applications.

“These applications include a range of computer chips, magnetic read heads, medical diagnostics and photonics- in fact anywhere that miniaturised wires are required,” said Mr Hawkins.

Based on the work of its chief science officer Dr Simon Brown, the company has to date filed eleven patents and expects to announce further developments in the next 12 months.

The patents effectively ring-fence the atomic cluster space as it relates to nanowires.

The chairman of Nano Cluster Devices Mr John Walley said that the company’s technology was still at an early stage.

“This is a high-risk but potentially high-reward investment. The technology is unique and has the potential to have impacts across a wide range of industries,” said Mr Walley.

ENDS

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