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Share Name | Share Symbol | Market | Type |
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Sipef | EU:SIP | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.40 | -0.75% | 53.00 | 52.60 | 53.00 | 53.20 | 52.60 | 53.00 | 447 | 12:01:51 |
FOR IMMEDIATE RELEASE 19 December 2003 SCIPHER PLC MicroVue subsidiary ceases trading - removing cash burden from Scipher Scipher to focus Displays business on microdisplay licensing The technology development and licensing company, Scipher plc ("Scipher"), today announces that the partners in its microdisplay production proving subsidiary, MicroVue Limited ("MicroVue"), have not been able to raise further investment and the board of MicroVue has decided to cease trading and commence placing the company into voluntary liquidation. Scipher and its partners in MicroVue, principally PicVue Electronics Ltd of Taiwan, have been seeking investment to fund the further commercialisation of the microdisplay manufacturing process developed by MicroVue. Despite intensive efforts, they have not been successful and the Board of MicroVue has decided to cease trading. Scipher regrets the need to take this action, particularly for the employees of MicroVue who are affected by this decision. Dr Rudolph Burger, Chief Executive Officer of Scipher said: "Our interest in MicroVue has been a significant cash burden on the Company. It is regrettable that the MicroVue partners have not been able to contribute further to the plan that had been set out for MicroVue. Going forward, it is imperative that Scipher's technologies are commercialised with appropriate partners." The valuable intellectual property assets including production know-how represented by Scipher's Displays technologies licensed to this venture remain in Scipher's ownership and additional ways of realising value from them are being sought. CRL Opto, Scipher's displays technology business will continue working with its customers to progress consumer product designs using its microdisplay technology in rear-projection TV and front projection applications, and professional applications for defence training and simulation. Interest in the liquid crystal on silicon (LCOS) microdisplay technology has led to the design of projection engines by UNEED Systems (South Korea), ITRI (Taiwan), and Qubic Light (USA). The financial effect of the decision to liquidate MicroVue is that an exceptional charge of £0.7 million will be taken in Scipher's accounts for this year. This charge comprises the writing-down of net assets and will reduce Group shareholders' funds by £0.7 million. Enquiries Scipher plc: James Ellis-Rees, Company Secretary Tel: 020 8848 6555 Michael Kendon, Corporate Development Tel: 020 8848 6444 Financial Dynamics: Juliet Clarke Tel: 020 7831 3113 About Scipher Scipher is a technology development and licensing company that delivers value from IP in two principal ways: * Product licensing and sale - commercialising Scipher-owned technology in high growth markets through licensing or the sale of developed products * Patent Licensing - building on Scipher's extensive experience on IP management to create value for clients by exploiting their IP assets through licensing. Scipher's portfolio of advanced technology products and know-how covers the markets for Displays, Secure Identification, Communications, and Sensors. Approximately half of Scipher's revenues are earned outside the UK in approximately 50 countries. Scipher is backed by more than 70 years in advanced R&D, including developments of such historic importance as stereo recording, television broadcasting and the medical CT scanner, which in 1979 won a Nobel Prize for its inventor. For more information on Scipher, visit the website: www.scipher.com END
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