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© dana rothstein dreamstime.com Business | June 22, 2015

Thinfilm gets money injected by US funds

The company will use the investment to accelerate the manufacturing ramp-up for its NFC OpenSense and EAS products.
Thin Film Electronics ASA received a private placement, exempt from registration under the US Securities Act of 1933, in the company. Several US funds have subscribed for 34'034'653 shares in Thinfilm for a total investment of USD 22 million. Upon completion of the Private Placement, the investors will hold 6.1 percent of the shares in the company.

"The market response to our launch of NFC OpenSense product has been exceptionally strong," says Davor Sutija, CEO, Thinfilm. "This investment will allow significant expansion of our printed logic production in order to meet expected demand for both NFC OpenSense and our EAS products, from current and prospective customers, including Diageo, who showcased the Connected 'Smart Bottle' together with Thinfilm in March 2015. It is an opportunity to significantly scale the Company."

Proceeds from the Private Placement will fund an expansion of Thinfilm's PDPS (printed dopant polysilicon) manufacturing at its facility in San Jose, California. The expansion is slated to increase the facility's capacity for production of EAS and NFC OpenSense tags significantly.

Mr. Sutija notes, "Leading US investors are now significant shareholders in Thinfilm. This is a key milestone for the Company and follows our listing on the OTCQX marketplace with Cowen and Company, LLC as our Principal American Liaison. We believe growing the international investor base will benefit the Company and our shareholders as we scale to deliver our vision for the Internet of Everything."
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