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17 Jun 2002
The two Canadian companies will combine their strengths in displays and optical switching.
Coldswitch Technologies, a developer of optical switches, sensors and cable, has announced a strategic alliance with, and an investment in, Padtech Industries, a designer and manufacturer of custom graphic displays, flexible circuit boards and electroluminescent lighting products for the electronic and optoelectronic equipment markets.
Under the terms of the strategic alliance agreement, Coldswitch and Padtech will explore new product opportunities based on each company's proprietary technologies; share expertise in technology development, manufacturing and intellectual property protection; and explore shared marketing initiatives. Coldswitch has invested CAD 100,000 in Padtech by way of an interest-bearing, convertible debenture and Padtech has issued Coldswitch with warrants to purchase 300,000 common shares. The alliance will be guided by a steering committee comprising representatives from both companies.
John Kidder, president and CEO of Coldswitch, said: "I look forward to combining our research and development expertise with Padtech's manufacturing experience to develop new photonics based products." Dan Lionello, president of Padtech, said: "This is a great opportunity for both companies. We look forward to working on joint projects where our strengths are best blended - Coldswitch in optical switching and control technology and Padtech in the production of switching and electroluminescent display technology."
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