Well, it sounded like a good idea at the time, but product-to-market in a
timely fashion is also a good idea...
-------------------------------------------
Saturday September 15, 6:00 pm Eastern Time
Press Release
SOURCE: Irvine Sensors Corporation
Silicon Film Suspends Operations
COSTA MESA, Calif., Sept. 15 /PRNewswire/ -- Irvine Sensors Corporation
(Nasdaq: IRSN - news; Boston Stock Exchange: ISC) announced that Silicon Film
Technologies, Inc., an independent and consolidated subsidiary, has suspended
operations. The Silicon Film Board has retained special counsel in
contemplation of liquidation through bankruptcy proceedings, if immediate
financing alternatives are not secured.
Irvine Sensors, a fifty-one percent (51%) owner of Silicon Film, stated that
it is also Silicon Film's largest creditor. Robert G. Richards, Irvine
Sensors' President and Chief Executive Officer, said ``The failure of
certification tests in the summer delayed Silicon Film's anticipated revenues,
but development expenses continued. They worked hard on the certification
issues, and a little over a week ago re-tested in compliance with the FCC's
emission standards, but are still falling short with respect to stricter
European standards. We believe at least some of those stricter standards must
be met for a successful product launch. This has prolonged the schedule
uncertainty. We have loaned Silicon Film substantial funds to support their
product development because of our belief in the fundamental appeal of the
Electronic Film System(TM) concept. However, we have reluctantly concluded
that further loans in light of present market circumstances and remaining
schedule uncertainty would not be in the best interests of Irvine Sensors'
stockholders. We will consider any reasonable workout or alternative financing
proposals that might emerge, but we have retained our own special counsel to
vigorously pursue our position as their largest secured creditor should the
contemplated liquidation ensue.''
Irvine Sensors Corporation, headquartered in Costa Mesa, California, is
primarily engaged in the development of high density electronics,
MicroElectroMechanical sensors (MEMS) and readout circuits, miniature cameras
and image capture systems, electro-optical and optical switches, image
processing devices and software, electronic image stabilization, wireless
infrared communications products, and low-power analog and mixed-signal
integrated circuits for diverse systems applications. It primarily seeks to
commercialize its technologies through independently financed and managed
subsidiaries.
Except for historical information contained herein, the matters set forth in
this press release are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such forward-looking statements are dependent on risks
and uncertainties including such factors, among others, as the difficulties of
technology transfer, the technological risk in new products and the impact of
competition. Irvine Sensors undertakes no obligation to publicly release the
results of any revision to these forward-looking statements that may be made
to reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. Further information on Irvine Sensors'
status and the matters discussed herein are contained in publicly filed
disclosures available through the SEC's EDGAR database (www.sec.gov) or Irvine
Sensors' Stockholder Relations department.
SOURCE: Irvine Sensors Corporation
"Bachofen" <mbachofen@xxxxxxxxxxxxxxx> wrote:
It's called "Silicon film" I asked the list about it about 2 years ago, as I
recall. It uses CMOS sensors which aren't as good, but I'd guess it'd be cool
as like a Polaroid back.
http://www.siliconfilm.com/
M.E. Bachofen
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