UniPixel Consolidates R&D and Operations; Streamlines Company for Flexibility and Cost Savings
Company expects savings of between $2-3 million during second half of 2017
Joe Diaz, Robert Blum, Joe Dorame
Lytham Partners, LLC
Santa Clara, California – July 11, 2017 – UniPixel, Inc. (NASDAQ: UNXL), a provider of advanced solutions to the touchscreen and flexible electronics markets, today announced it will close its Texas location as part of an initiative to enhance operations and streamline expenses to shift capital to fund our projected growth. The R&D operations from the Texas location will be transferred to the Company’s Colorado Springs facility. The Company will also reduce operating expenses by eliminating overlapping operational responsibilities in Asia and the U.S. by consolidating them in Asia. The initiatives and cost rationalization will commence during the second half of 2017 and are expected to reduce costs by $2-3 million by the end of the calendar year.
Jeff Hawthorne, CEO of UniPixel, stated, “Assigning certain overlapping technical skills from the U.S. to Asia will enhance our customer support capabilities. Co-locating R&D with the manufacturing team in Colorado Springs will result in cost savings and achieve better product development synergies. With an eye toward future growth, we have a robust product development pipeline which includes DiamondTouch™ hard coating that can replace cover glass. The other major element of our development pipeline is foldable/flexible technologies. We have engaged in joint development of UniPixel’s touch sensor technology with General Interface Solution, Limited (“GIS”), a Taiwan-based, subsidiary of Foxconn, specifically for flexible display applications.”
UniPixel, Inc. (NASDAQ: UNXL) develops and markets high performance metal mesh capacitive touch sensors for the touchscreen and flexible displays markets. The Company’s roll-to-roll electronics manufacturing process patterns fine line conductive elements on thin films. The company markets its technologies for touch panel sensor, cover glass replacement, and protective cover film applications under the XTouch™ and Diamond Guard™ brands. For further information, visit www.unipixel.com.
All statements in this news release that are not based on historical fact are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the statement regarding projected cost savings. Such statements contain words such as “will,” and “expect,” or the negative thereof or comparable terminology. These statements are based on management’s current expectations. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. These risks, uncertainties, and other factors include, but are not limited to, timing of expenditures, the ability to recognize revenues, the ability to extend product offerings into new areas or products, the ability to compete in our currents markets, the ability to commercialize licensed technology, unexpected occurrences that deter the “bring to market” plan for products, trends and fluctuations in the industry, changes in demand and purchasing volume of customers, our ability to attract and retain qualified personnel, our ability to raise additional capital, the ability to move product sales to production levels, the success of product sales in new markets or of recently produced product offerings, the ability to enforce our intellectual property rights and those set forth under Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2016 and other current and periodic reports filed or furnished from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to UniPixel as of the date hereof, and UniPixel assumes no obligation to update any forward-looking statement.
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