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LONDON, UK / ACCESSWIRE / August 11, 2017 /Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Uni-Pixel, Inc. (NASDAQ: UNXL), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=UNXL. The Company announced on August 09, 2017, that it has signed a non-binding letter of intent to enter into a strategic transaction with Future Tech, pursuant to which, Future Tech will produce Uni-Pixel's XTouch sensors in Changzhou City, Jiangsu Province, in China. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Under terms of the letter, Future Tech expects to form a joint venture that will own and operate a manufacturing facility in Changzhou, China. Future Tech will also be responsible for creating an organization to sell, market, and distribute metal mesh touch screen sensors to original equipment manufacturers headquartered in the Asia/Pacific region. Future Tech will manufacture sensors for Uni-Pixel, subject to agreement on volume and pricing where a definitive agreement is expected to be executed during September 2017.
The Letter of Intent
The letter of intent states that Future Tech will pay Uni-Pixel up to $5.1 million for rights, know-how and manufacturing assets that will be transferred to the joint venture. Uni-Pixel announced that it will receive $2 million at an initial closing, with the remaining amounts payable upon equipment qualification and manufacturing milestones. Future Tech will additionally provide all funding required to establish manufacturing facilities, to acquire the necessary equipment, to operate the facility, and to meet the necessary working capital requirements.
According to the press release, the joint venture will make royalty payments to Uni-Pixel based on IP license grant; it will market XTouch product in the Asia/Pacific region including to China-based mobile and computer OEM Companies, where Future Tech holds an existing client base. Uni-Pixel will maintain manufacturing and conduct research and development for new products in Colorado Springs, and will also purchase sensors from Future Tech, thereby expanding its manufacturing footprint and the sensor supply to meet Uni-Pixel's customer demand. Uni-Pixel will contribute know-how and training to the joint venture and also grant licenses to its IP.
The Streamlined Screen Manufacturer
On July 11, 2017, Uni-Pixel announced that it would close its Texas location as part of an initiative to enhance operations and streamline expenses to shift capital to fund its projected growth. Under the announcement, Uni-Pixel stated that it would shift its R&D operations to the Colorado Springs facility, instead. The Company will also reduce operating expenses by eliminating overlapping operational responsibilities in Asia and the US by consolidating them in Asia. The initiatives were initially expected to reduce costs by $2 million-3 million by the end of the calendar year.
The Loss-stricken Company
According to Q1 FY17 results, reported on May 11, 2017, Uni-Pixel suffered a net loss attributable to common shareholders of $7.7 million, or $0.15 per basic and diluted share, for the three-month period ended March 31, 2017, against $8.4 million loss in Q1 FY16. Hence, in an attempt to minimize its loss, the Company unified its operations and entered into an agreement with Future Tech for the XTouch product.
Uni-Pixel will hold its Q2 FY17 results conference call on August 10, 2017, 4.30 p.m. ET.
Last Close Stock Review
At the close of trading session on Thursday, August 10, 2017, Uni-Pixel's stock price rose 4.07% to end the day at $0.34. A total volume of 811.54 thousand shares were exchanged during the session. At Thursday's closing price, the stock's net capitalization stands at $22.13 million.
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