MED, the manufacturer of low power light emitting polymer displays, is considering a strategic move to look for a buyer for the company.
The Edinburgh-based company has reported good progress in getting its manufacturing plant in Dresden into production, but has seen an increase in half-year pre-tax losses.
“Progress with our customer base is slower than expected but is progressing and management continue to believe that the market opportunities for the Company remain very significant,” said George Elliott, Chairman of MED.
“Against this backdrop, the Board is reviewing its strategic options for the financing of the Company, which may include considering proposals for an offer for the Company,” said Elliott.
In August, MED warned that it had experienced slower than anticipated development of the market for consumer head mounted displays. This is a core product for the polymer display company.
Half-year revenues were up at £377,000 and pre-tax losses were £3.8m, up on £3.1m for the same period last year.
Cash and cash equivalents as at 29 September was £1.3m down from £3.3m in 2007.
On the upside, the firm’s production facility in Dresden, Germany is in volume production with the quality of yields at the site outperforming company estimates. Over 100,000 units have now been shipped.
In May, MED announced nine design wins for its eyescreen product. “Encouraging discussions continue with global digital camera manufacturers, where eyescreen can be used as an electronic viewfinder for the next generation of cameras for the global market,” said Elliott.
Also Kaga Components, part of the Kaga Electronics Group of Japan, has signed a MOU with MED to use eyescreen in their designs for electronic view finder modules, intended for the next generation of digital cameras being manufactured in the region.
Q5 interview - In July Electronics Weekly puts its questions to an industry figure: George Elliott is chairman at miniature OLED display company, Edinburgh-based MED (MicroEmissive Displays). The former CFO at Wolfson Microelectronics is also a board member at a number of technology companies in Scotland. He is a strong believer in the need for start-up companies to think globally from day one.