Research Frontiers Inc. (Nasdaq:REFR) and Brazilian architectural glass fabricator Mecanica de Vidros Industria E Comercio Ltda. ("MDV Glass") announced today that MDV Glass has been licensed by Research Frontiers to offer SPD-Smart architectural products such as SPD-Smart windows, doors, partitions and skylights in Brazil.
"We recently announced the expansion of SPD-SmartGlass in China, Russia and the Middle East markets. Brazil is another important international growth market for SPD-SmartGlass, and we are very pleased to introduce MDV Glass to our growing family of licensees," commented Joseph M. Harary, President and CEO of Research Frontiers. "They are a highly regarded glass fabricator within the active construction market of Brazil. As a pioneer in initially bringing liquid crystal privacy glass to high-end customers in the Brazilian market, we believe that MDV Glass is well-positioned in terms of experience, quality and its customer base to supply Brazil with the world's best-selling electronically tintable glass, SPD-SmartGlass."
"We have followed the exciting growth of Research Frontiers and SPD-SmartGlass for the past several years. We also note the increased visibility and extensive performance and durability testing that Mercedes did with their introduction of SPD-SmartGlass on the Magic Sky Control roof on their SLK and SL roadsters, as well as in next year's new S-Class panoramic roof," said Georgios Fotopoulos, President and CEO of MDV Glass. "Brazil is a robust market with significant capital being invested in commercial and residential buildings, especially now as the country prepares for the 2014 FIFA World Cup and the 2016 Olympics. Our company offers high-performance glass solutions. Originally we offered our customers liquid crystal glass for privacy applications, but a much larger market exists for glass that can also provide shading control. We believe SPD-SmartGlass, with its instant control of heat, light and glare, can ideally meet the aesthetic and energy-saving needs of architects and developers in our market, while also providing homes and offices additional security and privacy. We look forward to expanding our production capacity and product line to bring this state-of-the-art shading solution to the Brazilian market, at the time that our local industry demands clean energy and sustainable buildings."
Research Frontiers has invested over $90 million to develop SPD-Smart light-control technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic, either manually or automatically. Research Frontiers holds over 450 patents and patent applications worldwide and has built an infrastructure of over 40 licensed companies that collectively are capable of serving the growing global demand for smart glass products in automobiles, homes, buildings, museums, aircraft and boats. For more information, please visit www.SmartGlass.com.
MDV Glass's license provides for a 15% royalty to Research Frontiers on sales of licensed SPD-Smart products including architectural windows, doors, skylights and partitions. The minimum annual royalties and other fees and license terms were not disclosed.
