A hi-tech manufacturing specialist has bought the intellectual property first developed at the University of Cambridge from the financially stricken large displays innovator, Screen Technology.
Shearline Precision Engineering, also of Cambridge, has purchased the ITrans videowall system along with all the underlying patents and IP from Screen Technology's administrator, McTear Williams & Wood. Formerly listed on the AIM market, Screen Technology went into administration in May this year, though it claimed to be only a couple of months away from generating the type of revenues that would enable it to function as a going concern.
Shearline had an existing relationship with Screen Technology, for whom it supplied the tiles at the heart of its videowalls and even provided investment in the form of a six-figure loan, though only a fraction of the £20m Screen Technology raised in its lifetime for the exciting ITrans system. Now rebranded as Shearvision, the system allows the construction of videowalls of unlimited size, displays which can be viewed easily from all angles and distances as well as in areas where reflections caused by strong sunlight or artificial lighting are otherwise problematic. This makes it ideal for use in environments like shopping centres, departmental stores, railway stations and other airports where other display technologies suffer from glare.
Business rescue specialist, McTear Williams & Wood was appointed as administrator and has been working with the directors to sell the business and assets. Charles Maltby, technical and commercial director of Shearline, said: "We are delighted to have acquired this innovative technology which has considerable potential and is compatible with other platforms such as OLED with which it could be integrated." "We have developed production systems for new builds and we are interested in talking to potential partners about long term developments, as well as hire of the current screens for use in shopping areas, airports and at exhibitions or other promotional events."
Chris Poulton of McTear Williams & Wood added "With the continuing uncertainty in the economy we know that many early stage companies are finding it very difficult to attract investment once their current funds are exhausted and in those circumstances it is important to take advice early before cash pressure becomes too intense. "The key to success is our early involvement so that core assets can be protected and a process put in place to realise their full value."
2 November 2009