(August 11, 2010 – BUSINESS WIRE) — Plastic Logic is revising its product strategy and plans to shift its focus to bring to market a second-generation ProReader plastic-electronics-based product. The company said it has cancelled its QUE product, which it debuted at CES in January 2010 and planned to ship earlier this year.
“We recognize the market has dramatically changed, and with the product delays we have experienced, it no longer make sense for us to move forward with our first generation electronic reading product,” said Plastic Logic CEO Richard Archuleta. Plastic electronics technology’s potential economic, manufacturing, form factor and environmental benefits are toted as improvements over silicon in a variety of devices. Plastic Logic states that the QUE product generation did not adequately showcase plastic chips’ thin, lightweight, more robust mobile form factor benefits over silicon/glass displays.
“This was a hard decision, but is the best one for our company, our investors and our customers.” Plastic Logic is in advanced talks with a Russian state-owned company, Rusnano, over the sale of a significant stake, which is likely to "fuel fears about ownership of potentially world-beating UK technology being transferred to other countries," according to an article by Lina Saigol and Peter Marsh, Financial Times. Read the article about Plastic Logic’s possible Russian future here: http://www.ft.com/cms/s/2/7d02a1ea-a329-11df-8cf4-00144feabdc0.html?ftcamp=rss.
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Archuleta added: “We plan to take the necessary time needed to re-enter the market as we refocus, redesign and retool for our next-generation ProReader product. We continue to perfect our core plastic electronic technology and manufacturing processes that are central to our product’s unique value proposition." Financial Times reports that Rusnano could infuse enough capital to take control of Plastic Logic, and may move technology production for next generation products to Russia.
“We are fortunate to have investors who are confident and committed to our company’s long-term success in commercializing plastic electronics,” Archuleta noted. “We thank them, along with our partners and suppliers, and most especially our first customers, for their support, dedication and patience — and for standing with us to pioneer the plastic electronics revolution,” asserted Archuleta.
Plastic Logic uses plastic electronics to create a range of innovative products. Read about the manufacturing process in a 2002 article from Small Times: http://www.electroiq.com/index/display/nanotech-article-display/267677/articles/small-times/consumer/2002/01/bcool-jets-micronozzles-splatterbrapplications-beyond-inkjet-printer-b.html