12 July 2016
CAP-XX Limited
("CAP-XX" or the "Company")
£1 million AVX licence payment received
CAP-XX, a world leader in supercapacitors, is pleased to announce that it has received the first tranche payment of £1 million under its technology licence agreement with AVX Corporation of Fountain Inn, South Carolina, USA ("AVX"). AVX is a leading international manufacturer and supplier of electronic passive components and interconnect solutions found in many electronic devices and systems worldwide.
In March 2016, CAP-XX licensed its patents to AVX on a non-exclusive basis for a range of prismatic and cylindrical supercapacitor sizes. Under the terms of the licence, CAP-XX will receive annual licence fees, plus quarterly guaranteed minimum royalty payments, over a three year period. Thereafter, CAP-XX will receive a 5% royalty for the life of the patents, with the royalty being based on the volume of sales of super capacitors sold by AVX covered by CAP-XX patents. The last of the CAP-XX patents granted expires in 2029. New patents applied for by CAP-XX will extend this date beyond 2029 once granted. The initial annual licence fee of £1 million has now been received by CAP-XX, which has been subject to a 5% withholding tax, with payments in subsequent years being subject to AVX maintaining the licence.
Anthony Kongats, CEO of CAP-XX, commented:
"Our partnership with AVX will provide significant additional momentum to the adoption of CAP-XX supercapacitors in numerous very high volume applications across the globe. Receipt of the first tranche payment under the licence also strengthens our balance sheet."
For further information, please contact:
CAP-XX Limited |
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Anthony Kongats (Chief Executive Officer) |
+61 (0) 2 9428 0139 |
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Allenby Capital Limited (Nominated Adviser and Broker) |
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David Hart / Alex Brearley |
+44 (0) 20 3328 5656 |
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Kreab (Financial PR) |
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Robert Speed |
+44 (0) 20 7074 1800 |
Notes to editors:
About CAP-XX
CAP-XX (LSE:CPX) is a world leader in the design and manufacture of thin, flat supercapacitors and energy management systems used in portable and small-scale electronic devices, and to an increasing extent, in larger applications such as automotive and renewable energy. The unique feature of CAP-XX supercapacitors is their very high power density and high energy storage capacity in a space-efficient prismatic package. These attributes are essential in power-hungry consumer and industrial electronics, and deliver similar benefits in automotive and other transportation applications.
About AVX
AVX Corporation (NYSE:AVX) is a leading international manufacturer and supplier of electronic passive components and interconnect solutions with multiple manufacturing and warehouse facilities located around the world offering a broad range of devices including capacitors, resistors, filters, couplers, timing and circuit protection devices and connectors. AVX components can be found in many electronic devices and systems worldwide. The AVX Corporation is publicly traded on the New York Stock Exchange.
