Thinfilm's financial report first quarter 2011

Tue May 10, 2011 2:00am EDT

* Reuters is not responsible for the content in this press release.

Enclosed in pdf file are the interim report for the first quarter 2011 and condensed consolidated financial statements as at 31 March 2011 for the Thin Film Electronics ASA group. See below for the business review section of the report.


For further information, please contact:
Geir Harald Aase, VP Communications: +47 480 37 571/geir.aase(a)
Torgrim Takle, CFO: +47 95 14 07 82/tt(a)


About Thinfilm
Thin Film Electronics ASA ("Thinfilm") is a publicly-listed Norwegian technology company with its head office in Oslo and product development in Linköping, Sweden. Thinfilm is a pioneer in the field of Printed Electronics, and provides fully-printed non-volatile, rewritable memory for applications in toys & games, logistics, sensor, and ID systems.


9 May 2011
Thin Film Electronics ASA





In the first quarter, Thinfilm passed its first milestone towards creating integrated systems and introduced the OBA demo game powered by printed rewritable memory.


* Thinfilm & PARC extend commercialization engagement:
Products that include Thinfilm Addressable Memory(TM) will make it possible for PARC to commercialize its printed transistor technology.

* The OBA demo game launched:
Demonstrates Thinfilm's rewriteable memories for use in interactive  toys and games.

* Thinfilm wins new product innovation award:
Frost & Sullivan presented the 2010 Global New Product Innovation Award in Printed Electronic Memories to Thinfilm.


In January Thin Film Electronics ASA ("Thinfilm") completed the design of the world's first printed rewritable memory array with logic circuitry, the Thinfilm Addressable Memory(TM). This marked the first milestone towards creating integrated printed systems.
  The design allows compact higher-density printed memories, and enables integration with other printed elements, such as sensors, power sources, and eventually, also antennas.
  "We are moving the printed electronics industry beyond components and devices, to full-featured printed electronic systems. Thinfilm Addressable Memory meets the need for creating ubiquitous low-cost tags and disposable printed system," says Davor Sutija, Thinfilm CEO.


Thinfilm & PARC extend commercialization engagement
Addressable memory combines Thinfilm's memory technology with transistor technology developed by PARC, a Xerox Company.
  "Activities with PARC have generated significant interest from both prospective customers and technology companies to link printed components, such as electrochromic displays, thin-film batteries, and sensors with Thinfilm memory," Sutija continues.
  Thinfilm and PARC have now entered the next phase of their co-innovation engagement where products with Thinfilm addressable memory will be a key avenue for PARC to commercialize its technology. Thinfilm has licensed the right to use PARC background IP related to printing transistors to create unique printed memory applications.
  "Thinfilm's focus is shifting towards addressable memories and systems that include these as enablers for fully-printed, disposable devices," explains Sutija.
  Thinfilm and PARC's mutual goal is to demonstrate printed addressable memory prototypes by the end of this year. Transfer to production is expected in 2012.
  "While our goal is to leverage relationships with strategic partners, it is clear that Thinfilm has the opportunity to develop an expanded roadmap that integrates these components together into complete systems," says Sutija.


The OBA demo game launched
"Cost-sensitive consumer applications are the right proving ground for Printed Electronics. Thinfilm is meeting this challenge by delivering prototyping design services to toy manufacturers and engineering quantities of memory labels and memory-enhanced cards," he continues.
  The OBA demo game was launched in February. In the OBA reference game the Oba inhabitants evolve and mature their capabilities and powers through acquiring eggs on each game level. Cards with Thinfilm Memory store game status.
  Thinfilm's current product offering is Thinfilm Memory(TM), a 20-bit non-volatile rewriteable memory printed in a high-volume roll-to-roll process, and the Thinfilm Memory Controller.
  Thinfilm has seen significant interest from the toys and games market, and is also experiencing growing interest from other industries.
  "This traction, including discussions of specific toy prototypes, accelerated with  the recent launches of the Thinfilm Memory Controller and the OBA game," concludes Sutija.


Thinfilm wins new product innovation award
In March Frost & Sullivan presented the 2010 Global New Product Innovation Award in Printed Electronic Memories to Thin Film Electronics ASA ("Thinfilm"). "A key competitive feature of the technology is that it is fully printable in high volume roll-to-roll machines," stated Frost & Sullivan, and remarked that there is a strong demand for nonvolatile memory products for use in low-cost and low-power flexible electronics applications.


Notable events in 2011:
News and announcements:
* Thinfilm & PARC extend printed electronics commercialization engagement, 4 April 2011
* PARC, a Xerox company, takes minority stake in Thinfilm, 24 March 2011
* Thinfilm Appoints Top Scientists to Technology Council, 9 March 2011
* Thinfilm wins Frost & Sullivan's new product innovation award, 2 March 2011
* Thinfilm launches demo game powered by printed memories, 10 February 2011
* Thinfilm addressable memory design completed, 18 January 2011


Organizational updates:
* Jennifer Ernst was appointed Vice President, North America,  3 March 2011
* Torgrim Takle was appointed Chief Financial Officer, 10 January 2011


Conferences and trade shows:
* Thinfilm presented and exhibited at the IDTechEx conference Printed Electronics Europe 5-6 April 2011 in Düsseldorf
* Thinfilm presented at the IPI conference, Exploiting Printed Electronics Technologies, 23 March 2011 in London
* Thinfilm presented and exhibited at the Engage Conference and Expo 2011
15-16 February 15-16 2011 in New York
* Thinfilm presented at the Flexible Electronics and Displays Conference, 7-10 February 2011 in Phoenix, AZ


About Thinfilm and printed electronics
Thin Film Electronics ASA ("Thinfilm") is a publicly-listed Norwegian technology company with its head office in Oslo and product development in Linköping, Sweden. Thinfilm is a pioneer in the field of Printed Electronics, and provides fully-printed non-volatile, rewritable memory for applications in toys & games, logistics, sensor, and ID systems.
  The Printed Electronics market is expected to grow to more than USD 50 billion in market value over the next ten years, according to industry analyst group IDTechEx. IDTechEx predicts that logic, including addressable memory, will be one of the largest segments in this market.
  Printed RFID tags are predicted to rapidly gain market share over the coming years. According to IDTechEx, the numbers of printed and chipless RFID tags sold globally will rise from 12 million in 2011 to 209 billion in 2021.
  The demand for low cost tags is expected to be driven by retailers' adoption of standard EPC RFID tags in open supply chains. Governments will also drive the RFID boom. The public sector is the largest customer for RFID today, and in the future the use of RFID in transit ticketing, people identification and animal tagging is forecasted to grow.
  In parallel to the embracement of item level ID tagging, NFC enabled phones will put an RFID-compatible reader in people's pockets, purses, and backpacks. Major communication device companies are targeting RF applications for consumer mass markets. Examples of these applications are location tags, advertising and smart packaging.
  Using printing to manufacture electronic memory makes it possible to reduce the number of process steps, dramatically reduce manufacturing costs, as well as the environmental impact compared to traditional semiconductor processes. Commercial applications of printed electronics include e-paper, electronic readers, and organic light emitting (OLED) displays. Sensors, batteries, and photovoltaic energy sources are also in development, and together with Thinfilm's memory technology they will open the door to new products and applications.
  Memory is an essential part of most electronics. Memory is required for identification, tracking status and history, and is used whenever information is stored. Thinfilm's non-volatile ferroelectric polymer memory technology is well suited for application with other printed electronics devices because power consumption during read and write is negligible, and as it is permanent, no connection to external power is required for data detainment. Also, the current required to write information is so small that operation would be limited by the battery's lifetime and not its capacity.



This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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Source: Thin Film Electronics ASA via Thomson Reuters ONE

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