Evident Technologies Announces Company Restructuring Plan

TROY, N.Y.--(Business Wire)--
Evident Technologies announced a filing in chapter 11 reorganization today and
has asked the Bankruptcy court in Albany, New York to approve a debtor in
financing package of $ 1.35 million. The filing was prompted by Evident`s
inability to continue paying the exorbitant costs associated with a patent
infringement case brought on by a large California-based life science company.
The promise of substantial debtor in possession financing triggered by a chapter
11 filing was another driving reason for the bankruptcy filing. During the
Chapter 11, Evident will operate under current management and continue research
in nanotechnology and pursuit of commercialization of its patented technology.

"Defending a lawsuit in the Eastern District of Texas for patent infringement
required us to spend at an unsustainable rate," stated Clinton Ballinger, CEO.
"The restructuring plan associated with the chapter 11 allows us to protect our
business and operate the company going forward. We have reached an agreement
with our secured creditors already and our customers and employees should see
minimal impact."

Chapter 11 of the Bankruptcy Code allows companies to reorganize under the
bankruptcy laws of the US if they are unable to service their debt. Evident has
developed a plan with major creditors for operating the company going forward.

About Evident Technologies

Founded in 2000, Evident Technologies develops and commercializes technology
based on semiconductor nanocrystals. Evident is one of the first companies to
commercialize products based on semiconductor nanotechnology and has launched
commercial products in LED and lighting, military and life science markets. For
additional information on Evident Technologies, please visit
http://www.evidenttech.com.

Evident Technologies, Inc.
Clinton Ballinger, 518-273-6266
info@evidenttech.com

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