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Cool Chips Press Release Dated 4 Dec 2002

COOL CHIPS PLC AND SRI INTERNATIONAL SIGN RESEARCH AGREEMENT

FOR IMMEDIATE RELEASE

Refers to COLCF

Gibraltar
4th December 2002
Cool Chips plc (COLCF)

COOL CHIPS PLC AND SRI INTERNATIONAL SIGN RESEARCH AGREEMENT

Cool Chips plc (COLCF) is pleased to announce that a research agreement has been entered into between Cool Chips and SRI International specifically for the further characterization and fabrication of prototype Cool Chip™ devices.   SRI International is a leading independent research institute based in Silicon Valley.

The agreement specifies multiple development stages over a number of months, and includes IP provisions.   Funding will be a combination of cash and Cool Chips shares.

About SRI International

Silicon Valley-based SRI International (http://www.sri.com) is one of the world’s leading independent research and technology development organizations.   Founded as Stanford Research Institute in 1946, SRI has been meeting the strategic needs of clients for more than 55 years.   The nonprofit research institute performs contract research and development for government agencies, commercial businesses and nonprofit foundations.   SRI is well known for its innovations in information technology, telecommunications, engineering, pharmaceuticals, chemistry, physics, and the public policy areas of education, health, and economic development.   In addition to conducting contract R&D, SRI licenses its technologies, forms strategic partnerships and creates spin-off companies.

About Cool Chips plc

Cool Chips plc was formed in 1997 to develop and market the Cool Chip™ - a wafer-thin disc designed to produce cooling or refrigeration through the use of quantum electron tunneling across a nanometer-scale gap.

Because of the inherent advantages in cooling across a gap using electron tunneling, Cool Chips are projected to attain efficiencies much higher than those available in current cooling systems in a package that is less than 10% of the size and weight of compressors.   Cool Chips are modular, and can be packaged in arrays to cool virtually any size heat load.

The technology is protected by an extensive portfolio of patents, both issued and pending.   More information is available on the Cool Chips plc web site at www.coolchips.gi including the full text of issued patents.

Cool Chips plc (COLCF) has 7,365,460 shares outstanding as of 31 March 2002.

For further information contact:
Chris Bourne
Head of Public Relations
Cool Chips plc
+44 20 8571 5216
pr@coolchips.gi




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