Click here to view the printer friendly version of this press release
Los Alamos, NM, October 15, 2002 -Manhattan Scientifics, Inc. (MHTX) said today it has sold the intellectual property of its holographic data storage subsidiary to a company actively engaged in developing the ultra high-density data storage technology.
The patents and equipment assets of Tamarack Storage Devices Inc., a wholly owned subsidiary of Manhattan Scientifics, were sold for an undisclosed amount of cash and securities. The company said it would provide additional details in the near future.
Jack Harrod, chief operating officer of Manhattan Scientifics, said, "We believe the portfolio of 21 patents has the potential to play an important role in the future development of holographic memory. We have taken this step in order to focus our efforts on our fuel cell and e-Touch Software activities."
Manhattan Scientifics CEO Marvin Maslow said, "This transaction provides us with useful funding that will help see us through these difficult markets. We continue to make what we believe is useful progress in finding appropriate partnerships and alliances to commercialize our portfolio of disruptive technologies."