Third Innovative Research Grant Extends Funding to Develop Cutting
Edge Single Crystal RF Filters for Mobile Wireless Market
Akoustis Technologies, Inc. (OTCQB: AKTS) (“Akoustis” or the “Company”),
a manufacturer of innovative Bulk ONE™ single crystal piezoelectric RF
bulk acoustic wave (BAW) filters for mobile wireless, announced today
that it received a $740K Small Business Innovation Research (SBIR) Phase
II award from the National Science Foundation (NSF). The grant was based
on the results achieved by the Company’s previously awarded Phase I
grant as well as scientific and technical merit and commercial potential
of the project proposed in Phase II.
“Akoustis is pleased to continue its partnership with NSF to develop and
commercialize our single crystal resonator technology,” said Jeff
Shealy, CEO of Akoustis Technologies, Inc. “The goal of the Phase II
award is to advance our Phase I research, accelerate commercialization,
and create a sustainable business model,” added Mr. Shealy.
The Phase II award is a 24-month extension of the Company’s recently
completed NSF SBIR Phase I grant and increases the total program funding
to $920K. Further, the Phase II award allows Akoustis to apply for up to
$500K in additional non-dilutive matching funds from NSF as part of a
Phase IIb application, which the Company anticipates to submit later
this year.
The Phase II funding will be used to continue development of the
Company’s new, cutting edge class of RF BAW Filters based upon patented,
highly differentiated high purity single crystal piezoelectric
materials. Its Bulk ONE™ technology will service the fast growing
multi-billion dollar market of device OEMs, network providers, and
consumers to diminish front end phone heat, battery drain and signal
loss -- all considered to be directly related to current RF filter
technologies' limitations.
Overall, the Phase II program with NSF allows Akoustis to accelerate the
commercialization of its innovative filter products to address the
critical mobile-wireless need by using single crystal piezoelectric
materials to create a new class of acoustic wave filters. Such filters
are expected to improve performance, lower system cost and drive
miniaturization. Akoustis’ Bulk ONE™ filters originate from materials
which exhibit superior acoustic performance when compared to the
incumbent thin-film technologies deployed today.
Akoustis has seven (7) U.S. Patents filed, plus three (3) international
applications protecting its use of single crystal piezoelectric
materials for the manufacturing, packaging and circuit integration of
BAW resonators and filters. Akoustis holds exclusive rights to two (2)
US Patents and associated foreign filings from the University of
California at Santa Barbara and (1) US Patent from Cornell University.
About Akoustis
Akoustis™ (http://www.akoustis.com)
is a high-tech RF filter solutions company that manufactures its unique,
patent-pending Bulk ONE™ technology to produce single-crystal bulk
acoustic wave (BAW) filters for the mobile-wireless industry, which
facilitate signal acquisition and accelerate band performance between
the antenna and the back end of mobile devices. Akoustis’ “fabless”
business model is capital efficient, leveraging existing manufacturing
infrastructure in the semiconductor industry. Akoustis™ is located in
the Piedmont technology corridor between Charlotte and Raleigh, North
Carolina.
About NSF SBIR/STTR Program
The NSF SBIR/STTR program (http://www.nsf.gov/eng/iip/sbir/home.jsp)
seeks to transform scientific discovery into societal and economic
benefit by catalyzing private sector commercialization of technological
innovations. The program increases the incentive and opportunity for
startups and small businesses to undertake cutting-edge, high-quality
scientific research and development. NSF SBIR/STTR provide grants in
phases: a short proof-of-concept / feasibility grant ($150-225k) can
potentially be followed by a longer development grant ($750k). SBIR/STTR
grants complement angel funding and such federally funded grants are
non-dilutive.
Forward-Looking Statements
Statements in this press release that are not descriptions of historical
facts are forward-looking statements that are based on management’s
current expectations and assumptions and are subject to risks and
uncertainties. In some cases, you can identify forward-looking
statements by terminology including “anticipates,” “believes,” “can,”
“continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,”
“potential,” “predicts,” “should,” “will,” “would” or the negative of
these terms or other comparable terminology. Factors that could cause
actual results to differ materially from those currently anticipated
include, without limitation, risks relating to the results of our
research and development activities, including uncertainties relating to
semiconductor process manufacturing: the early stage of our Bulk ONE™
technology presently under development; our need for substantial
additional funds in order to continue our operations and the uncertainty
of whether we will be able to obtain the funding we need; our ability to
retain or hire key scientific, engineering or management personnel; our
ability to protect our intellectual property rights that are valuable to
our business, including patent and other intellectual property rights;
our dependence on third-party manufacturers, suppliers, research
organizations, testing laboratories and other potential collaborators;
our ability to successfully market and sell our technologies; the size
and growth of the potential markets for any of our technologies, and the
rate and degree of market acceptance of any of our technologies;
competition in our industry; and regulatory developments in the U.S. and
foreign countries.
In light of these risks, uncertainties and assumptions, the
forward-looking statements regarding future events and circumstances
discussed in this press release may not occur, and actual results could
differ materially and adversely from those anticipated or implied in the
forward-looking statements. You should not rely upon forward-looking
statements as predictions of future events. The forward-looking
statements included in this presentation speak only as of the date
hereof, and, except as required by law, we undertake no obligation to
update publicly or privately any forward-looking statements for any
reason after the date of this presentation to conform these statements
to actual results or to changes in our expectations.
THESE MATERIALS DO NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION
OF ANY OFFER TO BUY, ANY SECURITIES OF AKOUSTIS, INC., OR OF ANY OTHER
ENTITY WHATSOEVER. ANY REPRESENTATION TO THE CONTRARY BY ANY PARTY
SHOULD BE IGNORED.
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