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• Energy Conversion Devices: An Amorphous Gem [view article]

  Energy Conversion Devices,
  Inc. - Company Report
  
  Redmond, R.W.
  
  
  1 August 1985
  PIPER, JAFFRAY & HOPWOOD INC.
  
  
  (ENER - OTC)
  
  
  
  ENERGY CONVERSION DEVICES, INC.
  
  
  
  HIGHLIGHTS:
  
  
  
  * Energy Conversion Devices' lock on amorphous materials
  
  technology is beginning to pay off. The Company's extensive patent
  
  portfolio is forcing increasing numbers of large corporations to form
  
  alliances with ENER in order to access its technology.
  
  
  
  * ENER has excellent technological capabilities and is assembling
  
  a capable management team to help manage the growth.
  
  
  
  * Several products are in the process of being commercialized that
  
  have billion dollar market potentials.
  
  
  
  RECOMMENDATION: Buy
  
  
  
  Recent price: (7/26/85) 17 1/4
  
  DJIA: 1353.61
  
  
  
  INVESTMENT CONCLUSION
  
  
  Concept/'kan-,sept/ n 1: something conceived in the mind. 2: a
  
  complex product of abstract or reflective thinking. 3: an abstract or
  
  generic idea.
  
  
  
  Energy Conversion Devices, Inc. is truly a concept. Formed over
  
  25 years ago by Stanford Ovshinsky, the Company today has over 75 Ph.D.
  
  physicists and chemists who are all working on "the last frontier of
  
  solid state physics," the technology of amorphous materials. Amorphous
  
  materials are solids that do not have a crystal structure. Ovshinsky
  
  discovered that under certain conditions these materials have physical,
  
  chemical and electrical properties equal, or superior to, crystalline
  
  materials. What makes this significant is that crystals are often
  
  limited in size and very expensive to create, while amorphous
  
  materials, because of their random nature, are inexpensive to produce
  
  and device sizes are not limited. In addition, amorphous materials can
  
  be synthesized to possess properties that are unavailable in
  
  crystalline substances. Until recently this technology had not been
  
  widely embraced by the scientific community. In fact, it was only
  
  within the last ten years that scholars accepted the concept of
  
  amorphous materials, with a Nobel prize being awarded for work in this
  
  area in 1977. ENER currently has about 190 U.S. patents with another
  
  175 pending.
  
  
  
  Energy Conversion Devices Inc. is in the process of evolving from
  
  a pure research organization into accelerated commercialization. To
  
  fund this evolution, the Company has licensed parts of its technology
  
  and has entered into joint ventures with several large corporations.
  
  The most significant of these are with Sohio, American Natural
  
  Resources (ANR), Matsushita Electric, Hitachi, Nippon Telegraph &
  
  Telephone, Nippon Steel, Sharp and Canon.
  
  
  
  The Company is centering its product development on three primary
  
  industries: energy, information and synthetic materials. The products
  
  that are being developed range from high contrast flat panel computer
  
  displays to high efficiency photovoltaic cells, optical memories,
  
  copier drums, rechargeable batteries, thermoelectric generators and nth
  
  generation computers.
  
  
  
  Energy Conversion Devices should really be viewed as a large
  
  development stage company. As such, the stock does not trade on
  
  fundamental valuations but on long-term earnings expectations.
  
  Therefore, this security should only be considered by the most
  
  aggressive investors.
  
  
  
  For the year ended June 30, 1984, ENER lost $8.85 million on
  
  revenues of $29.23 million. We anticipate that for the year ended June
  
  30, 1985 the Company will lose $11-$12 million on $28 million in
  
  revenue. Our preliminary estimates for fiscal 1986 and fiscal 1987 are
  
  for losses of $3-$4 million on revenues of approximately $45 million
  
  and earnings of $1-$2 million on revenues of about $70 million,
  
  respectively.
  
  
  
  We think that at current levels ENER stock is a good Buy for both
  
  the trader and the long-term investor. The stock is currently trading
  
  at 17 1/4 per share, down from the 40's within the last 18 months. One
  
  of the reasons for this is a delay in a unit offering to shareholders
  
  for the development of flat panel displays. Initially, the SEC decided
  
  to conduct an informal inquiry into whether or not ENER did, in fact,
  
  have exclusive rights to the flat panel technology because of all the
  
  joint ventures it is involved in. Although the inquiry is continuing,
  
  when resolution does occur a major cloud overhanging the stock will be
  
  removed and the potential exists for significant appreciation. The
  
  Company has been able to secure intermediate-term financing, so the
  
  delay has not seriously affected the project. Long-term we think that
  
  amorphous materials have significant potential. Ultimate success in
  
  only a few of its projects could catapult ENER into considerable
  
  profitability. Therefore, because of the significant potential
  
  associated with amorphous materials, we think the depressed stock price
  
  gives aggressive investors an opportunity to participate in a
  
  technology that could revolutionize all industry.
  
  
  
  BUSINESS SUMMARY
  
  
  Energy Conversion Devices, Inc. has pioneered research on
  
  amorphous and disordered materials. The Company is currently involved
  
  in developing products for the energy, information and synthetic
  
  materials markets. This is being accomplished primarily by the
  
  formulation of alliances with several large, well-established
  
  companies, primarily in the form of joint partnerships and nonexclusive
  
  technology licenses.
  
  
  
  The Company currently has approximately 476 employees of which
  
  over 75 are Ph.D researchers. More importantly though, ENER has
  
  recently been complementing this "brain trust" with proven business
  
  managers who previously held high level management positions in large,
  
  multinational corporations.
  
  
  
  OVONIC TECHNOLOGY
  
  ----------------------...
  
  
  ENERGY INFORMATION SYNTHETIC MATERIALS
  
  
  
  Sovonics Solar Ovonic Display Systems (*) Ovonic Synthetic
  
  Systems (A partnership - Flat Panel Displays Materials Company (*)
  
  with Sohio) and Imagers - Coatings
  
  Sovonics Solar - Magnets
  
  Technology (A Matshushita Electric - X-Ray Mirrors
  
  partnership with Industrial Company (a) - Atomic
  
  Sohio) Hitachi, Ltd. (a) Ceramics (TM)(b)
  
  Sharp-ECD Solar IBM (a)
  
  (A joint venture of - Optical Memories
  
  Sharp and Sovonics
  
  Solar Technology) Raytheon Corporation (a)
  
  - Solar Cells - PROMs
  
  
  
  Ovonic ThermoElectric Nippon Telegraph &
  
  Company (*) Telephone Corporation (b)
  
  ThermOvonics (*) - Ultra High Density
  
  - Ovonic ThermoElectric Electronic Memories
  
  Generators
  
  Major International
  
  Ovonic Battery Company Corporation (b) (Name
  
  (A partnership with withheld for competitive
  
  American Natural reasons)
  
  Resources) - New Computer Applications
  
  - Rechargeable (N-Gen (TM))
  
  Batteries - Optical Fibers
  
  
  
  Electrophotographic Drums
  
  
  
  (*) Wholly-owned by ECD
  
  (a) Licensee
  
  (b) Research & Development Agreement
  
  
  
  Source: Energy Conversion Devices, Inc.
  
  
  
  AMORPHOUS OR DISORDERED MATERIALS TECHNOLOGY
  
  
  Amorphous or disordered materials are a unique type of synthetic
  
  solid. They can be best understood as the antithesis of ordered or
  
  crystalline substances.
  
  
  
  CRYSTALLINE (ORDERED) MATERIALS
  
  
  These are solids that have precise mathematical order. That is,
  
  each molecular cluster or atoms within a material is exactly like every
  
  other cluster. Therefore, all chemical bonds and bond angles are
  
  equivalent and physical properties are predictable. Another way to
  
  describe it is in a crystal each atom is surrounded by equidistant
  
  neighboring atoms (short range order) and there is a correlation
  
  between the positions of the atoms over macroscopic distances (long
  
  range order). The problem is that to obtain the long range order a
  
  crystal must be in absolute form. That means impurities and bond
  
  disclocations cannot be tolerated. Therefore, crystals must be prepared
  
  or grown in ultra-pure conditions and controlled environments. This
  
  usually involves considerable expense and puts practical constraints on
  
  substrate sizes. For example, the semiconductor industry has been
  
  working with crystalline silicon for over 30 years and still can only
  
  grow crystals with approximately a six-inch diameter. One other
  
  limitation is that not all chemical compounds will form crystals. As a
  
  result, only certain physical and electrical characteristics are
  
  readily available from existing materials. Therefore, even though a
  
  certain chemical formulation may possess desired microscopic qualities
  
  it may not be producible in crystalline macroscopic form.
  
  
  
  AMORPHOUS (DISORDERED) MATERIALS
  
  
  As contrasted with crystals, amorphous materials have constituent
  
  molecules arranged in disordered fashion without repetitive,
  
  mathematical patterns. Therefore, even though an amorphous material
  
  may have a chemical formula equivalent to a crystalline substance it
  
  would not possess long range order. That means the molecular clusters
  
  would not line up in an orderly fashion across the solid in the same
  
  way crystalline solids do, even though the microscopic or short range
  
  order is nearly identical. For a long period of time it was thought
  
  that this characteristic would inhibit the practical use of disordered
  
  materials. The surprise came when it wa discovered tha amorphous and
  
  crystalline substances in many respects exhibit comparable properties.
  
  That meant the essential properties of a substance are determined
  
  primarily by chemical bonding or short range order, rather than by the
  
  macro structure. This being the case, there was one other important
  
  implication. Freedom from crystalline constraints allows one to design
  
  completely new materials. Researchers can create new materials with
  
  physical, chemical and electrical parameters that were heretofore
  
  unavailable with crystalline materials. This is significant because
  
  now materials can be tailor-made for specific applications.
  
  
  
  WHY ARE AMORPHOUS MATERIALS COMMERCIALLY SIGNIFICANT?
  
  
  1. COST ADVANTAGES: Amorphous materials are created by using
  
  methods such as plasma deposition, cathode sputtering and thermal
  
  evaporation. These techniques are significantly cheaper than growing
  
  crystals of an equivalent substance. Therefore, even if crystalline
  
  materials can perform a task equally, the economic benefits of
  
  amorphous materials can be significant.
  
  
  
  2. MATERIAL CHARACTERISTICS: Because amorphous materials are free
  
  from crystalline constraints, materials can be created with unique
  
  physical, chemical and electrical characteristics. This may allow
  
  companies to produce products that were previously impossible with
  
  crystalline substances.
  
  
  
  3. SIZE ADVANTAGES: Devices can be fabricated with amorphous
  
  materials that do not have the size limitations of crystalline solids.
  
  An example of this are traditional semiconductor devices versus ENER's
  
  work on the N-Gen computer, which is literally an entire computer on a
  
  very large substrate.
  
  
  
  ENERGY DIVISION
  
  
  In the Energy Division ENER is involved principally in the
  
  development and commercial production of photovoltaic solar cells and
  
  thermoelectric generators. The Company is also preparing rechargeable
  
  batteries for commercialization. In addition, research is under way on
  
  specialty catalysts and superconductivity.
  
  
  
  Photovoltaic solar cell development is currently under way via
  
  operating and technology partnerships with Sohio. The operating
  
  partnership, called Sovonics Solar Systems, was formed to continue
  
  research and development on photovoltaic technology and to
  
  commercialize solar products. As of March 1985 ENER owned
  
  approximately 33% of the Company subject to restoration up to 49% if
  
  funding requirements are met. Energy Conversion's share of the
  
  operating partnership cannot drop below 25% even if the Company fails
  
  to make all required cash calls. The technology partnership, named
  
  Sovonics Solar Technology, holds all the patent rights to the
  
  technology and is responsible for all licensing agreements.
  
  
  
  Major Fields For Ovonic Commercialization
  MAJOR FIELDS FOR OVONIC COMMERCIALIZATION
  
  
  
  ENERGY -- Photovoltaics
  
  Thermoelectrics
  
  Batteries
  
  Hydrogen
  
  
  
  INFORMATION -- Optical Memories
  
  Solid-State Memories
  
  Flat Panel Displays
  
  Copier Drums
  
  Microelectronics (large area)
  
  
  
  ENGINEERED MATERIALS -- Coatings
  
  X-Ray Optics
  
  Superconductors
  
  Catalysts
  
  Magnets
  
  
  
  ENER holds a 51% interest in the technology partnership which is
  
  not subject to dilution. Currently the partnerships are involved in
  
  producing multi-layer, amorphous silicon alloy solar cells. The
  
  emphasis is to produce high-efficiency cells on very light substrates.
  
  The theoretical efficiency available from a multiple layer amorphous
  
  device is 60%. However, a realistic upper limit is probably about 30%,
  
  with a 15% conversion rate necessary to make solar cells commercially
  
  competitive with other energy forms in large central power stations.
  
  To date, this Company has produced a device in the laboratory with an
  
  11.7% efficiency. Crystalline solar cells currently operate at
  
  approximately a 10% efficiency. A very distinctive characteristic of
  
  Sovonics solar cells is that they are produced on lightweight flexible
  
  substrates. All other solar cells, amorphous or crystalline are
  
  currently manufactured on glass or other rigid substrates. This
  
  characteristic will become increasingly important as larger and larger
  
  modules are built in commercializing the product. In addition, the
  
  Company is currently able to manufacture its solar cells with a 99%
  
  yield. Furthermore ENER's solar cells are very stable, while other
  
  amorphous silicon devices are not. ENER is currently involved in
  
  preliminary discussions with a government agency as to potential
  
  applications of ultra light flexible solar cells in space.
  
  
  
  Sovonics Solar Technology is currently involved in a joint venture
  
  with Sharp in Japan for the production of tandem amorphous silicon
  
  alloy solar cells utilizing Energy Conversion's proprietary
  
  roll-to-roll production equipment. These cells are used in Sharp's
  
  solar-powered-calculat... To date, SOHIO has invested approximately
  
  $75 million in the partnerships and Sharp about $6 million. Sharp has
  
  also invested approximately $20 million for manufacturing facilities in
  
  Japan. The industry estimates the current photovoltaic market to be
  
  approximately $300 million, growing to $2 billion by 1990 and $10
  
  billion by the year 2000.
  
  
  
  The Ovonic ThermoElectric Company (OTC) is now wholly owned by
  
  ENER subsequent to the Company's purchase of ANR's interest in March
  
  1985. OTC operates as a Division and develops and produces devices that
  
  convert heat into electricity, called Ovonic thermoelectric generators
  
  (OTEGs). These are solid state devices (without moving parts) which
  
  make use of the Seebeck effect to cause electrons to migrate toward the
  
  cold end of a device when heat is applied to the opposite end. The
  
  Company is currently developing devices for a variety of applications
  
  ranging from remote power generators to commercial cooling systems. To
  
  date the Division has sold approximately 300 units at an average cost
  
  of $900, primarily for use as remote power generators. The major
  
  competitor for this device is Teledyne, however, ENER believes its
  
  device operates at lower temperatures and has a substantial cost
  
  advantage. The Company is also working on several large volume
  
  applications.
  
  
  
  The Ovonic Battery Company, (OBL), a partnership with ANR
  
  (recently acquired by Coastal Corp.) was formed to develop lightweight,
  
  nontoxic, high energy density batteries. OBL is initially developing
  
  secondary, or rechargeable batteries targeted at the high end of the
  
  nickel-cadmium market. The batteries will be sold primarily to OEMs
  
  manufacturing portable, battery-driven products. OBL has to date
  
  developed preproduction prototypes that exhibit 2.0 AH (ampere-hour)
  
  capacity as compared to 1.2 AH for nickel cadmium. There is currently
  
  some question as to whether or not ANR, subsequent to being acquired by
  
  Coastal Corp. will continue with the partnership. The Company believes
  
  that, in the event this does happen, other partners can easily be
  
  found. To date ANR has contributed over $6.5 million to the Ovonic
  
  Battery Company. Contributions of $20 million would represent 50%
  
  ownership. ENER believes the addressable market for the Ovonic Battery
  
  to currently be in the range of $250-$500 million and growing at 10%
  
  annually. Some studies have placed the market at $1 billion by 1990.
  
  
  
  Other projects in the Energy Division center primarily on
  
  efficient, low cost catalysts and superconductors which carry very
  
  large electrical currents and produce extremely large magnetic fields
  
  without dissipation of energy. Conventional superconducting materials
  
  only operate at very low temperatures which limits practical
  
  application. ENER's ultimate goal is to create superconducting
  
  materials which can operate in an extended temperature range, thereby
  
  stimulating commercial application.
  
  
  
  INFORMATION DIVISION
  
  
  The Information Division is involved in the development of
  
  products for the telecommunications and computer industries. Primary
  
  products are flat-panel computer displays, optical memories,
  
  electrophotographic drums (copier drums), programmable read-only
  
  memories (PROMS), optical fibers, a microfiche system, large scale
  
  circuit interconnect technology and nth-generation computers.
  
  
  
  In May of 1984 ENER formed Ovonic Display Systems, Inc.
  
  ("DISPLAY"), a wholly owned subsidiary, to complete development and
  
  market high contrast LCD flat panel displays. Initial work is focused
  
  on developing an "active matrix" technology for LCDs which will offer
  
  extremely good contrast and a wide viewing angle. Conventional LCD
  
  displays utilize a multiplexed signal technology which compromises
  
  contrast, viewing angle and resolution due to the effects of cross talk
  
  and lack of sharpness in the liquid crystal voltage threshold. ENER's
  
  product will initially be marketed as a replacement for a cathode ray
  
  tube (CRT) monitor. Eventually the Company also plans to develop solid
  
  state electronic image processing technology for devices, such as page
  
  readers and facsimile machines. These devices would not have moving
  
  parts like traditional machines, and hence could be much cheaper to
  
  build and substantially lighter. The Company believes that this could
  
  eventually be incorporated in its LCD flat panel displays, such that it
  
  serves a dual role, display or page reader. ENER also anticiptes the
  
  development of touch sensitive and color LCD displays. In September
  
  1984, Energy Conversion Devices filed a registration statement with the
  
  Securities & Exchange Commission for a rights offering to ENER
  
  shareholders. Proceeds were to be used to continue product development
  
  and to build a semi-automated production facility. However, the SEC
  
  delayed the offering to conduct an informal inquiry, which initially
  
  revolved around the question of whether or not ENER did in fact have
  
  exclusive rights to the active matrix technology, because of its large
  
  number of joint ventures. It appears that the inquiry is without
  
  merit. In order to continue development until this measure is resolved,
  
  ENER entered into two business agreements in April of 1985. One was
  
  for $3 million with a large institutional investor and the other was $1
  
  million from a large multinational Japanese corporation. There does not
  
  appear to have been any significant delays in product development
  
  because of this inquiry. The Company believes it is only about two
  
  months behind schedule. The potential market for LCD flat panel
  
  displays has been projected to reach approximately $3.2 billion by
  
  1992.
  
  
  
  More than a decade ago Energy Conversion Devices developed an
  
  optical memory technology for the storage and rapid retrieval of
  
  massive amounts of data. This technology revolves around a reversible
  
  bistable switch which is activated by amorphous-to-crystalli... and
  
  crystalline-to-amorpho... phase transitions. The driving mechanism for
  
  this transition is a laser beam with 1 uM resolution. Until recently
  
  this has been the inhibitor to the extensive commercialization of the
  
  product. However, recent advances in solid state laser technology have
  
  removed this barrier. IBM, Matsushita Electric and Hitachi are
  
  currently licensees of optical memories with additional licenses under
  
  negotiation. To date Matsushita has invested approximately $2 million
  
  and Hitachi approximately $0.8 million. Some market researchers
  
  believe demand for this type of device could reach approximately $10
  
  billion by the year 2000.
  
  
  
  Electrophotographic copier drums have been developed by ENER which
  
  utilize an amorphous silicon alloy to produce a photoconductive coating
  
  that is extremely hard, scratch-resistant and long lived. These
  
  properties are significant because approximately 90% of all copier
  
  problems are currently related to the copier drum. ENER believes that
  
  its amorphous silicon drum will have a usable life over 10 times longer
  
  than conventional drums. Although many companies have understood the
  
  desirable characteristics of amorphous silicon copier drums, they have
  
  been uneconomical to produce. However, ENER has perfected a deposition
  
  technique that very substantially reduces manufacturing costs and
  
  creates the hardness required to make its proprietary material a viable
  
  option. In September 1983 a Japanese firm, Shindengen Kogyo Co.,
  
  invested $400,000 in a research agreement for development of this
  
  technology. Shindengen is the largest OEM copier drum manufacturer in
  
  Japan. On June 19, 1985, ENER and Canon of Tokyo, Japan signed an
  
  agreement whereby ENER will license certain technologies to Canon for
  
  manufacturing amorphous silicon copier drums in Japan. In addition,
  
  the two companies will establish a joint venture in the U.S. which will
  
  be 51% owned by ENER and 49% by Canon who will have management control.
  
  The terms are structured such that ENER will receive $7 million as soon
  
  as Japanese government approval is obtained and an additional $3
  
  million over the next 18 months.
  
  
  
  Programmable read-only memory (PROM) technology is being developed
  
  via a license agreement with the Raytheon Corporation. Energy
  
  Conversion Devices developed an amorphous silicon switch as a
  
  replacement for the metallic fuse link elements used in conventional
  
  PROM devices. This will ultimately result in a 50% size reduction in
  
  the PROM cell.
  
  
  
  Raytheon has completed a two-year engineering program and is in
  
  the process of gearing up for production of the devices. It is not
  
  known when manufacturing will commence. The PROM market has been
  
  forecasted to grow approximately $650 million by 1988.
  
  
  
  Energy Conversion Devices patented "amorphous silicon antifuse
  
  technology" used in the PROM device is also evolving into another
  
  application. In January 1983 ENER transferred a nonroyalty bearing
  
  license to this technology to a new corporation, Mosaic Systems, Inc.
  
  In return ENER received approximately 10% of the original stock.
  
  Mosaic Systems is involved in the development of discretionary wiring
  
  for wafer scale integration. What this will do is to connect
  
  programmatically crystalline chips that reside on monolithic wafers.
  
  Therefore, instead of breaking a silicon wafer into small chips and
  
  then reconnecting them by packaging them on a printed circuit board,
  
  manufacturers will be able to do everything electronically at the wafer
  
  level. Mosaic Systems anticipates this will reduce cost and size while
  
  increasing speed.
  
  
  
  A revolutionary area of research that is proceeding at ENER is
  
  called the N-Gen (nth generation) computer. Conventional
  
  semiconductors are based on single crystal silicon, which after years
  
  of research and millions of dollars still can only be practically
  
  produced in six-inch diameters. This puts a limit on device sizes,
  
  allowing researchers to only go so far in full wafer scale integration.
  
  In contrast, Energy Conversion Devices utilizes amorphous silicon
  
  semiconductors which can be produced on substrates a number of times
  
  larger and in multiply layers. The implication is that by using
  
  amorphous silicon, one could literally design a computer more powerful
  
  than today's mainframes on a single chip. ENER has received $4.3
  
  million from Nippon Telegraph & Telephone and another major
  
  international firm to proceed with this research.
  
  
  
  The other major areas of work in the Information Division revolve
  
  around topical fibers and a microfiche system. In optical fibers the
  
  Company is developing ultra low loss fibers for use in
  
  telecommunications and ultimately in devices such as optical computers.
  
  A major international corporation has recently invested $750,000 in
  
  preliminary research. Energy Conversion Devices has also developed an
  
  instant, dry development process into a microfiche system. In November
  
  1983, ENER licensed the technology to Memcom International for $1
  
  million and royalties.
  
  
  
  SYNTHETIC MATERIALS
  
  
  The Synthetic Materials Division, or the Ovonic Synthetic
  
  Materials Company, OSM, is working primarily in the areas of
  
  specialized coatings, hard magnets and x-ray optics.
  
  
  
  Specialized coatings are being developed for a number of different
  
  industrial applications. OSM has been able to develop coatings, again
  
  based on amorphous materials technology, with the ability to withstand
  
  high temperatures, abrasion and corrosion. The underlying basis of
  
  this business is the Company's ability to create materials for specific
  
  tasks. This again is due to the nature of amorphous materials. OSM is
  
  currently involved in a two-year development contract with the Nippon
  
  Steel Corporation for the development of corrosion resistant coatings
  
  for the steel industry. To date Nippon Steel has contributed
  
  approximately $800,000 to this project.
  
  
  
  The hard magnet project has developed a permanent magnet with a
  
  large magnetic energy capacity in relationship to its size and weight.
  
  The emphasis will be to replace rare earth and ferrite magnets with
  
  magnets superior in performance as a function of weight and size.
  
  Potential applications would include computer disk drive motors,
  
  automobile starters and other home appliances.
  
  
  
  OSM's Xray mirror project has developed materials that can be used
  
  to reflect and focus X-rays. X-rays, of course, penetrate most all
  
  substances. The only substances currently available that will reflect
  
  or disperse X-rays are certain single crystal materials. OSM has
  
  developed a thin-film multi-layer technology or "super-lattice&qu...
  
  material that overcomes many of the shortcomings involved with current
  
  materials. OSM believes this will enable X-ray instrumentation
  
  manuacturers to design increased functionality into future machines.
  
  This is already a profitable product with sales currently over $1M
  
  annually to customers such as Philips.
  
  
  
  Nov 30 03:12 PM

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