LC-Tec Holding AB enters with 33.33% of the initial capital of EuroLCDs SIA. The other two shareholder-partners in the establishment are Hörnell Teknikinvest AB (Swedish investment company 100% owned by Ake Hörnell) and Macro Riga (Latvian company in the component industry, owned by EuroLCDs COO, Ilmars Osmanis).

LC-Tec's founder and majority owner Dr.Ake Hörnell will on behalf of the Board be involved in building this business and he will also become the CEO of EuroLCDs.

This production effort in the so-called STN front-end, unique of its kind in the Western world, will be located in Latvia. The technically advanced development unit at LC-Tec in Borlänge will operate closely to this plant across the Baltic Sea, particularly for larger volumes in the front-end production. From the start, the intention also is to have local assembly of modules.

The LCD industry and in particular 3D is currently extremely fast moving. The proximity and close cooperation between product development and volume production will be critical to market success.

Besides the establishment of the production company, Ake Hörnell will focus on integration and development of welding glass business into LC-Tec. This business is currently run in a separate company.

Dr. Ake Hörnell, founder and principal owner of LC-Tec says:

- I very much welcome the opportunity that now opens-up. LC-Tec in Borlänge has the technology and know-how, and also access to own back-end production. This major front-end line that we start-up in Europe, I see as the key for LC-Tec’s expansion.

The production equipment has been acquired from OPTREX Europe GmbH (OEG) in Babenhausen, Germany. OEG has mainly focused on the manufacture of LCD products for the automotive industry.

The plant has a high degree of automation and is cost effective. It requires only a small number of process engineers for the operation. The plan is that in 2011, the construction of especially adapted facilities in Latvia will take place. The operation is then scheduled to start in 2012 and full production the following year, 2013.

Presently, further discussions take place with potential partners in the new production company.  

About LC-Tec

LC-Tec with headquarters in Borlänge, Sweden, has extensive experience in developing and manufacturing liquid crystal devices (optical-shutters and custom LCDs) on an R&D, prototyping and volume manufacturing level.

The LC-Tec group alsoconsists of the subsidiary companies LC-Tec Asia in Hong Kong and LC-Tec International in Shenzhen, China. LC-Tec International offers back-end production including sub-contracting.

Moreover, the group has the subsidiaries LightSpace Technologies Inc. in the US and LightSpace Technologies AB in Sweden. LightSpace holds patents in the area of solid state volumetric 3D-display.

For further information please contact:

Ake Hörnell

EuroLCDs SIA,

LC-Tec Holding AB

Mobile: +46 70 994 79 00

e-mail: ahornell@telia.com

Peter Grufman,

CEO LC-Tec Holding AB

Mobile: +46 70 480 09 09

e-mail: peter.grufman@lc-tec.com

Ilmars Osmanis,

COO EuroLCDs SIA

Mobile: +371 2920 3083

e-mail: ilmars.osmanis@he.lv