Outlast Technologies has acquired substantially all of the remaining assets of Frisby Technologies, Inc. The acquired assets include various technology licenses, the “Thermasorb®” trademark, logo and website, the Frisby research and development library, product development databases, test reports and intellectual property rights in the field of phase change materials, customer and supplier databases, and office and lab equipment.
Outlast closed the transaction on May 18, 2004. Outlast plans to continue serving existing Frisby customers for their PCM product requirements. Additionally, these former Frisby customers will now have access to a wider range of Outlast PCM products, including fibers, coatings, coated fabrics and foams.
Outlast Global VP, Brad Poorman, said, “We believe that this acquisition will further enhance our intellectual property, diminish any product confusion in the marketplace, and give us access to Frisby's library of test results, data, and product development. We have now consolidated all phase change material research & development and products under the Outlast global umbrella of Smart Fabric Technology.”
“This strategic acquisition will further the rapid introduction and adoption of Outlast products into the global marketplace, fueling stronger revenue growth” said Thomas Mandula, Outlast Chief Financial Officer. “This year our results are very strong, with triple-digit revenue and earnings growth over 2003,” adds Mandula. “Our business continues to be strong worldwide with several new brands launching in Europe, Asia and the USA,” adds Poorman. “Those announcements will be forthcoming.”
