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Business News | Oct 03, 2006

Opto Tech announces capital decrease on OLED losses

Vancouver, BC – TIR Systems Ltd. (TSX: TIR), the developer of the first fully integrated Solid State Lighting (SSL) source for general lighting, the  Opto Tech, a Taiwan-based LED and OLED (organic light-emitting diode) specialist, announced recently that its shareholders have approved a plan to reduce its capital by around 19.7% to NT$1.53 billion (about US$46 million), to amend its losses and strengthen its financial structure, according to a company filing with the Taiwan Stock Exchange (TSE).

The company`s decision to to cut its capital is due mainly to losses of NT$800 million from its OLED segment in 2005, according to company vice president Eric C Guo, as quoted by the Chinese-language Commercial Times.   

In 2005, Opto Tech had overall losses of NT$1.2 billion. The company turned profitable in the first quarter of 2006 and reported profits of NT$385 million in the first half of 2006, according to TSE.   In July, Guo said the company`s OLED segment had losses of NT$200 million in the first quarter of 2006 but will break even by year-end.

Opto Tech started developing OLED in 1996. In 2002, the company received a passive-matrix (PM) OLED technology license from Eastman Kodak.

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