SAN MARCOS, Texas, April 08, 2016 (GLOBE NEWSWIRE) -- Leading North American quantum dot manufacturer Quantum Materials Corp (OTCQB:QTMM) today announced the company has closed its convertible note and warrant financing, previously disclosed in a Current Report on Form 8-K, filed on March 31, 2016.
“We accomplished our goal with the recent financing,” stated CEO Stephen A. Squires. “The funds raised this week leave the company well positioned to finalize the development of quantum dot products with our partners as we look forward to achieving significant revenues starting later in 2016.” Several directors and officers participated in the financing, for which Roth Capital Partners served as sole placement agent.
Quantum Materials Corp is working with leading display industry companies, to develop next generation quantum dot films focused on TV and high end monitor applications. “We are seeing increased adoption of quantum dots and we believe we are the only company that can currently deliver the full range of both cadmium-free and cadmium-based products sought by the display industry,” continued Squires. “Quantum Materials is well positioned to capture market share with our QDX product line of industry leading quantum dots. We anticipate being able to announce more development programs in the future and expect to see our products incorporated into displays available to the general public early next year.”
Also, concurrent with the close of financing, the Company is announcing that independent director Daniel Carlson has assumed the role of Chairman, taking over from company CEO and Director, Stephen A. Squires. “As we look to position Quantum Materials for a potential uplisting to a major exchange, the board felt it was prudent to separate the roles of CEO and Chairman by moving an independent director into the Chair,” stated Mr. Carlson. “This decision allows Stephen to devote his entire attention to moving the company through its successful development of quantum dots into commercial revenue, and I look forward to working closely with him to achieve this success.”
About Quantum Materials Corp
Quantum Materials Corp develops and manufactures Quantum Dots and nanomaterials for use in medical, display, solar energy and lighting applications through its patented volume production process. QMC's volume manufacturing methods enable consistent quality and scalable cost reductions to drive innovative discovery to commercial success. Quantum Materials Corp technology continues to move the future of quantum dots to the present. Quantum Materials' products are the foundation for technologically superior, energy efficient and environmentally sound LCD UHD displays, the next generation of solid-state lighting, solar photovoltaic power applications, advanced battery and energy storage solutions, biotech imaging, and biomedical theranostics. Wholly-owned subsidiary Solterra Renewable Technologies develops sustainable quantum dot solar technology.
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This press release contains forward-looking statements that involve risks and uncertainties concerning business, products, and financial results. Actual results may differ materially from the results predicted. More information about potential risk factors that could affect our business, products, and financial results are included in our annual report and in reports subsequently filed with the Securities and Exchange Commission ("SEC"). All documents are available through the SEC's EDGAR System at http://www.sec.gov/ or www.QMCdots.com. We hereby disclaim any obligation to publicly update the information provided above, including forward-looking statements, to reflect subsequent events or circumstances.
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