Liquidmetal Pays $11M Debt with Apple Deal Proceeds
8/16/2010 04:48:00 PM - 0 comments
Liquidmetal Technologies has paid almost $11 million in debt immediately after it closed a paid, exclusive license agreement with Apple for an exclusive use of a metal alloy in electronic products.Liquidmetal’s recent filing with the U.S. Securities and Exchange Commission (SEC) revealed that the debt payments were done last August 5, the same day that it sealed the license agreement with Apple.
There was no mention of the exact amount paid by Apple to Liquidmental for the exclusive license. What is certain is that it’s worth more than $11 million.
The SEC filing indicated Liquidmetal’s payables, and mentioned that: "The foregoing obligations were paid with proceeds from the previously announced strategic licensing transaction with Apple Inc." - - repayment of an outstanding eight percent Senior Secured Notes worth $8.2 million; payment of unsecured debt to Ricardo Salas worth $2.4 million; and payment of secured debt to HANA Financial worth $0.3 million.
Apple and Liquidmetal’s agreement gave the Cupertino based company exclusive use of its metal alloy, Liquidmetal, in electronic products. Liquidmetal is an alloy that is “Twice the strength of titanium with the processing efficiency of plastics.”
Liquidmetal Technologies is still free to market its product for sports equipment manufacturing, and also with other agencies.
It is still not certain as to what Apple products will utilize Liquidmetal. For Liquidmetal’s part, it mentioned several “Key Casings Advantages” with the use of their alloy like the ability to create thinner and smaller designs while providing greater protection, precision net-shape casting, and excellent durability, among others.
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