Sherwood Technology makes Commitment to US Market Following the Initial Success of DataLase® |
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Sherwood Technology Limited
Unit 3
Widnes, Cheshire, WA8 8FW
United Kingdom
Press release date: September 30, 2005
WIDNES, England, September 30/PRNewswire/ -- Sherwood Technology announces its intention to further expand into the US market in early 2006. The expansion will see the opening of a new Eastern US headquarters which will support existing and new customers and partners in North America. This follows the outstanding success of Sherwood's colour change technologies, including the award-winning DataLase(R) which has experienced a remarkable year on year sales growth of over 300%.
Following the US launch of DataLase(R) at Pack Expo 2004, Sherwood has signed numerous license agreements with major international organizations, two of which are based in North America. Trials and evaluations are now being conducted in a range of US industries, including pharmaceutical, fresh produce, bakery, confectionery, beverage and snacks sectors. This growth has been further influenced by the granting of a US patent in January 2005, for Sherwood's ground-breaking method for laser marking edible products. DataLase(R) Edible allows a safe, high contrast image to be formed onto edible products in the pharmaceutical, fresh produce and confectionery industries such as tablets, capsules, fruit and vegetables and hard shelled sweets.
The new headquarters will function as a sales office, manufacturing and distribution/warehousing facility offering high levels of service to all US-based customers and license partners. The facility will also house a high-tech applications laboratory to demonstrate the wide range of possibilities for laser marking, enabling current and potential licensees and end users to test the final results of using Sherwood's innovative colour change technologies to mark their products using a variety of lasers. Sherwood is recruiting a Vice President and an experienced sales and technical team in order to staff the new facility.
To support the continuing success of the business Sherwood is also in the process of raising further investment, cornerstoned by existing shareholder and leading UK venture capital fund MTI.
"Sherwood is delighted with the interest from US-based license partners and end-users," comments Steve Kelly, Managing Director of Sherwood Technology. "We are excited to demonstrate our commitment to the US market with this significant investment. We believe that by offering this centre of excellence, our US-based customers and partners will benefit significantly and Sherwood will be strongly positioned for future growth in this market."
With regard to the fundraising Steve Kelly added "We regularly receive interest from US VCs in Sherwood and now there is an opportunity, with assistance from MTI's new US presence, to enhance our plans with a value-add US investor."
DataLase(R) is a high speed, high quality method for applying virtual labels, anti-counterfeiting solutions, codes and other graphics to an infinite array of materials at full production line speeds. It is a robust inert additive which forms a positive image once exposed to low level energy emitted from a CO2 marking laser. The DataLase(R) solution is extremely flexible, and can be used for a wide range of marking applications, including on-product, primary packaging and labels, secondary packaging and industrial parts. The chemistry can be added to inks, coatings, processed plastics, and an array of packaging and printing materials such as paper, board, foil and metals in addition to edible substances such as tablets and confectionery.
More information about Sherwood Technology is available at www.sherwoodtech.com or by e-mail info@sherwoodtech.com.
For further press information please contact: Laura Welton, The Scott Partnership, The Old Barn, Holly House Estate, CRANAGE, Middlewich, Cheshire CW10 9LT, United Kingdom Tel: +44-1606-837787 Fax: +44-1606-837757 mail to: pr@scottmail.co.uk
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