 So we are checking out here the clear ink e-paper with color and with video. So this is the first time it's been shown. Yes, I'm Shree Parvemba at Clear Ink. I've had the good fortune of working on a number of different display technologies. I'm happy to share with you a revolutionary new electronic paper technology. Historically, electronic paper has had the following benefits. It's usually low power, it's usually sunlight readable, it's thin, it's light, so on and so forth. But historically, most of the reflective technologies have had the challenge of offering color, have had the challenge of offering video. And this is a technology that is able to do that. It's based on electrophoretic technology. Let me explain to you from on the right, you have the very first demo. This is the first time Clear Ink is ever showing these demos in public. This particular product is running video. It's running 30 frames per second video. And we are rotating the display just to show that the off-axis viewing is excellent. In a lot of LCD type technologies, when you go off-axis, you lose contrast and you lose the image quality and in many cases you cannot see the image at all. And this one looks absolutely gorgeous off-axis. Rather than you go off-axis, we have this mechanism to move the display and you are able to see the display at different angles. And this looks like full video. This is a drawing particle. It is indeed. So this is an electrophoretic black and white display with the color filter approach. So the color filter goes on top of the black and white display to produce this color. And obviously it's a very fast display. This one is running at also 30 frames per second to show you this video. So the nice thing about putting color filter on top of your display is it's much more easy to manufacture and you can mass produce this at pretty reasonable cost. How many colors can they be? The current version is very simple. We are only showing like eight colors. But the intent is to go to 4096 colors in the future which may be adequate for many of the applications targeted. So if you look at the kind of applications where there is a need for such a product is that in electronics school books, there is a great opportunity in the market for e-school books and historically it hasn't taken off because the students want to view content which is also video content but also be able to read text. Preferably on the same page you have text and video all in one and that's something you can enable this technology as a demo where I will show you. And here's a video and you can see the black and white contrast is pretty tremendous. To give you an idea, the white state reflectance of this display is well over 80%. This is almost double of what you have typically seen in the industry and this is what gives this particular technology the opportunity to put a color filter on top and still render pretty decent colors. So the whites are the best sellers on a reflective display? Absolutely. And the blacks? And the blacks are also very good. They're comparable with similar other reflective technology. So when you look at this one, is that the best it can do or in terms of reading quality? This is an already prototype or what? These are hand-built prototypes built in the lab. Very little has been optimized because obviously you need to build these different sub-components for this particular application. These were all purchased off the shelf, assembled very quickly and you still got a pretty decent rendition of the product. Here in this particular example there's a combination of text and moving animation on the same display and this is what is the need in wearable type applications in applications like school books and so on that I previously mentioned. So for e-school books, for wearables like this, how does it get manufactured? When is it going to be mass manufactured? How is it going to be done? So this is a technology which uses a front plane and a back plane. The back plane basically comes, it's a TFT back plane, comes from the LCD industry. This product has been configured such that you can manufacture the whole thing in a LCD factory. As you know the LCD factories, many of them are fully depreciated. They know how to manufacture products, they've been doing so for many decades. You're able to build a product in high volume in a factory that is quite seasoned if you will. So that is the benefit of this technology, you can adapt to an existing process and an existing factory. What's the next step? This is the first time it's been shown and what happens now? First time it's shown, we are trying to get market feedback and also there is engagement with customers. The first set of customers have already licensed the product, the company has generated $3 million in licensing revenue for this technology in some of the display applications and this will continue. Even before the product was publicly shown, the company is able to generate revenue and the interest in this technology is tremendous. It's been there for the last few years that we want low power, this operates on 5 volts, it's ultra low power display technology, we want very thin and light so you put them on wearable devices, it's not going to impose a weight restriction on you. Similarly, the power consumption is extremely important in all of these applications when they are mobile. This consumes roughly about 1% or less of the power consumed by a typical TFT LCD, backlit LCD technology. 1% so it's not bi-stable? It can be bi-stable. It can be bi-stable. Absolutely, it can absolutely be bi-stable. The company has produced devices that are bi-stable. These examples you see here are not bi-stable, they are deliberately set up to run video because bi-stable product exists in the market and has been shown whereas a product like this is showing full motion video and yet very low power and ability to show color and animation and everything together on a single page has not been done before which is why these demos were chosen. When it gets mass produced is it possible to do one device that does bi-stable and full video? Absolutely. It will be one device. Depending on the application you can render this product to do many different things and I'll give you a typical application in a shelf label. A portion of the shelf label is not going to change with animation or video. You're mostly going to change the contents, let's say once a day. That could be your bi-stable product. Alongside you could have full motion video. So you're running ads and things like that. So a full motion video like this would be 1% of an LCD? Full motion video on this will not be 1% of an LCD, it will be more but it will still be significantly lower than LCD in terms of power consumption. But I think the beauty of this is going to be on the same display being able to generate both video and text all in one and that's what the market has been asking for and this is a product that will absolutely be able to meet those types of requirements. But it's not possible to do millions of colors, maybe 4,000 colors. It is possible to do a lot of colors when you do grayscale and then adapt these color filters but I'm saying for the applications that are chosen, 4096 colors appear to be adequate. We're only doing 8 colors here just to demonstrate the concept and this looks pretty gorgeous and it is possible to do much more. There's no backlight. There's no backlight, everything you're seeing is based on the light from the outdoor standard light and the display will still look very good in very low ambient light as well. The other advantage with this technology is it will readily adapt itself for flexible substrates. You can make a roll-to-roll product with this technology and you can make flexible displays a reality with this technology. So flexible, unbreakable is possible? Of course, since it will be made on a substrate other than glass then it is going to be shatterproof. That's awesome. So this is a new stuff happening and potentially it will enable all these kids to go outside and do their stuff outdoors. One of the challenges we have is kids are spending a lot more time indoors and there is belief that their eyesight deteriorates because they're not spending enough time in the sunlight. So if you want to spend time in the sunlight as a student and you still have to take your textbook outside and do the reading and do your homework and be interact with the teacher and so on an e-reader device will be suitable and to make the e-reader device work outdoors You do absolutely need to have sunlight-readable type devices which are extremely low-power being able to generate videos so that students can enjoy rich content as well as text which is obviously very essential in this kind of reading environment. So if there is big investments coming this could happen very quickly, right? It can happen very quickly. The interest is pretty high. Clearing has signed up manufacturing partnerships with very large LCD companies that are in trial production right now and those devices will come into the market in the next few months to prove out the technology, prove out the manufacturing and enable this for mass production.