 So we're here at the Computex with the Shree, and so we had the Cambryos room here at Computex. So what is Cambryos? Cambryos is a company that's going to be revolutionizing the whole touch industry as well as a few other display and other flexible display type industries. We make transparent conductors. So our material is silver nanowires. So this is literally shipping product from our company. You can see that we have a bottle of what we call ink. Essentially it's a solution with silver nanowires in it. To give you an understanding of what silver nanowires are all about and why they are the best choice for these transparent conductors, let me explain with this picture here. So as you know, touch screens are everywhere, and there are going to be more touch screens and more devices. So with touch screens, you want to have a layer that is conductive, and therefore you want to have very good conduction on the surface of the touch screen with the transparent conductor. But you also want light to come out. So typically you would put a good conductor, it's a sheet of metal, but metal is opaque and it will block light. But we want light to come out, yet we want to have very good conductivity. So what Cambryos did was it invented this technology, silver nanowires with a product called Clearome. Essentially they are very small diameter nanowires. They are tens of nanometers in diameter, and they are tens of micrometers in length. So a very high aspect ratio, kind of like 1 is to 1000 type aspect ratio. And you can see in this image that when they are laid out on the surface, they form a percolated network. And you have a lot of gap in between the wires, that's where the light will come out. But the wires are all connected, and since they are made out of silver, silver being the best conductor, best element for conductivity, we have a pretty awesome performing product. It's better than gold. It is definitely better than gold so far as electrical conductivity is constructed. Previous touch panels were having covering the whole screen with some kind of metal? Yeah, indium tin oxide. So indium, silver is about 100 times more conductive than indium. Now also indium tin oxide, ITO as it's called, is typically has been in short supply in the last few years. Also it has many issues where in larger type panels, you are not able to put indium tin oxide on film. So if you don't put it on film, you have to put it on glass, which increases the thickness, it's heavier, so on and so forth. So in devices where you need a film for your touchscreen, a silver nanowire is a much better suited product than an indium tin oxide. So you're getting rid of this whole, before it was not wires, it was just covering the whole. Yeah, there was material that was coated, so these are spotter coated material. Very thin but covering the whole part. Correct. And then indium tin oxide, it is a rare, most of it comes from China, but there are other places in the world where you can, they're out of zinc mines. Zinc mines. And now you don't use indium at all anymore? No, we just use silver. Only silver which you can find all over the world? Correct. And we use so little silver that it is not about the silver itself, it's the properties of silver that makes our product awesome. But the amount of silver in the ink is not very significant, it is a technology behind making wires out of silver, that's really the cool aspect of it. So you would sell this, a bottle like this, and people would need a technology to make them into wires? No, there are already wires in the ink, they're suspended in the ink, so what you do is when we sell this material to our customers, they coat that material on plastic, this is PET material, in rolls. So this already has a coating of the silver nanowires in this. And the reason I have these two little colored things there behind it is so that you can see it's very transparent. It's well over 90% transparency, it's probably one of the most transparent conductors in the world. And you can not only see what is behind it, it is also extremely thin and light. You can feel this material, it's very light, glass will never get to be this light. And because it's thin, you can make devices a lot thinner. So imagine laptops and monitors and everything becoming thinner and lighter too. So it's about over 40% lighter and over 40% thinner if you substitute glass with this material. Cambria's material is already coated in this. There are silver strands which are sort of like this there. And you can see it because it is so small and it is a random scattered percolate network. So the wires are all interconnected but there's a lot of gap between the wires so you can see the light coming out. Is it about 99% gap or? Correct, yes. So how much does it cost per meter or how does it work? So this material by itself cannot be used in a device, it goes further integration. I will show you the rest of the process and then I will finally explain to you the cost aspect of it as well. So here you have a phone with Cambria's inside. Yes, so the silver nanowire film is on this phone and it's a transparent conductor to enable the touch function. When this phone was launched by NEC through the entity DoComo network in Japan, this was the worst thinnest phone about a year ago. And the reason it's thin is because the silver nanowire material on film, PET material is very thin and it's very light. And this is a very high-end phone, it has a TV tuner, beautiful display, it's got all the functionalities of a high-end smartphone. At the same time Cambria has also won designs in China for feature phone type devices, smartphones with not as many features. But we were picked for the exact same material but because we were very cost competitive. As you can imagine phones are very cost sensitive devices and being that it's a consumer device shipped in millions of units, they tend to be very cost sensitive as an industry. And we won both designs, one because of the optical features and the benefits of our technology, other purely on cost. So this means Cambria is shipping in like big volume? Buckets of ink, if you will. Buckets of ink? Yes. But potentially millions of phones already? Yeah, we have lots of devices where the product is already being launched and I will give you some more examples of different devices. Does your technology means it looks better? Our technology means that there is more transmission, so the display looks better. We make the display look better because our material is on the top. We don't reduce the light from the display. We provide the best transparent conductor material but also response. Because our material is very good conductivity, the response of the touch screen is pretty cool. Amazing response and better. When people say IPS and when they see all that stuff, it actually gets even better. Well, the IPS or FFS technology, whatever technology is employed is all great and if you put a not so transparent material on top, you're going to lose a lot of benefits. That's what they do. Exactly. They have IPS but they put sheets of stuff that makes it worse. They were putting indium tin oxide material or some other technology which was reducing the light coming out of the display. Now we have enabled a really pretty cool product with that transparent conductor. Cool. Do you have other? Yeah, I'm going to show you some other really cool stuff. This is a very small device and we are very successful here. Any size, anything? This is just anything. When we make this material ink and it's coated on sheets like this, you can cut the sheet into a small display or a small touch screen or you can cut it into much larger. Again, this is just a sample. You can actually coat this on very wide material, maybe 1.5 meter, that sort of a thing. So you can make very, very large touch screens if you want to. And this is just a question of cutting. Well, not cutting like that but maybe cutting it through lasers but yes, you got the point. The average size you want is nothing to do with the resolution behind and all that. Correct. Because the material is suitable for any display, any resolution. You can put them in different configurations of touch screens to enable different technologies to happen. Flexible. Flexible, absolutely. This material is flexible right here. This is the actual material with our silver nanowires and silver, these are crystal silver. It's very ductile. So we have customers that have taken this material and rolled it and unrolled it like hundreds of thousands of times. And it's worked fine. So it means that Cambryos is going to enable the flexible displays that people have been waiting for. Yes. Much better than anything else. Much better than anything else. For sure. Absolutely. Something that can compete in the flexible. I will show you examples of products that have already been built. E-paper, a subject we are both very familiar with and we are both fans of the technology. There is an E-paper device with silver nanowires already on it, a flexible device. And I'm going to show you a video. Wexler? No. It's not the one. Not the Wexler one. But I'm not talking about a device that's just flexible. I'm talking about a device that's rollable. Rollable, okay. Right? So you roll and unroll many times. Nice. An ITO being brittle will crack, whereas this material will remain fine. So what are you showing here? So this is a touch sensor. And typically a sensor like this would be used in a laptop or other types of devices. And it has a cover lens here and our material. Our material is on a film. So it is extremely light. Otherwise you would use two pieces of glass that will make it very thick and also very heavy. And there's the best way for you to gauge is hold this and you can see how light it is. There's glass and there's cambrios. There's cambrios film with two layers of our material that will enable a projected capacitance touchscreen. But it feels like just one. It feels like one. And the other beautiful thing about this is you can see the pattern. You may see my fingerprints, but you're not going to see the pattern. So you can hold it against light and you can see if you can detect any pattern on it. All you're going to see is some of the dirt in that window. Or you may see my fingerprint. And you may see the fingerprints of our head of sales Dave or some of the people. But you're not going to see any pattern on this material. There's glass and there's this. There's glass and that is that PET material with two layers. So what are you showing there? So with large monitors like this one. This is made by LG. This is actually it's not a monitor. It's an all-in-one computer. In these kind of devices in the past, they would use two sheets of glass. Makes it very thick. Makes it very cumbersome. This has to be somewhat portable, right? Even though you're not moving it from your desk a whole lot. But it makes it much lighter. You have a touchscreen functionality. This type of film-based touch is not possible with ITO. It's possible with our material because our material is very good conductor. And you can do 10 finger touch. Now I'm going to just go ahead and ruin your website name by drawing a 10 finger touch. And you can see it tracks very well. You're welcome to try it. It tracks better than anything else? It tracks better than anything else because you're rubbing your fingers on a material beneath which there's a layer of silver nanowires from Cambrios. This is our clear on material. That is an awesome conductor. And you can also see that it's fairly bright and it does not restrict the light coming out of the display. So this is shipping? It is shipping. We actually purchased this at the FRISE store. You have FRISE in Taipei? No, not in Taipei. We bought this either in Japan or in the US. So here's more like industrial use? Industrial kiosk type device for point of sale application. Unlike consumer devices, this undergoes a lot more rigorous testing in terms of the product performance. And the silver nanowire material is very suited for this type of application where you have a fairly larger area, projected capacitance touch screen on a device that's got to be rugged. It has to pass all the certification. And you can use it in kiosk type application. Or you can use them in gas stations and for point of sale and those kinds of devices. So it makes it better for consumer device when you want to have a screen that's as good as if there was no touch? Correct. So you don't want to have all these too many reflecting lights and stuff that helps your technology? Yeah. So the most important thing with a lot of these devices is there's a backlight behind the LCD. The backlight already loses a lot of light during the different layers in the material. You want to make sure that the transparent conductor does not hinder the light. It is very transmissive and also very conductive. And those two things, those two combinations are hard to achieve with other technologies. We've done a pretty decent job with our technology. So these screens will look better at conferences with these lots of spotlights and stuff. They look much better in different technologies. Right. In any technology that is employed in front of an LCD that has got a backlight with the light coming out of the device, you just want to ensure that you're not reducing that light. When you reduce that light, if you crank up the backlight you're going to consume more power or you're living with much dimmer display. And we are able to enable a much better performing product. And then for that one, it will look better outdoors, I guess. It will look better outdoors and much more importantly, survive the temperature range and all of the tests that are done in a rugged industrial type setting. So I'm going to give you some more examples here. This is a monitor made by LG and it has the Clearom material-based touch sensor on it and a projector capacitance touchscreen. And I'm going to show you examples of why this technology is superior to anything else out there in the market. So here's a chart that compares the light transmission and obviously you want to have as much light going through as possible. Ideal would be 100% and then the sheet resistance. The lower the sheet resistance, the better conductivity the material has. So if you look at all of these different competing technologies, there's metal mesh, there's carbon nanotubes, there's speed art, there's nanobuds, there's graphene, so on and so forth, including ITO, which is the incumbent in the market. You can see that our material has the best transmission and also has very low sheet resistance. The incumbent technology, ITO, you can see in a film-based material, it doesn't even go past the less than 100 ohms per square in performance. So if you want to use an ITO material on film, you're restricted to much higher resistance and therefore not so suitable for larger area devices. So what you're showing here in this graph is all the competitors, main competitors in touch technology. Competing in transparent conductor technologies. So all those that goes on capacitive? Correct. And the best one would be the one towards the top left corner? Correct. Yes. So of all the technologies you can see, whichever technology has performance closer to that 100%. Now, remember in this chart, we've taken out the base material. The base material will also have some optical property. If you take out the base material and compare all these technologies purely on the merits of that technology rather than the base material, because the base material, there are many types of base material. We've often seen images like this where somebody puts our material on a PET substrate, compares that just with their material pure without a base, and then the data gets skewed. But this is a much more of a... It's kind of like doing a benchmark. This is a benchmark. And doing a benchmark without the base material, which is the glass material? Usually PET, which is the plastic material that I showed you. All right. And there's how many kinds of base materials are there? There are several. Well, glass is a base material. And then this type of PET. There are different grades of PET depending on the device, which is higher performance versus lower performance. I'm also going to run through a few more images here for you to give you a feel for the technology. So we make silver nanowires. That's what it looks like when the material is coated and then dried. And on the film, you have these nanowires. And I've already shown you this. There are a lot of benefits with this technology, which is what makes it very interesting in the marketplace. Expensive. It is very inexpensive relative to ITO in these kind of large area touch. It's inexpensive compared to all the other ones? So many of the other technologies are still in the lab. So we are shipping products. You can actually go to the store and buy these devices. If you take any product launch, you have a design on paper. Then you have some prototypes. Then you have pilot. And you go through different stages for a customer to qualify the product. And finally, you're in some kind of production. And then consumer devices launch. And you go through the full feedback of consumers using the device and letting the manufacturer know what they think of the performance. We've gone through that entire thing with multiple devices in different markets in North America as well as Europe and Asia. With these devices that have gone through that full cycle. Then you get experience having crossed hurdles at every step of the supply chain and every step of that process. So ITO, what do you mean incumbent? What does that mean? Incumbent means basically ITO dominates the market. That's the first technology everybody is using now. And the challenges with ITO are on a large device like this. You cannot make ITO on film. So you have to make ITO on glass. And when you make ITO on glass, it makes it thicker. It is heavier so on and so forth. And also for flexible displays. As you know, there's a lot of promising flexible displays technologies coming out in the marketplace. ITO won't cut it because it's brittle material. If you bend it, it'll crack. Whereas the silver nanowires are being ductile. You can roll and unroll and it will last for a long time. So this is the way a product is sold in the marketplace. So our company was founded in 2002 by scientists from MIT and UC Santa Barbara. So we operate out of Sunnyvale, California. Which is where we do our design, R&D, manufacturing and so on and so forth. We make clear room inks that are sold to companies that make film. They go to one film. And then they supply to the touch screen makers who in turn supply to the ODMs. And that's typically how the supply chain works. And we enter the supply chain similar to the incumbent ITO material. So that's where we are adapted. We have a number of very strategic investors including the companies mentioned here on this list. There's strong IP portfolio. So there's dozens of companies trying to get into the space with different technologies. And some including silver nanowire type technologies. And we have not only a very good solid product that's already in the market. And very good reviews. Probably all of the feedback that we've received from customers is we are the best performing product in the market. Plus we have a very strong portfolio of patents to protect all of our intellectual property. What is the last line? It says AIOs. AIOs is all in one computer. All in one is what the acronym is. From AIOs, tablets. Tablets as well. And we didn't list tablets here in this particular example because as we work with different customers, these are the types of products that have been launched. We have customers that are looking at designing a number of different devices using our technology. So our product can pretty much go into any type of application. There is really no restriction. So I'm going to flip through a couple of more slides and give you some of the advantages. Faster response because it's silver, it conducts better. So we can enable these larger devices. Higher transmission, so light gets through much better compared to other technology. It's thinner, lighter, stronger. And it's cost effective. So usually in the market you have a technology that's got high performance. Typically it's all the higher cost. We actually have a technology. It's not only high performance, it's actually lower cost. Which is pretty awesome for the market. I think it's called a jackpot. It is like the jackpot, yes. And we've shown some more examples. I mentioned to you almost a feature phone type device where we were picked because of the cost advantage of our technology. And this is the NEC phone that I showed you earlier. We also have the Intel reference design image there, along with the LG monitor and all-in-one computers, as well as the G-Vision 15-inch point-of-sale kiosk monitor. I'm going to show you some other advantages of our technology here. So to make a product, it's not just the peace price of the material is lower compared to ideal, it's also lower to actually make the product. The process of making the product is significantly lower than income and technology. And then once you make the roll-to-roll material, the coated material, patterning it also is lower cost and then the total stack is also a lower cost. I'll give you more examples. Before that, let me show you a comparison with another technology that is also coming into the market. It's called metal mesh. There's a mesh that's put on top of the display. And if you have three different laptops or monitors or tablets or whatever devices, if they have different resolutions, that metal mesh technology needs to be adopted to these things, or you will have a mismatch and you will have what is known as a Moray effect. And this is simulated. We pulled this off of the web and you can see that there's a simulation on what that might look like. And with our technology, we don't have this issue where we can use our silver nanowires. That is literally an image of our actual product. These are silver wires. It's taken with an electron microscope. And you can use that exact same material for all of these with no changes. That's nice. So that's more layer of what comes out of the... Correct. It is easier for folks to manage inventory and also for designers. They don't need to be worrying about different designs for each type of device. And I'm also going to show you another example of how a traditional ITO touch sensor is built in number of steps versus fewer steps with our material. So in an ITO touch sensor, you first take a base layer with the ITO deposited on it. And you put a resist on top and you pattern that resist and then you etch away the extra material that you don't want. And you have a material where you still have the resist on top that you need to strip away. And those are five steps that creates one layer. And then you need the dielectric material that will separate the bottom layer from the top layer, which also has five steps. And then you repeat these exact five steps that you had done originally in the first layer to create a second layer. So we have 15 steps with ITO. Now watch this. Voila! Look at our material. Using the Hitachi transfer film, we take this up straight. We put the transfer film laminated on it and we pattern it. Once it's patterned, we put a second layer on top and we can use the targets from the first layer to align the second layer very accurately. We pattern the second layer. We are done. Five steps versus 15 steps. It's faster. It's less chemicals. That's how you save costs, not just on the material itself, but also on the process steps. And each of these steps are... none of these are harder than the other steps or anything like that. Is it similar steps? It is very similar steps. And in many cases, you're using similar types of equipment as well to do these things. So we are basically enabling a number of different markets, not just touchscreens alone. Touchscreens where we got our start. But our material also suitable for 3D TVs. When 3D TVs become prominent, we'll have a very big play here, flexible display because our material is flexible. OLED lighting, where we can replace the anode with our material for solar cells. Exact opposite. Here it's emitting light. There it's capturing light and converting it to energy, where we can use our material as a flexible solar cells. And also for automotive type designs where the display will be bent and it won't be a flat display. In this example, this is a device that was created by AUO. It's an e-paper device. You can see the display is actually switching and changing images. And it has the Cambryos clear room material in it as the electrode that is being rolled. So, here's a chart from one of our customers, Nisha Printing, that was able to show that when you make a flexible display with our material, even after 100,000 times of bending and rolling, the resistance remains flat. The first line here is the resistance for the inner side of the display. And the second graph is for the upper one, where you can see the resistance changes but bounces back and comes back to normal once the display is done rolling and it's flat again. So the silver, what do you call it? Nano wires. Nano wires don't get displaced by being flexible. No. It stays exactly where they need to be. Correct. And they've done this test 100,000 times and it still functions very good. And here's how the test is done. That is an example of that. We are also playing OLED. We are able to create OLED lighting, replacing the anode in this particular example. And we are also in the flexible and transparent organic photovoltaic cells where again the benefits of the flexible substrate and the flexible material from our side along with very good conductivities necessary. So these are some of the advantages of the technology and we believe that in the next near future we will replace incumbent material in a number of devices as well as enable some products that cannot be built with existing technologies and we will enable some of the newer products whether it's flexible displays, flexible solar cells, and lighting with OLED. Can we see this? How soon? How many devices? Do you expect that every phone is going to have it like next year or what do you think? So there are already phones in the market. There are already monitors in the market. There are all-in-one computers and we are in the process of shipping into a number of different devices. But with any new technology we are going after those applications where we have the best fit. And eventually we will be able to go after opportunities where we can replace incumbent with just the benefits of having a better conductive material, better performance, and enable the devices to look better. We are initially going after those applications where the income cannot even play. For example, these larger type devices where a film-based ITO sensor is just not possible. And so eventually everything will have it? We hope so. But how much time does it eventually take? Because the incumbent technology, ITO, has a lot of existing established infrastructure. It will take a few years in many of the mainstream applications but many of the newer applications they are starting out with our material so we will be able to get a fairly large share of these newer products being launched in the market because the expectation is touch everywhere, better performing touch, lower power because it's got higher transmission. These are the kinds of things that are driving the market. Is it possible for consumers to target getting a device with this? I mean it doesn't say in a spec sheet it doesn't have to say it or... That's what we would do eventually because consumers will be able to identify devices that clearly says it has got a Cambrio's clear-oam based sensor on it and they know that there are certain benefits that come with that. So you could say IPS Plus with clear-oam or you could say FFS with clear-oam? Absolutely. Flexible displays with clear-oam. Alright, cool. So that's very cool. Thanks very interesting and thanks for the tour. Thank you so much. Thanks.