OLEDWorks logoUpdate: I just got word from OLEDworks, and it seems that that article is not correct. In fact, OLEDWorks and Cambridge Trust reached a settlement and the encapsulation tool is already installed at OLEDWorks. Good to hear.

According to a reports OLEDWorks filed a lawsuit against Cambridge Trust bank, seeking an emergency court order to stop the bank from pulling out of a deal to sell two thin-film coating machines to OLEDWorks. OLEDWorks say that they signed deals with customers to supply OLED lighting panel samples in time for the Lightfair trade show in April, and if they do not get these machine quickly they will not be able to do so.

OLEDworks signed an agreement with Cambridge Nanotech in October to buy their used coating machine (called the Phoenix) for $540,00 (a new one costs about $750,000). Later when Cambridge Trust bank took over Cambridge Nanotech, they agreed to actually supply the Phoenix and a second, larger-capacity coating machine (called the Tahiti II) to OLEDWorks - both for only $350,000 (the Tahiti II is word about $1.5 million). Later the bank found a different buyer and decided not to honor the agreement.

OLEDWorks was established in July 2010 by former Kodak OLED business experts with the goal to become an OLED lighting panel manufacturer. The last we heard from OLEDWorks was in December 2011, when they signed a patent license agreement with Global OLED Technology and announced a $61,000 grant to expand their R&D lab in Rochester.

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