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Rogers, Connecticut, July 22, 2009: Rogers Corporation (NYSE:ROG) announced today it has made a strategic investment of $5 million in Solicore, Inc., headquartered in Lakeland, Florida. Solicore is the world leader for embedded power solutions, offering its patented Flexion™ advanced ultra-thin, flexible, lithium polymer batteries for smart cards, controlled access cards, RFID tags, and medical devices.
This investment, part of a total of $13.3 million raised by Solicore in the current financing round, provides Rogers a minority equity stake in Solicore and representation on Solicore’s Board of Directors. Rogers and Solicore also agreed to enter into a joint agreement to develop the next generation of power solution products that will strengthen and extend Solicore’s market leadership position. Rogers will have the right to manufacture a portion of the products that result from this collaboration.
Robert C. Daigle, Rogers’ Senior Vice President and Chief Technology Officer, stated, “We are very pleased to have this opportunity to partner with the industry leader for thin film lithium polymer batteries and expand Rogers’ product and market reach. We believe Solicore’s Flexion™ products will enable the next generation of secure access cards and medical devices. As a strategic investor and partner, we will work closely with Solicore’s management team and engineers to develop the next generation of thin film batteries.”
David B. Corey, Solicore’s CEO, stated: “This exciting new partnership allows Solicore to leverage Rogers Corporation’s expertise in the field of printed electronics and high volume manufacturing of specialty materials. This strategic relationship is expected to dramatically increase our manufacturing capacity and enhance Solicore’s leadership position in the embedded power solution industry.”
About Rogers Corporation
Rogers Corporation, headquartered in Rogers, CT, is a global technology leader in the development and manufacture of high performance, specialty-material-based products for a variety of applications in diverse markets including: portable communications, communications infrastructure, computer and office equipment, consumer products, ground transportation, aerospace and defense. Rogers operates manufacturing facilities in the United States (Arizona, Connecticut and Illinois), Europe (Ghent, Belgium and Bremen, Germany) and Asia (Suzhou, China). In Asia, Rogers maintains sales offices in Japan, China, Taiwan, Korea and Singapore. Rogers has joint ventures in Japan and China with INOAC Corporation, in Taiwan with Chang Chun Plastics Co., Ltd. and in the U.S. with Mitsui Chemicals, Inc.
About Solicore, Inc.
Solicore is a worldwide leader of embedded power solutions, offering its Flexion® product portfolio of advanced ultra-thin flexible lithium polymer batteries for powered cards, RFID and micro medical devices. Solicore’s advanced battery technology is ultra-thin, flexible, safe and environmentally friendly, and significantly enhances the capabilities of lithium-based batteries. www.solicore.com
Safe Harbor Statement
Statements in this news release that are not strictly historical may be deemed to be “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations and are subject to the many uncertainties that exist in the Company’s operations and environment. These uncertainties, which include economic conditions, market demand and pricing, competitive and cost factors, rapid technological change, new product introductions, legal proceedings, and the like, are incorporated by reference from the Rogers Corporation 2008 Form 10-K filed with the Securities and Exchange Commission. Such factors could cause actual results to differ materially from those in the forward-looking statements. All information in this press release is as of July 22, 2009 and Rogers undertakes no duty to update this information unless required by law.
Rogers Investor Contact:
Rogers Corporation
William J. Tryon
Manager of Investor and Public Relations
Phone: 860-779-4037
FAX: 860-779-5509
Solicore Media Contact:
Caroline Sherman
Alpaytac, Inc.
Phone 312-245-9805
This press release contains forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates" and similar words. Such forward-looking statements are subject to known and unknown risks, uncertainties or other factors that may cause Solicore, Inc's actual results to be materially different from historical results or any results expressed or implied by such forward-looking statements. Solicore, Inc. assumes no obligation to update any forward-looking statements to reflect events or circumstances arising after the date hereof. The potential risks and uncertainties which could cause actual growth and results to differ materially include but are not limited to, customer acceptance of the company's services, products and fee structures, the success of the company's brand development efforts, the volatile and competitive nature of the battery industry, and changes in domestic and international market conditions, and foreign exchange rates.
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