SEATTLE--(BUSINESS WIRE)--Visualant, Inc. (OTCQB: VSUL), a leading provider of disruptive light-based technologies, announced today that Intellectual Ventures (IV) business development team has provided an introduction of the Visualant ChromaID technology to a Chinese instrumentation company that has led to a signed collaboration agreement.
Visualant and IV entered into a strategic relationship in late 2013. In addition to advancing the Visualant intellectual property with the filing of ten patents, which have been exclusively licensed to the Company, IV is also pursuing commercialization opportunities for the Visualant technology through their own business development process.
The collaboration agreement just executed between Visualant and Yantai Dongrun Instrument Co., Ltd is the first of many expected opportunities created by Intellectual Ventures. Yantai Dongrun is a leading developer and manufacturer of precise instrumentation, automation and sensor products. They will be exploring ways in which the Visualant ChromaID technology can be utilized in the marketplace.
ChromaID is a transformative, light-based identification and verification technology, with the potential to disrupt traditional spectral analysis technology and other costly methods of identification, authentication and diagnosis.
Ron Erickson, Visualant Founder and CEO said, “In addition to working with us to expand our intellectual property portfolio, Intellectual Ventures has begun to open doors for our ChromaID technology around the world through their global business development network. This is the first of many business development announcements which we expect to come from our relationship with IV.”
Eric Bell, Senior Director, Investment Strategy at the Invention Development Fund of Intellectual Ventures, said, “We will continue to work with Visualant to assist them in exploiting their ChromaID technology and finding marketplace commercialization opportunities for their technology.”
About Yantai Dongrun Instrument Co., Ltd.
Yantai Dongrun is a leading manufacturer of environmental analysis instruments, material (liquid) level meters, optic-mechanical integration equipment and automation control systems. Based in Shandong Province, China, the Company has received several awards and certifications for their high quality systems and products. For more information on Yantai Dongrun go to http://www.cndongrun.com/en/.
About Intellectual Ventures
Founded in 2000, Intellectual Ventures (IV) is the global leader in the business of invention. IV collaborates with leading inventors, partners with pioneering companies and invests both expertise and capital in the process of invention. IV’s mission is to energize and streamline an invention economy that will drive innovation around the world. For more information on IV, go to www.intellectualventures.com.
The Intellectual Ventures Invention Network (IVIN) is a collaborative community of scientific and technical experts, inventors and entrepreneurs who work together to create, improve and evaluate inventions. IVIN membership provides access to financial incentives and the global resources of Intellectual Ventures, an invention capital company with one of the largest and fastest-growing intellectual property portfolios in the world. Members can submit their inventions to IV for patenting and monetization or get paid for reviewing new inventions, analyzing existing patents or inviting other inventors to join IVIN. By supporting good ideas and the people who develop them, IVIN encourages a continual supply of useful and valuable inventions.
About Visualant, Inc.
Visualant™ is a public company whose shares trade under the stock symbol “VSUL.” The Visualant Spectral Pattern Matching™ (SPM) technology directs structured light onto a substance or material, through a liquid or gas, or off a surface, to capture a unique ChromaID™. A ChromaID can be used to identify, detect, or diagnosis markers invisible to the human eye. ChromaID scanner modules can be integrated into a variety of mobile or fixed-mount form factors. The patented, award-winning technology is disruptive, making it possible to effectively conduct analyses in the field that could only previously be performed by large and expensive lab-based tests. For more information on Visualant, visit the company’s new website at www.visualant.net.