Natcore Technology Inc.

Natcore Technology Inc.

December 03, 2009 09:01 ET

Natcore Adds Important New Intellectual Property With Acquisition of NewCyte Technology

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 3, 2009) - Natcore Technology Inc. (TSX VENTURE:NXT) ("Natcore" or the "Company") is pleased to announce that it has executed an agreement to purchase NewCyte Inc., a private firm controlling key intellectual property in the field of nanotechnology.

NewCyte's portfolio of intellectual property includes several issued and pending patents covering the coating of fullerenes (including carbon nanotubes) with silica, dielectric and/or semiconducting films for a variety of potential applications, including photon, chemical and biomolecule sensing.

The potential end uses for these technologies include new devices in photovoltaics (solar cells), portable biochemical analysis and artificial retinas. While NewCyte's research is early stage, the potential applications are compelling, and Natcore feels the addition of this intellectual property portfolio represents a significant and valuable expansion of its current IP assets.

Two of NewCyte's shareholders are Professor Andrew Barron and Dr. Dennis Flood, both of whom are scientific founders of Natcore. While Natcore's technology involves the growth of silicon dioxide (silica) onto silicon substrates, the technology licensed by NewCyte involves the growth of thin films of silica, dielectrics and semiconductors on fullerenes, which include carbon nanotubes.

The potential applications of this technology include important improvements in solar cell designs. Specifically, NewCyte has completed a two-year, $750,000 Phase II Small Business Innovation Research (SBIR) contract with the U.S. Air Force to improve the performance of space solar cells. The contract was administered by the Air Force Research Laboratory at Kirtland Air Force Base, New Mexico.

In this research project, NewCyte successfully demonstrated that the incorporation of quantum nanostructures in a specific manner in today's commercially available space solar cells significantly improves overall cell performance. Use of the technology increases both cell efficiency and the cell's resistance to the damaging effects of on-orbit cell bombardment by high-energy electrons and protons generated by the sun. It is anticipated that incorporation of NewCyte's technology in current space solar cell designs will give satellite solar arrays more power-generating capability, and enable them to last significantly longer in orbit without requiring any change to either array size or design. This improvement would lower the cost of doing business in space and is particularly important for the civilian geosynchronous (GEO) satellites on which so much of our economic activity now depends. NewCyte has held discussions with major space satellite companies about the transition of the technology to commercial production. Natcore will consider awarding licenses to existing manufacturers of space solar cells to enable rapid entry of the technology into the marketplace.

As consideration for the purchase of NewCyte, Natcore has agreed to issue NewCyte shareholders a total of 200,000 Payment Warrants entitling the holders to acquire Natcore shares at strike prices ranging from C$0.75/share to C$2.00/share, subject to the approval of the TSX Venture Exchange.

"We had identified this exciting technology as being important and complementary to Natcore," notes Chuck Provini, Natcore's president and CEO. "NewCyte's intellectual property geometrically expands the potential of Natcore's fundamental technology into the arena of carbon nanotubes and other fullerenes. However, while the long-term significance of this acquisition could be quite substantial, we remain focused on our short-term goals of developing prototypes for Liquid Phase Deposition equipment and super-efficient tandem solar cells."

Brien Lundin, Natcore's chairman, adds, "Thanks to our close collaboration with Prof. Barron and Dr. Flood, we were quite familiar with what NewCyte was doing. But there are challenges to advancing early-stage technologies as a private company. Given our proven ability to push projects forward as a public company, it simply made sense to bring NewCyte under the Natcore umbrella."

On behalf of the Board of Directors,

Charles Provini, President & Chief Executive Officer

Statements in this press release other than purely historical factual information, including statements relating to revenues or profits, or the Company's future plans and objectives, or expected sales, cash flows, and capital expenditures constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in the technology history. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, the Company expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein.

About Natcore Technology Inc.

Natcore Technology is the exclusive licensee, from Rice University, of a thin-film growth technology enabling room-temperature growth of various silicon oxides on silicon wafers in a liquid phase deposition (LPD) process. Although the implications of this discovery for semiconductors and fiber optics are significant and wide-ranging, the technology has immediate and compelling applications in the solar sector. Specifically, the Company's LPD process could enable silicon solar cell manufacturers to significantly reduce manufacturing costs and increase throughput, and has the potential to allow, for the first time, mass manufacturing of super-efficient (30%+) tandem solar cells with double the power output of today's most efficient devices.

Having been independently tested and verified by one of the world's most respected science and technology laboratories, Natcore's technology is now in the process of being commercialized. Our goal: to make stand-alone solar energy competitive with conventional power generation.

This press release does not constitute an offer to sell or a solicitation to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("the U.S. Securities Act") or any state securities law and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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