Octillion Corp. (Pink Sheets: OCTL), which is behind the first-of-its-kind transparent glass window capable of generating electricity, announced today the spinout of its wholly-owned subsidiary, MicroChannel Technologies Corporation.
“In order to concentrate our efforts in developing leading edge solar energy technologies, we’ve decided to spin out our MicroChannel subsidiary to shareholders,” said Mr. Harmel S. Rayat, Octillion’s president and CEO, in a statement. “The spin-out will be completed immediately upon compliance with, and satisfaction of, applicable securities and regulatory requirements.”
The spinout is expected to be completed August 22, 2007, when shares will be distributed to shareholders.
Rayat added, “This will allow each of the companies to utilize management and financial resources fully on the development of their lead and other synergistic technologies, and thereby ultimately, we believe further enhance shareholder value.”
He went on to say, “As fully functioning, stand-alone corporations owned by our shareholders, both Octillion and MicroChannel will benefit from dedicated management teams focused solely on their dedicated operations and technologies.”
MicroChannel performs research that involves using a patented combination of physical, chemical and biological cues at the “cellular” level to facilitate peripheral nerve regeneration. Peripheral nerve damage, as a result of penetrating trauma or an iatrogenic injury, often leads to debilitating pain, and the inability to move muscles according to the announcement.
This methodology involves etching linear micro-sized grooves onto biodegradable substrate into which preferred cues, such as Schwann cells, stem cells and laminin are added.
Octillion’s share price has increased today by 14 cents, or 4 percent, to $3.54 on 680,000 in volume after the release this morning.
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