What is MTI Micros relationship with Duracell?
In September 2003, MTI Micro entered into a strategic alliance agreement with Gillette and its Duracell division. The agreement provides for a multi-year exclusive partnership for the design, development and commercialization of a low power direct methanol micro fuel cell power system and a compatible fuel refill system. As part of the strategic alliance, both MTI Micro and Gillette will share and license from each other certain intellectual property assets, and both have the ability to earn royalties. In addition, Gillette has made an initial $1 million investment in MTI Micro common stock, with the potential of an additional investment of $4 million subject to agreed milestones.
