Applied Nanotech Shareholders Vote Approval to Become Pen, Inc.

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AUSTIN, Texas— Applied Nanotech Holdings, Inc. (OTCQB: APNT), an Austin-based leader in nanotechnology research and development, announced Friday that a majority of its shareholders have approved the proposed combination with NanoHolding Inc., the parent company of Nanofilm, Ltd., a supplier of specialty optical coatings, cleaners and nano-composite products based in Valley View, Ohio. The combination will create a new publicly traded company called PEN, Inc. (Products Enabled by Nanotechnology).

“Over 97 percent of the shares voted were in favor of the combination," said Robert Rondstadt, chairman of the Applied Nanotech’s board of directors. "It's gratifying to see that these shareholders overwhelmingly support the new direction the company is taking with the creation of PEN Inc."
         
Scott Rickert, CEO of Nanofilm, who will become the CEO of PEN, Inc., remarked, “Now we can set in motion our growth strategy of developing and commercializing advanced-performance products enabled by nanotechnology. The teams in both companies are eager to roll up their sleeves and get to work."

The approval of the combination proposal was announced during a special shareholder meeting held Friday in Dallas based on preliminary vote results. The transaction is expected to close this week.