Setting Straight the Image of Flat-Panel Firms

We read with disappointment the article “Flat-Panel Firms Struggle as U.S. Priorities Shift” (Sept. 23). The characterization of the U.S. flat-panel display industry, and particularly our company, Candescent Technologies Corp., presented a distorted view to your readers.

The story neglected to tell The Times’ readers the following:

* Candescent has secured more than $150 million to date because of the significant advantages its Thin CRT technology will bring to a large and fast-growing market, its sound business strategy and the critical importance of display to computer and consumer electronics manufacturers.

* Government funding was essential to attracting significant private investor commitments. In fact, government funding represents only one-third of the investment Candescent has secured.

* Candescent meets aggressive technology development milestones set by its partners and investors, including the government, in order to earn their continued support.

* Candescent secured $55 million in its most recent round of private investment (May 1996) by demonstrating a 2.3-inch engineering prototype that confirms the technical feasibility of Thin CRT technology.

* Candescent used proceeds from its most recent private offering to double its development capacity and anticipates shipping product samples next year.

* Candescent’s Thin CRT engineering prototypes embody more than 150 integrated inventions. Fully two-thirds of our technical and production scale-up issues are already behind us as we move into product development mode.

It’s not “chutzpah,” but the extremely hard work of more than 150 talented scientists, engineers and technicians willing to commit themselves wholeheartedly to bringing a new technology to market that has earned us the respect and continued support of our investors and partners.

NICK STURIALE

Director of Marketing

Candescent Technologies Corp.