SmartKem and Nanosys Enter into Joint Development Agreement

Purpose to bring low-cost manufacturing of flexible microLED and nanoLED displays to market

SmartKem, Inc. (OTCQB: SMTK), a company seeking to reshape the world of electronics with a revolutionary new organic semiconductor platform that enables a new generation of displays, and Nanosys, Inc., the leader in developing and delivering quantum dot and microLED technology, announced today that they have entered into a joint development agreement to work together on a new generation of low-cost solution printed microLED and quantum dot materials for advanced displays.

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Both companies believe that combining fully solution printed displays using SmartKem’s high performance organic semiconductor formulations with TFT interlayer materials using Nanosys’s microLED and quantum dot nanoLED technologies should result in the creation of a new class of low power, robust, flexible, lightweight displays. Initial validation work on the equipment, processes and materials readiness has already occurred.

Commenting on today’s announcement, Ross Young, Display Supply Chain Consultants (DSCC) CEO, notes, “There are significant synergies between these two companies and their joint development work has the potential to accelerate commercialization opportunity for both companies.”

Ian Jenks, Chairman and CEO of SmartKem, said, “We have been working on the latest generation organic thin-film transistor (OTFT) technology for many years and have validated its readiness and availability for enabling the manufacturing of displays using advanced emitters such as microLEDs and quantum dot nanoLEDs from Nanosys.”

“We are delighted to work with SmartKem on this novel backplane technology for displays. We believe that display makers are eager to utilize microLEDs and quantum dot nanoLED materials for new display applications in a high-throughput and cost-efficient manner. If our joint development work is successful, will have access to a holistic technology solution that meets their needs,” said Jason Hartlove, CEO and President of Nanosys.

The joint development agreement contemplates that through the application of its unique TRUFLEX® technology, SmartKem will provide OTFT backplanes to enable the manufacture of microLED displays using Nanosys’ microLED and electroluminescent quantum dot nanoLED technologies. TRUFLEX® materials have been developed for standard process equipment sets and have the benefit of both lower material and equipment costs than traditional alternatives such as LTPS. SmartKem believes that this makes high performance and stable display backplane technology accessible to manufacturers at a lower capital cost compared to inorganic TFT technology.

About Nanosys

Nanosys, Inc. is the leader in developing and delivering quantum dot and microLED technology to the display industry. As of 2021, industry leading consumer electronics brands have shipped more than 50 million devices from tablets to monitors and TVs based on Nanosys’ proprietary quantum dot technology. Founded in 2001, the company is headquartered in Silicon Valley, California where it operates the world’s largest quantum dot nanomaterials fab. Nanosys currently owns or has exclusive license rights to more than 900 issued and pending patents worldwide.

For more information, visit http://www.nanosys.com

About SmartKem

SmartKem is seeking to reshape the world of electronics with a revolutionary semiconductor platform that enables a new generation of displays, sensors, and logic. SmartKem’s patented TRUFLEX® inks are solution deposited at a low temperature, on low-cost substrates to make organic thin-film transistor (OTFT) circuits. The company’s semiconductor platform can be used in a number of applications including mini-LED displays, AMOLED displays, fingerprint sensors and integrated logic circuits. SmartKem develops its materials at its research and development facility in Manchester, UK, and its semiconductor manufacturing process at the Centre of Process Innovation (CPI) in Sedgefield, UK. The company has an extensive IP portfolio including approximately 120 issued patents.

For more information, visit https://www.smartkem.com/

Forward-Looking Statements

All statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating to the SmartKem’s expectations regarding its market position and market opportunity, expectations and plans as to its product development, manufacturing and sales, and relations with its partners and investors. These statements are not historical facts but rather are based on SmartKem Inc.’s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as “may,” will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company’s control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.

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