NEWS RELEASE
THE EGG FACTORY AND AVERY DENNISON CORPORATION ENTER
INTO A DEVELOPMENT AGREEMENT
ROANOKE, Va.—April 26, 2004—The Egg Factory
(TEF), a creator and developer of innovations to Fortune
500 companies and private equity firms, announced today
that it is working with Avery Dennison Corporation
(NYSE:AVY) to develop a product called PocketMate™.
Through their development agreement, TEF and Avery
Dennison’s Industrial and Automotive Products
Division will test and develop PocketMate™, a
product intended to provide a unique, hassle-free means
for carrying and storing personal or valuable items,
such as identification and money, and for secretly
storing tracking devices to protect children and loved
ones.
TEF’s unique business model allows the innovation
development company to derive its innovations in a
variety of ways including its internal personnel, worldwide
scientific network and highly competitive summer internship
program, Innovation Challenge.
“Have you ever wanted to go for a quick jog,
but were afraid to leave your door key under the mat?
Ever traveled to a foreign country and needed a simple
and secure way to carry your travel documents, credit
cards or currency? Every great product starts with
an innovative idea that addresses a consumer need,” said
Andrew Gentiluomo, VP of Product Development & International
Business, TEF.
“PocketMate is a unique solution that meets
consumers’ needs in a variety of ways. Our relationship
with Avery Dennison combines all elements of product
development --- from conception to commercialization
--- to deliver products to market faster while reducing
risk and development costs.”
The agreement between TEF and Avery Dennison provides
additional credence to TEF’s unique strategy
of creating innovative products for larger companies
enabling them to extend their research and development
efforts. As an innovation development company, TEF
is focused on creating innovations that address consumer
and societal needs. Large global companies are given
the opportunity to either buy or license these innovations
and take them to the marketplace in less time and
reduced cost.
The original concept for PocketMate™ came from
ideas generated through TEF’s Innovation Challenge
-- its highly competitive summer internship program.
“Unlike many corporate research and development
departments or university research programs, TEF is
able to draw from a remarkable number of resources
across the world to create unique, patented innovations.
We can provide our global partners with the innovations
they need to get innovative products to market quicker,
at less cost and with reduced risks, giving them a
significant competitive advantage in the marketplace,” said
Jim Currie, Chief Operating Officer, TEF.
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About The Egg Factory
The Egg Factory, LLC, is an organization dedicated
to the creation and development of significant consumer
and industrial innovations. The company creates transformational
technology and global innovative solutions and then
sells or licenses them to Fortune 500 companies,
and private equity firms for their commercialization.
Since
its founding, TEF has provided a number of significant
innovations to large global companies and private
equity firms including: e-Vision, (electro-active
focusing
optics technology for the correction of presbyopia)
to Johnson & Johnson; AgroShieldTM , (polymer
technology that protects crops against loss due to
freezing temperatures)
to a private equity group.
Today, TEF has more than two-dozen innovations at
various stages of development. For additional information
about TEF, and its innovations visit www.eggfactory.com.
About Avery Dennison Industrial and Automotive
Products Division
Avery Dennison Industrial Products Division, based
in Strongsville, Ohio, is a leading supplier for high
performance films and custom pressure sensitive products.
The Industrial and Automotive Products Division is
committed to providing the highest level of service
through excellence in technology, reliability and cost,
in order to deliver the highest quality pressure sensitive
products to our customers. For additional information
about the Industrial Products Division, visit www.iapna.averydennison.com.
