The coatings step is repeated throughout the manufacturing process, requiring the installation of multiple coating systems and equipment in most production lines. FAS' proprietary coating technology allows a single technology platform (a “FAS-Coat™ system”) to provide the essential coating operations pervasively in four key markets:

           (i)   Flat-panel displays (“FPDs”), for both computer
                 applications and high-definition television applications,
           (ii)  Silicon wafers (“Semiconductor”),
           (iii) High-density interconnects (“HDI”) and
           (iv) Micro-electro-mechanical-systems (“MEMS”).

FAS continuously evaluates the effectiveness of its FAS-Coat technology in other applications requiring precision coatings of process fluids within and outside of the microelectronics industry such as the fuel cell application and biomedicine.

FAS has worked with high-precision fluid filtration and delivery systems for the microelectronics industry since 1988 in the United States and since 1990 in Japan, through its agent and later through its own affiliate, FAS Asia (formerly FAS Japan). From 1988 until 1997, FAS was engaged in the manufacture and sale of a patented, high-precision, digitally controlled dual-stage pump that was and continues to be widely used by leading manufacturers in coating and related applications. The Company believes that over 90% of all personal computers sold today have components manufactured using FAS-developed pump technology. This vast success in the pump market segment served to familiarize customers with the quality and innovation of FAS products, a reputation the Company is presently utilizing in the much larger extrusion coating equipment systems market.

FAS has developed its advanced extrusion-coating technology since 1991 with internal funding and with funding and research support by U.S. and foreign research organizations that have included the United States Display Consortium, the Defense Advanced Research Project Agency (DARPA), the National Science Foundation, Sematech, Sandia National Laboratories and Industrial Technology Research Institute (ITRI) in Taiwan. Association with these organizations has significantly lowered the Company’s development costs and has allowed the Company to establish close working relationships with the senior technical personnel of leading manufacturers and users of microelectronics manufacturing equipment.