CDT announced today initiatives for the next phase of its development. The Cambridge based company has established a premier position in using light emitting polymers (LEP) technology for cheaper, brighter, high quality colour displays necessary in this information rich age.

Phil Berney of Kelso, a major New York based venture capital group that took a substantial stake in CDT last year noted: 'Over the past months CDT has responded to the needs of its licensees and other corporate collaborators with a significant deepening of the relationships and we are about to accelerate these interactions even further.'

The investors in CDT are committing at least £10 million of additional capital over the coming months to further build the team and facilities to allow CDT to commit even more resources to collaborative work with partners. As part of the focus of the new phase the management team is being restructured and an appointment to the CEO position, which has been kept open since the last round of investment, is now in prospect. The Company has hired Heidrick and Struggles of London to handle the search assignment for CEO. Mr Chris Smart, who has long represented some of the founding shareholders on the Board has been appointed Interim CEO while the CEO appointment is finalised and Dr Daniel McCaughan continues as Chief Operating Officer.

Mr Danny Chapchal, Executive Chairman, has chosen to step down from his position and will work in a consultative capacity while the new appointments are made. Commenting on his decision to step down, Danny Chapchal was characteristically forthright: 'The company is now well positioned and having built substantial value, I am ready to go on to the next challenge.' Phil Berney commented: 'Danny has successfully brought CDT through a major stage of its development and the future of the company will depend on that platform - we wish him every success; CDT will focus on a new stage of relationship forming and the consequent need to broaden the skill base.'

Danny McCaughan commented 'CDT's staff have been delivering breakthroughs in materials and devices and building new facilities over the past few months. With our partners, exciting new developments are close to completion.'