Qubic Light, based in Sausalito, California, will use this investment to accelerate its product development activities with an objective of incorporating this technology into a rear projection television product by the first quarter of 2005.

LEDs provide substantial benefits over competing light sources currently used in front and rear projection systems. LEDs emit less heat, have a substantially longer life, and generate a wider color gamut than typical projection lamps. This technology could eventually replace projection lamps as the light source and could foster the development of a new completely solid-state projection light engine.

"We believe our solid-state light engine design will raise the performance standard for rear and front projection products," states Michael Burney, chairman and CEO of Qubic Light.

Qubic Light also uses a new generation of microdisplays in its light engine. These new microdisplays utilize a variety of methods for achieving the display and they are available from several sources. Qubic Light says that it will apply its proprietary technology to any microdisplay that provides a quality and cost-effective consumer product solution or a specific product solution for the professional market.

"This is an ideal investment for us," says Tom Petters, CEO of Petters Group Worldwide. "With Qubic Light, we can be first to market with leading edge technology, leveraging our current line of Polaroid televisions, along with other licensed and private label brands, in order to bring innovation and value to our customers."