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Mears Technologies Inc. Background

K2 Energy has a major investment in Mears Technologies Inc. (“MEARS”). MEARS continues to make good progress in relation to the commercialisation and adoption of its technology by firms in the semi-conductor industry.

During the year MEARS continued to engage with major companies in connection with the commercialisation of the MEARS semiconductor technology and evaluations with these companies are in progress.

At 31st March 2015 K2 had a direct shareholding of 5.339% in MEARS, and a fully diluted shareholding of 12.092%, as well as a bridge loan of approximately $1.3 million provided to that company, including accrued interest. Subsequent to 30th June 2014, K2 Energy and the majority of bridge loan holders rolled their bridge loans into a convertible note, which at the election of the convertible note holders, can be converted into MEARS stock at a 50% discount to the future IPO price of MEARS. This convertible note is repayable on 31st May 2016. If MEARS is successful in having its technology adopted by companies in the semiconductor industry, K2 shareholders should benefit significantly.

Mears Silicon Technology (“MST™”) has been demonstrated to reduce gate leakage and increase drive current (performance) in CMOS semiconductors. It also has the benefit of reducing the increasing variability in key parameters, that is now one of the most significant problems facing the industry and which is limiting the yield, power and performance of leading products.

MEARS is a materials research business formed in Boston in 2001 by Dr Robert Mears, recognized worldwide as one of the world’s leading experts in photonics - the synthesis of electronics and optical communication.

Dr Robert Mears in the 1980's addressed the challenge of increasing the bandwidth and speed of data transmission on fibre optic cables in the telecommunications industry by inventing an optical amplifier, known as the Erbium Doped Amplifier (EDFA). EDFA technology increased usable capacity of optical fibre by more than a 1000 times. It was and remains a key enabling technology of the broadband internet.

MTI is a private company that specialises in the development of engineered silicon materials to enable breakthrough technologies, with major applications for improved performance in semiconductor (silicon) chips, solar cells and magnetic memory.

MTI has a portfolio of 80 granted patents and 200 patents pending.

Over the past 8 years MTI has developed Mears Silicon Technology (MST™), which has been demonstrated to generate significant performance enhancement and power reduction in silicon CMOS technology. Revenue will be generated by licensing the technology, materials and related processes to semiconductor manufacturers and their suppliers. In addition there are long term strategies to provide material engineering solutions to other industries.

K2 has an investment of USD 1 million in MTI by way of a convertible note.

MEARS is a US‐based engineered materials company focused on the development and commercialization of products based on its proprietary electronic materials platform. The company’s unique abilities to generate new breakthrough material designs and assemble atoms into deliberately useful structures, opens the door to engineered materials with a phenomenal spectrum of possible properties that can become the core of a new generation of electronic devices.

MEARS is currently pursuing opportunities in the $300+ billion silicon‐based global Semiconductor Industry through licensing proprietary re-engineered silicon products that meaningfully reduce power consumption, improve performance and reduce manufacturing costs, thereby delivering significant benefits to manufacturers and electronic device end‐users.

Mears Silicon is the first MST™ Material developed by the Company, and MST™ CMOS (MEARS Silicon Technology for CMOS) the first product designed around this new material.

The Company has engaged in MST™ CMOS demonstration and evaluation programs with several of the world’s Top 10 semiconductor manufacturers and R&D facilities. For further details please refer to the News link. These programs have confirmed that using MST™ CMOS, both transistors types ‐‐ nMOS and pMOS ‐‐ can be scaled smaller, made faster and/or more energy efficient and are expected to be more reliable on a low‐cost, industrial scale using familiar equipment already employed by many in the Semiconductor Industry, without the need for exotic new materials.