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POLYCHROMIX ANNOUNCES STRATEGIC INVESTMENT AND TECHNOLOGY ADVANCEMENT AGREEMENT WITH IN-Q-TEL

Oct. 2007

Polychromix Incorporated, an innovative developer of material analysis and chemical sensing technologies, today announced a strategic investment and development agreement with In-Q-Tel, the independent strategic investment firm that identifies innovative technology solutions to support the mission of the broader U.S. Intelligence Community.

“We are clearly excited about the opportunity to work with In-Q-Tel and their partners in the Intelligence Community to provide leading edge products and technologies for portable materials identification and analysis” said Brian Mitchell, CEO of Polychromix.  “We view this investment by In-Q-Tel as a validation of our MEMS powered PHAZIR™ product platform, which enables traditional material analysis to migrate from the laboratory to the field via our hand held architecture.  In-Q-Tel’s investment will allow Polychromix to develop hardware and software calibrations for the federal government market as well as a broader commercial market.”

The PHAZIR™ platform integrates a high performance DTS™ (Digital Transform Spectrometer), an on- board computer, color LCD display, and necessary analytical software to offer a complete measurement solution in a battery powered, handheld package. The PHAZIR™’s performance and portability has already proven its value in many commercial markets and applications and, through this agreement, will now provide this same powerful analysis and detection capability to In-Q-Tel’s customers.

“Technologies that advance the identification and analysis of materials are of significant interest and importance to a wide range of commercial and government markets,” said Troy M. Pearsall, Executive Vice President of Technology Transfer at In-Q-Tel. “Polychromix’s PHAZIR™ platform represents a fundamental shift in the way traditional analysis is performed by providing a handheld system that gives answers in real-time as to the presence and identity of materials and substances.  In-Q-Tel is pleased to be partnering with Polychromix and we are impressed with their market leading products and technology.”

About Polychromix
Polychromix is a leader in miniature and portable analysis tools.  The company’s innovative products enable the migration of traditional laboratory-based instrumentation from the lab to the point of need for fast, accurate, non-destructive material analysis.  Additional information about Polychromix is available at www.polychromix.com.