Investment firm Hansen Gray & Co. has paid $3 million for a 45 percent stake in iCurie Lab Holdings, a UK-based company with a lab in South Korea that has developed a new nanotechnology for keeping microchips cool during operation.

Along with the iCurie agreement, Hansen CEO Mark Gray has retired 16 million of his current 25 million shares of common stock. This will immediately reduce the issued and outstanding shares of Hansen Gray (OTC: HGCI) from approximately 29.5 million to 13.5 million shares.

“Our firm continues to build and strengthen its portfolio by investing in companies that have potential to become leaders in their respective markets,” Gray said. “We value sustainable growth and believe that there is less risk in businesses that deliver quality or innovation in the value chain versus competing solely on price. Finally, we believe in backing management teams with vision.”

Hansen Gray’s investment in iCurie is the Atlanta-based firm’s second investment transaction in the first quarter of 2004. The other was in CyberQuest Partners, which is focused on virtual reality and 3D imaging technologies.

Hansen Gray: