BOHEMIA, N.Y., Feb. 18, 2014 /PRNewswire/ -- Andrea
Electronics Corporation (OTCBB: ANDR), a leading developer of
hardware and software microphone technologies, today announced that
it has sold a portion of its future intellectual property (IP)
revenues for $3 million, and it
secured a $4 million credit facility
backed by a portion of its IP portfolio from an affiliate of funds
managed by Fortress Investment Group, a leading global investment
firm with approximately $58 billion
in assets.
After 80 years of business, Andrea Electronics Corporation
continues to expand. The Company has been innovating and
marketing products based on cutting-edge technologies for decades,
executing on its vision to provide voice input solutions for
customers requiring high quality audio input for speech driven
applications. This financing strengthens Andrea Electronics'
financial position, enabling it to increase its product marketing,
sustain continued research and development, and expand its IP
licensing efforts. "We are excited to be backed by a company
as illustrious as Fortress and believe this transaction will enable
us to maximize the value of our intellectual property for our
shareholders," said Douglas J.
Andrea, president and chief executive officer of Andrea
Electronics.
A summary of the transaction is available in the Company's
Report on Form 8-K filed to be filed in connection with the
issuance of this release.
An American Innovator
Andrea Electronics is an
American-owned business since 1934. In the early 40's, Andrea
was one of the very first elite U.S. television manufacturers. In
the 60's the company designed the capsule's intercom communication
system used in the first manned Mercury space flight and military
intercoms for F16 fighter jets and helicopters. Andrea's microphone
array and other advanced noise cancellation technologies have been
embedded into hundreds of millions of computers and other
devices. SuperBeam Stereo Array Microphone headsets and
DA-250 digital microphone stand alone solution for OEMs are among
the latest innovations from Andrea Electronics.
About Andrea Electronics
Andrea Electronics
Corporation designs, develops and manufactures audio technologies
and equipment for enhancing applications requiring high performance
quality voice input. The company's patented Digital Super
Directional Array (DSDA™), patented PureAudio™ and patented
EchoStop™ far-field microphone technologies enhance a wide range of
audio products to eliminate background noise and ensure the optimum
performance of voice applications. Visit Andrea Electronics'
website at www.AndreaElectronics.com or call
1-800-442-7787.
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified
global investment firm with approximately $58 billion in assets under management as of
September 30, 2013. Founded in 1998,
Fortress manages assets on behalf of over 1,500 institutional
clients and private investors worldwide across a range of private
equity, credit, liquid hedge funds and traditional asset management
strategies. Fortress is publicly traded on the New York Stock
Exchange (NYSE:FIG). For additional information, please visit
www.fortress.com.
This press release contains certain forward looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
are subject to certain risks and uncertainties. The Company
wishes to caution readers not to place undue reliance on any such
forward looking statements, which reflect management's analysis
only as the date made. The Company does not undertake any
obligation to publicly revise these forward looking statements to
reflect events or circumstances that arise after the date of such
statements.
Media Contact:
Corisa L.
Guiffre
Andrea Electronics, Chief Financial Officer
(631) 719-1800
(800) 707-5779
SOURCE Andrea Electronics Corporation