Neonode and Autoliv Signed Development and License Agreement for Active Sensor Steering Wheel Applications
March 16 2015 - 1:14PM
Neonode Inc. (Nasdaq:NEON), the optical touch technology company
today announce further details related to the agreement with
Autoliv Development AB highlighted in Neonode's recent fourth
quarter and year ended December 31, 2014 financial results earnings
release.
Through a joint development and co-operation agreement, Neonode
and Autoliv will develop a new Human Machine Interface ("HMI")
sensing product for vehicle steering wheel applications. Neonode
will license its zForce DRIVE technology to Autoliv as part of the
agreement.
Autoliv will pay an initial $1,500,000 to Neonode under the
agreement with an additional $1,500,000 in three staggered payments
subject to and after achievement of project milestones during a 12
months period.
As part of the agreement, Neonode has agreed not to license its
steering wheel technology zForce DRIVE to any other third party in
the steering wheel market for a period of 24 months after Autoliv
commences production.
"After intensive development of zForce DRIVE, we are very
excited about this co-operation agreement with Autoliv. We believe
our active sensor steering wheel will be one of the most important
components in vehicles for increased safety. Autoliv is the largest
safety system supplier to the automotive industry and this
agreement recognizes the key role our technology can serve as the
steering wheel market constantly requires new safety features,"
said Neonode CEO Thomas Eriksson.
About Neonode
Neonode Inc. (Nasdaq:NEON) develops and licenses the next
generation of MultiSensing® touch technologies, allowing companies
to differentiate themselves by making high performing touch and
proximity sensing solutions at a competitive cost. Neonode is at
the forefront of providing unparalleled user experiences that offer
significant advantages for OEM's. This includes state-of-the-art
technology features such as low latency pen or brush sensing with
high speed scanning, proximity-, pressure-, and depth sensing
capabilities and object-size measuring on any surface.
Neonode's patented MultiSensing touch technology is developed
for a wide range of devices like wearable's, notebooks, all in one
computers, monitors, mobile phones, tablets and e-readers, toys and
gaming consoles, printers and office equipment and automotive
systems. NEONODE, the NEONODE Logo, ZFORCE and MULTISENSING are
trademarks of Neonode Inc. registered in the United States and
other countries. ZFORCE CORE, ZFORCE PLUS and ZFORCE DRIVE are
trademarks of Neonode Inc. All other trademarks are the property of
their respective owners. For more information please visit
www.neonode.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These include, but are not limited to, statements relating to
expectations, future performance or future events, and product
cost, performance, and functionality matters. These statements are
based on current assumptions, expectations and information
available to Neonode management and involve a number of known and
unknown risks, uncertainties and other factors that may cause
Neonode's actual results, levels of activity, performance or
achievements to be materially different from any expressed or
implied by these forward-looking statements.
These risks, uncertainties, and factors are discussed under
"Risk Factors" and elsewhere in Neonode's public filings with the
U.S. Securities and Exchange Commission from time to time,
including Neonode's annual report on Form 10-K, quarterly reports
on Form 10-Q, and current reports on Form 8-K. You are advised to
carefully consider these various risks, uncertainties and other
factors. Although Neonode management believes that the
forward-looking statements contained in this press release are
reasonable, it can give no assurance that its expectations will be
fulfilled. Forward-looking statements are made as of today's date,
and Neonode undertakes no duty to update or revise them.
© 2015, Neonode Inc. All rights reserved. Neonode is a
registered trademark of Neonode Inc.
CONTACT: For more information, please contact:
Investor Relations:
David Brunton
Email: david.brunton@neonode.com
CFO
Lars Lindqvist
E-mail: lars.lindqvist@neonode.com
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