Amerigon Subsidiary BSST to Broaden Thermoelectric Technology Development With Automotive Suppliers
July 03 2007 - 2:00PM
PR Newswire (US)
Modifies Exclusive Agreement With Visteon Corporation NORTHVILLE,
Mich., July 3 /PRNewswire-FirstCall/ -- Amerigon Incorporated
(NASDAQ:ARGN), a leader in developing and marketing products based
on advanced thermoelectric (TE) technologies for a wide range of
global markets and applications, announced today that its
subsidiary, BSST, reached agreement with Visteon Corporation
(NYSE:VC) to modify their exclusive development agreement related
to the Company's proprietary thermoelectric technology for
automotive applications, permitting BSST to undertake further
development with a limited number of additional development
partners. Under the terms of the agreement, BSST will purchase
certain Visteon rights to thermoelectric systems technology, grant
Visteon a fully paid-up, royalty-free license to this technology,
and have the ability to license the technology to a limited number
of additional automotive suppliers. BSST and Visteon originally
signed a long-term agreement to develop an array of commercial
heating and cooling products for the automotive industry featuring
BSST's proprietary efficient and environmentally friendly advanced
TE technology effective January 2003. According to Amerigon
non-executive Chairman Oscar (Bud) Marx, "This agreement preserves
our ability to continue working with Visteon, which has been an
excellent development partner and permits us to explore broader use
of our proprietary thermoelectric technology with additional
automotive suppliers." About BSST Amerigon's BSST subsidiary is
focused on providing highly efficient, effective, and practical
solid-state temperature control solutions to industry, while
continuing to advance the leading edge performance of its
thermoelectric technology through sustained research and
development, and through joint development efforts with leaders in
major application markets throughout the world. In addition to
Visteon, BSST is working with Herman Miller, the U.S. Department of
Energy and several United Technologies Corporation companies,
including Carrier Corporation. About Amerigon Amerigon
(NASDAQ:ARGN) develops products based on its advanced, proprietary,
efficient thermoelectric (TE) technologies for a wide range of
global markets and heating and cooling applications. The Company's
current principal product is its proprietary Climate Control
Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that
permits drivers and passengers of vehicles to individually and
actively control the heating and cooling of their respective seats
to ensure maximum year-round comfort. CCS, which is the only system
of its type on the market today, uses no CFCs or other
environmentally sensitive coolants. Amerigon maintains sales and
technical support centers in Southern California, Detroit, Japan,
Germany and England. Certain matters discussed in this release are
forward-looking statements that involve risks and uncertainties,
and actual results may be different. Important factors that could
cause the Company's actual results to differ materially from its
expectations in this release are risks that sales may not
significantly increase, additional financing, if necessary, may not
be available, new competitors may arise and adverse conditions in
the automotive industry may negatively affect its results. The
liquidity and trading price of its common stock may be negatively
affected by these and other factors. Please also refer to
Amerigon's Securities and Exchange Commission filings and reports,
including but not limited to its Form 10-Q for the period ended
March 31, 2007 and its Form 10-K for the year ended December 31,
2006. Contact: Allen & Caron Inc Jill Bertotti (investors) Len
Hall (media) (949) 474-4300 DATASOURCE: Amerigon Incorporated
CONTACT: Investors, Jill Bertotti, , or Media, Len Hall, , both of
Allen & Caron Inc, +1-949-474-4300, for Amerigon Incorporated
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