Immersion Technologies Intl PLC
16 April 2008
16 April 2008
Immersion Technologies International plc
('Immersion' or 'ITI')
Market Update
Nakamichi Corporation
The Company has completed production of more than 100 pairs of the Dragon(R)
Hybrid ESL loudspeakers ('the product') for Nakamichi Corporation Limited ('
Nakamichi') pursuant to the Supply Agreement dated 22 December 2006 ('the Supply
Agreement'). The first consignment of product was available for collection by
Nakamichi on 10 December 2007. However, since that time Nakamichi has failed to
collect and pay the balance for the consignment and has failed to issue further
purchase orders as required under the Supply Agreement. The Company has placed
Nakamichi on notice of this contravention and has reserved all its rights. In
the interim, the Company will continue to produce product and endeavor to
resolve the matter commercially, failing which it may be required to issue legal
proceedings in order to enforce its rights and safeguard the interests of
shareholders.
European Presentations
The Company's latest technologies have received considerable interest during
recent presentations to several of Europe's premium Consumer Electronic ('CE')
brands. Mr Arie van den Broek, Chief Executive Officer, and Mr Charles van
Dongen, Chief Technical Officer, demonstrated the Company's latest audio
platforms including the latest electrostatic and electromagnetic prototypes. Mr
van den Broek said 'It is clear that our technology is appealing to the CE's and
has the ability of solving many of the issues they currently have in relation to
sound quality and size. The Company is able to offer its customers a variety of
different platforms of technology providing flexible audio solutions to suit the
majority of audio applications.' As a consequence, the Directors remain
confident that revenues will be achieved within the coming months.
-Ends-
For further enquiries:
Immersion Technologies International plc
Vincent Fodera +61 (3) 8554 6085
Pelham Public Relations
Archie Berens +44 (0) 20 7743 6679 /
+44 (0) 7802 442 486
St. Helens Capital plc - Nominated Broker
Ruari McGirr +44 (0) 20 7628 5582
Nabarro Wells & Co. Limited - Nominated Adviser
Hugh Oram +44 (0) 20 7634 4705
This information is provided by RNS
The company news service from the London Stock Exchange
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