SOLO.L Regulatory News (SOLO)

9 Jul 2007 07:01

Immersion Technologies Intl PLC09 July 2007 Press Release 9 July 2007 Immersion Technologies International plc ("Immersion") Board Changes Immersion Technologies International plc, which specialises in the design,manufacture and supply of high definition acoustic "HD-ATM" technology,announces the retirement from the Board of Christopher Lambert, the Company'sNon-Executive Chairman, with immediate effect. Mr Lambert had always intended to retire from the Board, following the reversetakeover of St. James' Energy by Immersion. The Board is grateful for MrLambert's stewardship of the Company during this transaction and wishes him wellfor the future. The Board is now actively seeking a UK-based replacement for MrLambert. Until such a replacement is found, the role of Non-Executive Chairman will beassumed by Greg Turnidge, an existing Non-Executive Director of the Company. MrTurnidge is a highly experienced businessman, having worked in a variety ofroles in industry and finance for over thirty years. Mr Turnidge has acomprehensive understanding of the consumer electronics industry, having beenChief Executive of Whise Accoustics, prior to its acquisition by Immersion in2006. Whise Accoustics was responsible for developing several of thetechnologies that provide Immersion with a distinctive competitive edge in theflat speaker market. Mr Turnidge is currently Managing Director of MelbourneVenture Partners Pty Ltd, an Australian boutique venture capital firm. Craig Evans, Chief Executive of Immersion, commented: "I would like to thank Christopher Lambert for all his help and support duringthe St James' transaction. The process of securing a listing for Immersionwould have been considerably harder without his involvement. "In Greg Turnidge, we have a seasoned professional who will, I am sure, provideus with valuable advice and input as we expand our product range and marketinginitiatives." Re-registration of subsidiary and its share issue On 29 June 2007 Immersion's subsidiary, Immersion Technology International plc,became a private company. On 1 July 2007, 1,731,645 shares in the subsidiary,Immersion Technology International Limited (representing 0.97 per cent. of thesubsidiary's issued share capital), were issued to two shareholders who, asdescribed in the Company's Admission Document, did not waive their rights underthe Whise Acoustics Share Purchase Agreement. Enquiries: Immersion Technologies International plcCraig Evans / Blair Snowball +44 (0)20 7016 5107 Pelham Public RelationsArchie Berens / Hugh Barker +44 (0)20 7743 6679 St. Helens Capital - Nominated BrokerRuari McGirr +44 (0)20 7628 5582 Nabarro Wells - Nominated AdviserHugh Oram / Anthony Rowland +44 (0)20 7710 7400 Background Information on Immersion Immersion is an audio technology company with patented and patent pendingtechnologies relating to both its high performance electrostatic loudspeakers (''ESL'') and award-winning conventional cone loudspeakers (''CCL''). The Immersion Technology has been researched and developed for over 10 years andhas been designed with the intention to provide the highest possible audioreproduction characteristics and set a new standard to benchmark thesecharacteristics. Immersion has achieved what the Immersion Directors considerto be a new level of high definition acoustics and has made an application toregister the trade marks, HD-A(TM) or High Definition - Acoustics(TM), toreflect this standard internationally. The Immersion Technology reduces audio distortion to extremely low levels thusenhancing clarity without compromising volume in both ESL and CCL loudspeakers. Immersion has the ability to manufacture ESL devices in thin, smallaesthetically pleasing designs. In addition, the technology is proven to bescalable and can be incorporated into speakers of almost any size or shape. TheImmersion Directors believe that these factors will provide a significantmarketing advantage in the competitive market for audio reproduction devices. This information is provided by RNS The company news service from the London Stock Exchange