SOLO.L Regulatory News (SOLO)

16 Apr 2008 16:30

Immersion Technologies Intl PLC16 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 SupplyAgreement'). The first consignment of product was available for collection byNakamichi on 10 December 2007. However, since that time Nakamichi has failed tocollect and pay the balance for the consignment and has failed to issue furtherpurchase orders as required under the Supply Agreement. The Company has placedNakamichi on notice of this contravention and has reserved all its rights. Inthe interim, the Company will continue to produce product and endeavor toresolve the matter commercially, failing which it may be required to issue legalproceedings in order to enforce its rights and safeguard the interests ofshareholders. European Presentations The Company's latest technologies have received considerable interest duringrecent presentations to several of Europe's premium Consumer Electronic ('CE')brands. Mr Arie van den Broek, Chief Executive Officer, and Mr Charles vanDongen, Chief Technical Officer, demonstrated the Company's latest audioplatforms including the latest electrostatic and electromagnetic prototypes. Mrvan den Broek said "It is clear that our technology is appealing to the CE's andhas the ability of solving many of the issues they currently have in relation tosound quality and size. The Company is able to offer its customers a variety ofdifferent platforms of technology providing flexible audio solutions to suit themajority of audio applications." As a consequence, the Directors remainconfident that revenues will be achieved within the coming months. -Ends- For further enquiries: Immersion Technologies International plcVincent Fodera +61 (3) 8554 6085 Pelham Public RelationsArchie Berens +44 (0) 20 7743 6679 / +44 (0) 7802 442 486 St. Helens Capital plc - Nominated BrokerRuari McGirr +44 (0) 20 7628 5582 Nabarro Wells & Co. Limited - Nominated AdviserHugh Oram +44 (0) 20 7634 4705 This information is provided by RNS The company news service from the London Stock Exchange