SOLO.L Regulatory News (SOLO)

19 Nov 2007 07:02

Immersion Technologies Intl PLC19 November 2007 Press Release 19 November 2007 Immersion Technologies International plc ("Immersion" or "ITI") Trading Update: Nakamichi Speakers - Significant upgrade to specification of speakers - Speakers to be launched as Nakamichi "Dragon(R) ESL" - Stringent sound quality and performance tests passed - Commencement of discussions regarding new product lines Immersion Technologies International plc, which specialises in productdevelopment, design and manufacture of High Definition-Acoustic ("HD-A(R)")technology, is pleased to confirm that: (a) Immersion's customer, Nakamichi Corporation Ltd ("Nakamichi") alteredthe original specifications of the HD-A(R) speaker from a mainstream product toits flagship product. This resulted in significant changes to the electronicdesign and aesthetic finish of the product. Due to the upgrade, additionallengthy and stringent testing programmes were conducted. Volume production ofthe new HD-A(R) speaker is proceeding at the Company's manufacturing facility inNanjing, China, and the speakers will be available for shipping in earlyDecember 2007. (b) As a result, Nakamichi are re-marketing HD-A(R) speakers as the "Dragon(R) ESL". The Dragon(R) trade mark is generally recognised by the audioindustry as the most prestigious of Nakamichi's products. Nakamichi's decisionto name the speakers in this way is a mark of the high esteem in which they holdtheir overall quality and appeal. The Dragon(R) ESL is a Hybrid speaker thatuses the award winning HD-A(R) technologies. (c) A series of listening tests, known in the industry as "Golden Ear"tests, were also personally conducted at Immersion's manufacturing facility inChina by senior executives and audio engineers from Nakamichi. These listeningtests involved playing a broad range of music and other sounds and analyzing inminute detail the quality and performance of the sound waves. (d) In addition, qualitative and quantitative analysis of speakerperformance, transportation and storage at a range of temperatures, atmosphericpressure and humidity were independently conducted. Immersion's speakers werealso subjected to tests of durability and functionality under a range ofconditions such as vibration, stress, shock and electrical power surge. (e) The speakers passed all of these tests. The speakers were alsocompared against several other leading brands and, in the opinion of Nakamichi'sexpert sound engineers, the speakers are superior. (f) Immersion and Nakamichi have also commenced discussions regardingadditional product lines. (g) To date, Immersion has received US$167,000 from Nakamichi, being 50%of the first order. As set out in the original contract with Nakamichi,invoicing for the product will take place on a monthly basis where 50% isreceived on order and 50% is received on delivery. Craig Evans, Chief Executive of Immersion, said: "It has taken longer than we expected to get to this stage, but the reasons arevery positive. When Nakamichi recognised the potential of our technology toproduce such high sound quality, they decided to change the specification of theproduct and elevate it in their overall programme. This required significantcollaboration, modification and stringent testing. "The fact that Nakamichi have conducted such demanding tests in person shows howseriously they take this product. We are naturally delighted to have passed thetests, completed a project of this complexity and produce a product of thiscalibre. "The status which these speakers have now attained will also be of enormousvalue to Immersion when marketing to other corporations, as well as raisingawareness of the HD-A(R) Technology amongst audio experts and other consumers." Enquiries: Immersion Technologies International plcCraig Evans / Blair Snowball +44 (0)20 7016 5107 Pelham Public RelationsArchie Berens +44 (0)20 7743 6679 St. Helens Capital - Nominated BrokerSebastian Wykeham +44 (0)20 7628 5582 Nabarro Wells - Nominated AdviserHugh Oram / Anthony Rowland +44 (0)20 7710 7400 NOTES FOR EDITORS 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 mark High Definition - Acoustics HD-A(R) , to reflect thisstandard 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. Background on Nakamichi Corporation Nakamichi Corporation is one of the world's premier manufacturers of highquality, high performance audio/video and multimedia equipment. Long renownedfor the sophistication of its home audio and mobile sound systems, Nakamichicontinues to introduce leading edge products that are widely availablethroughout the world. The Nakamichi name represents a long, proud tradition of quality and innovationin acoustics and electronics. Today's Nakamichi had its origin in the foundingof a small research institute in 1948. Nakamichi Research, as it was thencalled, got its start in basic research and development in electromagnetism,magnetic recording, acoustics and communications. This information is provided by RNS The company news service from the London Stock Exchange