SOLO.L Regulatory News (SOLO)

14 Jun 2007 07:01

Immersion Technologies Intl PLC14 June 2007 Press Release 14 June 2007 Immersion Technologies International plc ("Immersion" or "ITI") Trading Update: Manufacturing Commences at Nanjing Immersion Sub-Woofer Powering Two New Alpine In-Car Systems Immersion Technologies International plc, which specialises in the design,manufacture and supply of high definition acoustic "HD-ATM" technology, ispleased to make the following trading update following its admission to AIM on12th April, 2007. Immersion has made considerable progress in terms of its stated corporatestrategy since admission to AIM. Immersion is pleased to announce thatmanufacturing has commenced at its plant (on time and in line with budget) inthe Nanjing Jiangning Economic and Technological Development Zone, near Nanjing,the capital of the Jiangsu province. The first product being manufactured is pursuant to Immersion's existingcontract with Nakamichi Corporation Ltd for the manufacture and supply of thePhoenix product. The Phoenix is a Hybrid speaker that uses the award winning CCLand ESL technologies in the one product. Payment in line with the contract hasbeen received from Nakamichi for this order. In addition, Immersion is pleased to announce that as part of its existingcontracts with Alpine Electronics of UK Limited, ("Alpine"), the award-winningImmersion sub-woofer will also power two new Alpine in-car systems for twoprestigious European automobile manufacturers. Craig Evans, Chief Executive of Immersion said: "I am delighted to announce that production has now commenced at the Nanjingfacility, the first step in the evolution of Immersion's corporate plan. Theability to design, develop, manufacture and supply HD-ATM products for existingconsumer electronic companies is fundamental in ensuring that the quality ofImmersion's technology reaches a wider consumer audience and maximisesshareholder value. The licensing arrangement with Alpine demonstrates thatquality of sound is becoming increasingly important in the automotive market andwe expect it to continue to deliver significant growth. It should also be notedthat the next step for the company is to commence manufacturing and directsupply to the automotive industry." Mr Dave Sheen, Senior Manager of Alpine UK, commented: "The Immersion subwoofer technology is the market leader; its scalability andsound quality thoroughly justify its selection for our systems for our OEMcustomers. The automotive market is increasingly demanding systems which deliveraudiophile quality sound and we therefore look forward to utilising Immersion'saward winning technology in future contracts." 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-ATM or High Definition - AcousticsTM, to reflectthis 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. Background Information on Immersion's Nanjing Production Facility The Nanjing manufacturing facility has excellent transport links, a reliableworkforce, access to first and second tier suppliers and relatively lowoverheads. The plant is approx 4000 sq.m and will have capacity to produce allof the Immersion Group's current anticipated volumes and will initially employapproximately 35 staff. Immersion has also been offered the opportunity by thelocal authority to expand this facility to three times its current size in thefuture. The plant will be officially opened as part of the Zones official 15year birthday celebrations on the 18th June 2007. This information is provided by RNS The company news service from the London Stock Exchange