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8-K - 8-K - IMMERSION CORP | d498693d8k.htm |
Exhibit 99.01
Media Contact:
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Reagan Crossley
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Investor Contact:
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Jennifer Jarman
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jennifer@blueshirtgroup.com
Immersion Enters Into Multi-Year License with Samsung; Updates Revenue Guidance
Broad relationship covers both TouchSense & Integrator software solutions and Basic Haptics IP
SAN JOSE, Calif., March 7, 2013 Immersion Corporation (NASDAQ: IMMR), the leader in touch feedback technology development and licensing, today announced it has entered into a multi-year license agreement with Samsung Electronics Co., Ltd. In addition to providing a license to Immersions TouchSense® and Integrator solutions, the agreement includes a patent license covering Samsungs prior and future use of simple forms of haptic effects, sometimes referred to as Basic Haptics, in its smartphones and other mobile devices.
We are very pleased by Samsungs broad adoption of our haptic technology, and we believe that this agreement marks an important milestone in our strategy to monetize our technology more fully within the mobile market, said Immersion CEO Victor Viegas. Having entered into this important customer agreement, we are now in a position to raise our 2013 guidance, as we expect revenues for the year to be in the range of $44 million to $48 million. In addition, while we continue to anticipate increased spending related to our efforts to defend and monetize our IP, we expect Adjusted EBITDA for 2013 to be in the range of $12 million to $15 million, concluded Mr. Viegas.
immersion.com | +1 408.467.1900
30 Rio Robles | San Jose, California 95134
About Immersion (www.immersion.com)
Founded in 1993, Immersion (NASDAQ: IMMR) is the leading innovator in haptic technology; the companys touch feedback solutions deliver a more compelling sense of the digital world. Using Immersions high-fidelity haptic systems, partners can transform user experiences with unique and customizable touch feedback effects; excite the senses in games, videos and music; restore mechanical feel by providing intuitive and unmistakable confirmation; improve safety by overcoming distractions while driving or performing a medical procedure; and expand usability when audio and visual feedback are ineffective. Immersions TouchSense technology provides haptics in mobile phone, automotive, gaming, medical and consumer electronics products from world-class companies. With over 1,300 issued or pending patents in the U.S. and other countries, Immersion helps bring the digital universe to life. Hear what we have to say at blog.immersion.com.
Forward-looking Statements
This press release contains forward-looking statements that involve risks and uncertainties as well as assumptions that, if they never materialize or prove incorrect, could cause the results of Immersion Corporation and its consolidated subsidiaries to differ materially from those expressed or implied by such forward-looking statements.
All statements, other than the statements of historical fact, are statements that may be deemed forward-looking statements, including, but not limited to our revenue and Adjusted EBITDA guidance for 2013.
Immersions actual results might differ materially from those stated or implied by such forward-looking statements due to risks and uncertainties associated with Immersions business, which include, but are not limited to, potential and actual claims and proceedings, including litigation involving Immersions intellectual property; costs related to enforcing our intellectual property; the fact that litigation is inherently uncertain; delay in or failure to achieve commercial demand for Immersions or its licensees products; a delay in or failure to achieve the acceptance of force feedback as a critical user experience; unexpected difficulties in transitioning to a pure IP licensing model and in monetizing the patent portfolio; the commercial success of applications or devices into which Immersions technology is licensed; potentially lengthy sales cycles and design processes; unanticipated difficulties and challenges encountered in development efforts; unexpected costs; failure to retain key personnel; competition; the impact of global economic conditions and other factors. Many of these risks and uncertainties are beyond the control of Immersion.
For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in Immersions most recent Annual Report on Form 10-K, which is on file with the U.S. Securities and Exchange Commission. The forward-looking statements in this press release reflect Immersions beliefs and predictions as of the date of this release. Immersion disclaims any obligation to update these forward-looking statements as a result of financial, business, or any other developments occurring after the date of this release.
Immersion, the Immersion logo, TouchSense, HD Haptics and Reverb are trademarks of Immersion Corporation in the United States and other countries. All other trademarks are the property of their respective owners.
The use of the word partner or partnership in this press release does not mean a legal partner or legal partnership.
(IMMR C)
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