STOCKHOLM, Sweden, March 16, 2015 (GLOBE NEWSWIRE) -- Neonode Inc. (Nasdaq:NEON), the optical touch technology company today announce further details related to the agreement with Autoliv Development AB highlighted in Neonode's recent fourth quarter and year ended December 31, 2014 financial results earnings release.
Through a joint development and co-operation agreement, Neonode and Autoliv will develop a new Human Machine Interface ("HMI") sensing product for vehicle steering wheel applications. Neonode will license its zForce DRIVE technology to Autoliv as part of the agreement.
Autoliv will pay an initial $1,500,000 to Neonode under the agreement with an additional $1,500,000 in three staggered payments subject to and after achievement of project milestones during a 12 months period.
As part of the agreement, Neonode has agreed not to license its steering wheel technology zForce DRIVE to any other third party in the steering wheel market for a period of 24 months after Autoliv commences production.
"After intensive development of zForce DRIVE, we are very excited about this co-operation agreement with Autoliv. We believe our active sensor steering wheel will be one of the most important components in vehicles for increased safety. Autoliv is the largest safety system supplier to the automotive industry and this agreement recognizes the key role our technology can serve as the steering wheel market constantly requires new safety features," said Neonode CEO Thomas Eriksson.
Neonode Inc. (Nasdaq:NEON) develops and licenses the next generation of MultiSensing® touch technologies, allowing companies to differentiate themselves by making high performing touch and proximity sensing solutions at a competitive cost. Neonode is at the forefront of providing unparalleled user experiences that offer significant advantages for OEM's. This includes state-of-the-art technology features such as low latency pen or brush sensing with high speed scanning, proximity-, pressure-, and depth sensing capabilities and object-size measuring on any surface.
Neonode's patented MultiSensing touch technology is developed for a wide range of devices like wearable's, notebooks, all in one computers, monitors, mobile phones, tablets and e-readers, toys and gaming consoles, printers and office equipment and automotive systems. NEONODE, the NEONODE Logo, ZFORCE and MULTISENSING are trademarks of Neonode Inc. registered in the United States and other countries. ZFORCE CORE, ZFORCE PLUS and ZFORCE DRIVE are trademarks of Neonode Inc. All other trademarks are the property of their respective owners. For more information please visit www.neonode.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements relating to expectations, future performance or future events, and product cost, performance, and functionality matters. These statements are based on current assumptions, expectations and information available to Neonode management and involve a number of known and unknown risks, uncertainties and other factors that may cause Neonode's actual results, levels of activity, performance or achievements to be materially different from any expressed or implied by these forward-looking statements.
These risks, uncertainties, and factors are discussed under "Risk Factors" and elsewhere in Neonode's public filings with the U.S. Securities and Exchange Commission from time to time, including Neonode's annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. You are advised to carefully consider these various risks, uncertainties and other factors. Although Neonode management believes that the forward-looking statements contained in this press release are reasonable, it can give no assurance that its expectations will be fulfilled. Forward-looking statements are made as of today's date, and Neonode undertakes no duty to update or revise them.
© 2015, Neonode Inc. All rights reserved. Neonode is a registered trademark of Neonode Inc.