SAN DIEGO, April 23, 2013 (GLOBE NEWSWIRE) -- LRAD Corporation (Nasdaq:LRAD), the world's leading provider of long range acoustic hailing devices (AHDs), announced today it has entered into a reseller and manufacturing license agreement with Beijing Paier Technologies, Inc. ("Paier"). The agreement has an initial five-year term granting Paier exclusive rights to manufacture for the Chinese market and to resell LRAD systems to China's government organizations. Paier also has non-exclusive rights to resell to other customers in China. Under the agreement, Paier will be setting up an Exhibition Center in Beijing to promote, market, demonstrate and sell LRAD systems.
"In Paier, we have a highly regarded manufacturing partner with strong ties to the Chinese government that can supply the local content required to fulfill large government contracts," commented Tom Brown, the Company's president and CEO. "We will be supplying components and subassemblies as well as providing training on our quality control procedures to enable Paier to perform final assembly."
LRAD systems broadcast highly intelligible warnings, instructions and critical information over distances up to 3,500 meters. Through the use of multi-language voice commands and warning tones, LRAD systems assist military, law enforcement and security personnel create large safety zones, determine intent, peacefully resolve uncertain situations, and save lives on both sides of the Long Range Acoustic Device®.
"Paier has the capability to manufacture to our high standards and a sales force and management team with the experience to help us realize LRAD's vast sales potential in China," added Brown. "By working with Paier to promote LRAD's proprietary directed communication systems and offering local content through manufacturing in China, we anticipate a significant increase in future Chinese business opportunities."
About LRAD Corporation
LRAD Corporation is using long range communication to resolve uncertain situations peacefully and save lives on both sides of its proprietary Long Range Acoustic Device®. LRAD® systems are in service around the world in diverse applications including fixed and mobile military deployments, maritime security, critical infrastructure and perimeter security, commercial security, border and port security, law enforcement, emergency responders, emergency warning and mass notification, asset protection, and wildlife preservation and control. For more information about the Company and its LRAD systems, please visit www.lradx.com.
Forward-looking Statements: This release contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements. These risks and uncertainties are identified and discussed in our filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management's expectations as of the date hereof. Future results may differ materially from our current expectations due to a variety of factors including, among others, general economic conditions, our dependence on a limited number of customers, our dependence on continued sales to U.S. and international governments and businesses that sell to governments, our ability to obtain financing on favorable terms, or at all, and our ability to expand our customer base and the acceptance of our products. For more information regarding other potential risks and uncertainties, see the "Risk Factors" section of the Company's Form 10-K for the fiscal year ended September 30, 2012. The Company disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.
CONTACT: Robert Putnam (858) 676-0519 firstname.lastname@example.orgSource:LRAD Corporation