SANTA CLARA, Calif., Sept. 3, 2013 (GLOBE NEWSWIRE) -- Neonode Inc., (Nasdaq:NEON), the optical touch technology company, announced today that its Board of Directors has authorized the exploration of strategic alternatives with respect to its user-interface patent and licensing subsidiary.
This unit's intellectual property portfolio principally relates to user-interface gestures utilized in a touchscreen. The Board intends to consider a broad range of alternatives including, but not limited to, a merger, sale, or spin-off.
"The board of directors and management team are committed to further enhancing value for all Neonode shareholders," said Per Bystedt, Chairman of the Board.
"The user interface is an increasingly important strategic part of any device using a touch screen. Neonode is a pioneer in the touch screen user-interface area, and over the last 12 years, has built up significant IP, software and know-how in this field. We think that a more dedicated focus on the development and monetization of this IP would be beneficial for our shareholders," said Thomas Eriksson, Neonode's Chief Executive Officer.
The company noted that there could be no assurance that the board's evaluation process will result in any transaction, or that any transaction, if pursued, will be consummated.
Neonode Inc. (Nasdaq:NEON) develops and licenses the next generation of Multisensing touch technologies, allowing companies to differentiate themselves by making high performing touch 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 touch technology features such as low latency pen or brush sensing, remarkably high speed scanning, proximity-, pressure-, and depth sensing capabilities and object-size measuring.
Neonode's patented Multisensing technology is developed for a wide range of devices such as mobile phones, tablets and e-readers, toys and gaming consoles, printers, white goods, wearable goods and advanced automotive infotainment systems. Neonode, the Neonode logo, Multisensing, and zForce are trademarks of Neonode Inc. registered in the United States and other countries. Liquid Sensing, It Makes Sense and AlwaysON are trademarks of Neonode Inc. For more information please visit www.neonode.com
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.