STOCKHOLM, Sweden, Oct. 14, 2016 (GLOBE NEWSWIRE) -- Neonode Inc. (NASDAQ:NEON), the Optical Interactive Sensing Technology Company, has signed a contract to supply its zForce AIR™ sensor modules to a US-based automotive OEM for vehicle entry systems, adding to Neonode’s list of automotive customers, who have already shipped over 1 million cars -- in over 30 different car models -- with zForce® technology. The value of the contract exceeds USD11M over its term starting in Q3, 2017.
zForce AIR technology, the technology that powers the AirBar™ device that brings displays to life by adding touch and gesture sensing to both new and existing PCs, can also be adapted to fit the most diverse automotive applications.
The automotive industry is currently reinventing itself, going through some of the biggest changes in its history. This increases the demand for innovative and cost effective sensor solutions and applications. zForce AIR sensors are thin, modular strips inserted along only one edge of a detection area, making integration easy for this wave of creative innovation. zForce AIR sensors bring the most advanced sensor technology to automotive OEMs with the quality and reliability that the auto industry requires, and that our customers, including Alpine, Bosch and Volvo, to name a few, have come to expect from Neonode.
The robust zForce AIR sensor is suitable for multiple deployments within one vehicle, including infotainment systems, entry systems, interactive steering wheels, as well as any surface inside or outside the vehicle to which an auto manufacturer wants to add touch or proximity sensing functionality. We expect to see multiple opportunities for deploying zForce AIR sensors in cars in the very near future, and in self-driving cars. To this end, Neonode is in the process of obtaining automotive-class certification for its zForce AIR module production facility in Sweden.
“We are extremely pleased to have our new sensors leading the way for entry systems in the automotive industry. We see this new supply contract as further evidence that Neonode will be a solid force in the automotive segment,” said Gunnar Fröjdh, VP Automotive Sales.
“The automotive industry represents large potential long term growth and stability in our global expansion plans. Neonode’s zForce technology is already installed in over 1 million cars today and its reliability and performance are proven in the industry,” concluded Thomas Eriksson, Neonode CEO.
About Neonode
Neonode Inc. (NASDAQ:NEON) develops and licenses optical interactive sensing technologies. Neonode’s patented optical interactive sensing technology is developed for a wide range of devices like automotive systems, printers, PC devices, monitors, mobile phones, tablets and e-readers. NEONODE and ZFORCE are trademarks of Neonode Inc. registered in the United States and other countries. ZFORCE AIR and AIRBAR are trademarks of Neonode Inc. All other trademarks are the property of their respective owners.
For more information please visit www.neonode.com.
Forward-Looking Statements
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.
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