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 Immersion’s TouchSense® and Integrator solutions, the agreement includes a patent license covering Samsung’s 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 Samsung’s 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.
About Immersion ( www.immersion.com )
Founded in 1993, Immersion (NASDAQ: IMMR) is the leading innovator in haptic technology; the company's touch feedback solutions deliver a more compelling sense of the digital world. Using Immersion's 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. Immersion's 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.
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