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TheStreet Open House

Neonode(R) Reports Quarter Ended June 30, 2013 Financial Results

SANTA CLARA, Calif., Aug. 8, 2013 (GLOBE NEWSWIRE) -- Neonode Inc. (Nasdaq:NEON), the optical touch technology company, today reported financial results for the three and six months ended June 30, 2013.

Recent Highlights:

  • Have initiated multiple PC projects with Tier One PC OEMs
  • Commenced joint development of reference platforms with Tier One Semiconductor OEMs
  • Licensed to a premier children's tablet OEM, with a second award-winning OEM generating 2Q revenues
  • Signed a long term license agreement with a premier global consumer electronics OEM in South Korea
  • Signed a long term license agreement with major global home appliances OEM in Europe
  • We have a total of 16 patents issued and 78 pending, up from 12 and 72 last quarter
  • Developed a groundbreaking single side touch-sensor with a target bill of material ~$1.00 (for a 4 inch display size)
  • Launched a circular touch and proximity sensing platform for wearable electronics and accessories markets

"Our performance for the quarter ended June 30, 2013 excluded approximately $120,000 of revenues that were reported after our revenue recognition deadline," said Neonode CEO Thomas Eriksson. "More importantly, during the second quarter we were able to get traction in the PC space, while two new customers in the automotive (Volvo) and children's tablet segments commenced their ramps."

"While our printer prospects keep improving, we believe initial product release has likely slipped into late 4Q", Mr. Eriksson continued, "That said, with the help of our new single side touch sensor our partnership with this leading global printer OEM, has expanded significantly over the last few months. Our groundbreaking single side touch sensor drives the bill of materials for touch solutions close to one dollar per unit, which is sometimes lower than the cost of buttons. More importantly, we believe our new single side touch sensor will likely help Neonode recapture e-Reader market share, augment our printer and handset opportunities, drive initial adoption within the computer peripherals space, and ultimately lower the bill-of-materials for our full function multi-touch solutions."

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