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Yanfeng Visteon Automotive Electronics Signs License Agreement With Neonode For Next-Generation GPS Navigation Systems

Stocks in this article: NEON

SANTA CLARA, Calif., Sept. 18, 2013 (GLOBE NEWSWIRE) -- Neonode Inc., (Nasdaq:NEON), the optical touch technology company, today announced that it has signed a multi-year license agreement with Yanfeng Visteon Automotive Electronics Co., Ltd, a Tier One manufacturer and joint venture between Visteon, a Fortune 500 and Barron's 500 company, and Yanfeng Visteon Automotive Trim Systems Co., Ltd. Neonode's versatile and automotive qualified Multisensing ® technology is to be incorporated in to a new GPS navigation platform, expected to go into production in 2014.

"This license agreement with Yanfeng Visteon Automotive Electronics is an exciting opportunity for Neonode as we continue to penetrate the automotive industry and break new ground in the Asia Pacific marketplace," says Thomas Eriksson, CEO of Neonode.

Due to the widespread use of mobile mapping applications, technology convergence, mobile commerce and the increasing number of smartphone platforms (including tablets) the global GPS market is anticipated to grow substantially in near future, with market revenue touching the mark of $10 Billion by 2013 according to Research and Markets recent report "World GPS Market Forecast to 2013." http://bit.ly/15xerzA

Neonode's automotive qualified touch-solutions for infotainment and GPS navigation systems offer extended temperature range, glove and pen input, and high resolution. Unlike capacitive touch solutions, Neonode's technology is immune to electrical interference typically present in all vehicle environments. Like all Neonode solutions it also offers optimal sunlight-readability enabled by market-leading optical clarity and a very high accuracy with real-time response times.

About Visteon & Yanfeng Visteon Automotive Electronics Co., Ltd

Visteon is a leading global automotive supplier which designs, engineers and manufactures innovative components and systems for virtually every vehicle manufacturer worldwide, and these businesses generated more than $15 billion in sales in 2012. Yanfeng Visteon is a successful China-based partnership between Visteon and Shanghai Automotive Industry Corporation's automotive components group, Huayu Automotive Systems, which operates the largest electronics technology research and development center in Asia.

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