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

Stocks in this article: NEON

SANTA CLARA, Calif., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Neonode Inc. (Nasdaq:NEON), the optical touch technology company, today reported financial results for the three and nine months ended September 30, 2013.

Recent Highlights:

  • Completed hardware development of our multi-touch solutions for notebooks
  • Completed development of our low-cost multi-touch solution for 19-to-27 inch monitors
  • Completed various PC prototypes; successfully demonstrated to multiple Tier One PC OEMs
  • Signed licenses with the two premier consumer electronics OEMs in South Korea
  • Initiated high-volume projects across multiple sectors, with both top-tier South Korean OEMs.
  • Tier One office equipment customer recently commenced production of high-volume printers
  • Landed low-cost Tier One printer projects with Neonode's new single side sensor
  • Filed our 100 th patent, and currently have 20 patents issued, up from 78 and 16 last quarter
  • Reengaged with Tier One eReader OEMs, who should help Neonode recapture market share lost last year.

"I am delighted to announce that we completed hardware development of our multi-touch solutions for laptops and large-sized monitors, and were able to demonstrate prototypes to multiple Tier One OEMs. With our solution's low-cost, and easy high-yield manufacturing, we expect to garner incremental Tier One licenses and wins in the near term," said Neonode CEO Thomas Eriksson.

"In addition, during 3Q we signed licenses with two of the world's largest consumer electronics OEMs in Korea, with whom we initiated volume projects across multiple sectors, such as mobile computing, children's tablets, peripherals, smartwatches, and white goods," Mr. Eriksson continued. "Gaining entry into two companies of this caliber is a major accomplishment, as their ability to quickly drive high-volumes across many sectors should be a major boon for Neonode in the coming years."

"We are also happy to announce that our large Tier One printer OEM is on track to ramp during late 4Q, and is currently in production," Mr. Eriksson continued, "Moreover, our partnership with this leading global printer OEM, has expanded significantly over the last few months. With our groundbreaking single side touch sensor, which drives the bill of materials to below $1 per unit, we were able to secure incremental high-volume printer projects."

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