iGo, Inc. (Nasdaq: IGOI), a leading provider of eco-friendly power management solutions and mobile electronic device accessories, today announced that it is collaborating with Texas Instruments on the development of an integrated circuit to help implement iGo’s patented iGo Green Technology. iGo Green Technology is an innovative new power-saving technology that virtually eliminates wasteful and expensive standby power, or “vampire power,” which results from chargers continuing to draw electricity when a mobile electronic device no longer requires charging or is disconnected from the charger. iGo intends to utilize the integrated circuit for use in its own products once the development is completed, which is expected to take approximately one year. In addition, iGo intends to make the new chip available to OEMs that want to reduce the consumption of vampire power in the power supplies shipped with their products. “Working with a premier semiconductor company like Texas Instruments is a significant step in further commercializing our iGo Green Technology,” said Michael D. Heil, President and Chief Executive Officer of iGo, Inc. “We believe that putting iGo Green Technology on a chip will enhance our ability to partner with laptop and mobile electronic device OEMs on the adoption of this unique eco-friendly technology for their own power solutions. In addition, utilizing an integrated chip will also reduce the manufacturing cost of our own iGo Green products, which we expect to have a positive impact on our gross margin.” About iGo, Inc. iGo offers a full line of innovative accessories for mobile electronic devices, including a variety of proprietary power, protection and audio solutions. iGo’s unique products allow consumers to enjoy all of the features offered by today’s mobile electronic devices by keeping those devices powered and protected at all times. In addition, iGo’s audio and visual products offer consumers enhanced options for hearing and viewing all of the powerful multimedia functions offered by the latest mobile electronic devices to hit the market. iGo also offers an award-winning line of eco-friendly power solutions based on its patented iGo Green ® Technology which automatically eliminates wasteful and expensive standby or “vampire” power. Expanding on the company’s history of innovation, iGo continues to regularly introduce fresh new solutions to the ever changing mobile electronics device market, making the use of such devices easier and more efficient for consumers.
iGo’s products are available at www.iGo.com, as well as through leading resellers and retailers throughout the world. For additional information call 480-596-0061, or visit www.iGo.com, www.Adapt-Mobile.com and www.Aerial7.com.iGo and iGo Green are registered trademarks of iGo, Inc. and its affiliates. All other trademarks or registered trademarks are the property of their respective owners. This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. The words “believe,” “expect,” “anticipate,” “should,” and other similar statements of our expectation identify forward-looking statements. Forward-looking statements in this press release include the expectation that the development process for an iGo Green chip will take approximately one year; the belief that putting iGo Green Technology on a chip will enhance the Company’s ability to license the technology; and the expectation that utilizing an iGo Green chip will reduce the Company’s manufacturing costs and positively impact its gross margin. These forward-looking statements are based largely on management’s expectations and involve known and unknown risks, uncertainties and other factors, which may cause the Company’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Risks that could cause results to differ materially from those expressed in these forward-looking statements include, among others, our ability to successfully develop the iGo Green chip; our ability to license iGo Green Technology to third parties; our dependence on large purchases from two significant customers; our ability to expand and diversify our customer base; our ability to expand our combined revenue base and develop new products; our loss or failure to replace any significant retail or distribution partners; our failure to expand or protect our proprietary rights and intellectual property; our failure to complete development of products in a timely manner, including the iGo Green chip; our failure to achieve the performance criteria required of our products by our customers; fluctuations in our operating results because of: the timing of new product and technology introductions and product enhancements, relative to our competitors, market acceptance of our products, the size and timing of customer orders, our ability to effectively manage inventory levels, delay or failure to fulfill orders for our products on a timely basis, distribution of or changes in our revenue among distribution partners and retailers, our inability to accurately forecast our contract manufacturing needs, difficulties with new product production implementation or supply chain, our suppliers’ ability to perform under their contracts with us, product defects and other product quality problems, the degree and rate of growth in our markets and the accompanying demand for our products, our ability to expand our internal and external sales forces and build the required infrastructure to meet anticipated growth, and seasonality of sales; increased focus on consumer electronics retailers on their own private label brands; decreasing sales prices on our products over their sales cycles; increased reliance upon RadioShack and Walmart; the termination of reseller and distributor agreements or reduced or delayed orders; difficulty in predicting sales to our customers resulting in increased levels of inventory; lack of visibility to end user customers; resellers and distributors promotion of competitor products; corporate and other sales incentive changes at our resellers and distributors; our failure to introduce new products and product enhancements that achieve market acceptance; our failure to protect our intellectual property; intellectual property infringement claims against us; our reliance on and the risk relating to outsourced manufacturing fulfillment of our products, including potential increases in manufacturing costs; our reliance on sole sources for key components; our ability to manage our anticipated growth; our ability to manage our inventory levels; the negative impacts of product returns; design and performance issues with our products; product liability claims; our ability to hire and retain qualified personnel; our ability to secure additional financing to meet our future capital needs; increased competition and/or reduced demand in our industry; our failure to comply with domestic and international laws and regulations; economic conditions, political events, war, terrorism, public health issues, natural disasters and similar circumstances; volatility in our stock price; the risk that our common stock could be delisted from Nasdaq; concentration of stock ownership among our executive officers and principal stockholders; provisions in our certificate of incorporation, bylaws and Delaware law, as well as our stockholder rights plan, that could make a proposed acquisition of the Company more difficult; and dilution resulting from potential future stock issuances.
Additionally, other factors that could cause actual results to differ materially from those set forth in, contemplated by, or underlying these forward-looking statements are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009 under the heading “Risk Factors.” In light of these risks and uncertainties, the forward-looking statements contained in this press release may not prove to be accurate. The Company undertakes no obligation to publicly update or revise any forward-looking statements, or any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements. Additionally, the Company does not undertake any responsibility to update you on the occurrence of unanticipated events which may cause actual results to differ from those expressed or implied by these forward-looking statements.