Immersion Corporation (NASDAQ:IMMR), the leading developer and licensor of touch feedback technology, today announced that it has signed a new agreement with LG Electronics, Inc., one of the world’s largest providers of mobile devices. Reaffirming the ongoing relationship between the two companies, the new agreement is a multi-year worldwide license for Immersion’s TouchSense® software and Basic Haptics IP. “This agreement speaks to the importance of tactile feedback in how consumers interact with their digital devices,” said Dennis Sheehan, SVP of sales and marketing at Immersion. “Immersion technology offers a unique and compelling way to enhance the mobile experience through the sense of touch.” Based on its current outlook, the Company reaffirms that it expects revenues for 2014 to be in the range of $51 million to $56 million, an increase of between 7% and 18% over the prior year, and non-GAAP net income to be in the range of $6 million to $12 million. Immersion’s TouchSense Software allows OEMs to create advanced, multi-dimensional user experiences with tactile effects. Using Immersion’s software, device manufacturers are able to design and integrate customizable, high-quality, power-efficient tactile effects in touch user interfaces, applications and services. For more information on TouchSense visit http://www.immersion.com/products/touchsense-tactile-feedback/. About Immersion ( www.immersion.com ) Founded in 1993, Immersion (NASDAQ:IMMR) is the leading innovator in haptics, or tactile effects; 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 device, automotive, gaming, medical and consumer electronics products from world-class companies. With over 1,700 issued or pending patents in the U.S., China 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.
All statements, other than the statements of historical fact, are statements that may be deemed forward-looking statements, including, but not limited to, statements regarding the benefits of Immersion technology and our expectation that revenues for 2014 will be in the range of $51 million to $56 million and non-GAAP net income for 2014 will be in the range of $6 million to $12 million.Immersion's actual results might differ materially from those stated or implied by such forward-looking statements due to risks and uncertainties associated with Immersion's business, which include, but are not limited to: unanticipated difficulties and challenges encountered in product development efforts by Immersion and its licensees (including LG Electronics, Inc.); adverse outcomes in any future intellectual property-related litigation and the costs related thereto; the effects of the current macroeconomic climate; delay in or failure to achieve commercial demand for Immersion's products or third party products incorporating Immersion's technologies; and a delay in or failure to achieve the acceptance of touch feedback as a critical user experience. Many of these risks and uncertainties are beyond the control of Immersion. For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in Immersion's most current Form 10-Q, which is on file with the U.S. Securities and Exchange Commission. The forward-looking statements in this press release reflect Immersion's beliefs and predictions as of the date of this release. Immersion disclaims any obligation to update these forward-looking statements as a result of financial, business, or any other developments occurring after the date of this release. The use of the word "partner" in this press release does not mean legal partners. Immersion, the Immersion logo, and TouchSense are trademarks of Immersion Corporation in the United States and other countries. All other trademarks are the property of their respective owners.