Safe Harbor/ Forward-Looking StatementsThis press release contains forward-looking statements, which include the following subjects, among others: the capabilities of our software tools and filter designs . Forward-looking statements are made as of the date of this document and are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including, without limitation, the following: our limited operating history; our ability to complete designs that meet customer specifications; the ability of our customers (or their manufacturers) to fabricate our designs in commercial quantities; the ability of our designs to significantly lower costs compared to other designs and solutions; the risk that the intense competition and rapid technological change in our industry renders our designs less useful or obsolete; our ability to find, recruit and retain the highly skilled personnel required for our design process in sufficient numbers to support our growth; our ability to manage growth; and general market, economic and business conditions. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are under the captions " Risk Factors" and " Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report (Form 10-K) or Quarterly Report (Form 10-Q) filed with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements.
Resonant Inc. (NASDAQ: RESN), a developer of software tools, intellectual property and design services targeted on filters for radio frequency, or RF, front-ends, or RFFE, that specializes in delivering designs for difficult bands and complex requirements, today announced it has signed a new development and licensing agreement with one of its existing tier one customers. The agreement encompasses the development of Resonant's third Quadplexer; however, it is the first Quadplexer design where the specification requires the use of the Temperature Compensated-Surface Acoustic Wave (TC-SAW) process for improved temperature stability and will be developed for a Chip Scale Package (CSP). Upfront payments and milestone payments have been agreed upon, but will not be disclosed due to the confidential nature of such agreements. "With the recent addition of TC-SAW design capability to our Infinite Synthesized Network (ISN ®) Development Suite, we are excited to put this new filter design capability to use with customers," said Terry Lingren, CEO and Co-Founder of Resonant. "ISN is based upon fundamental materials physics, so we can design complex filters with new processes quickly, meeting the escalating demand for more filter designs in this fast-growing market. With the increasing complexity required by carrier aggregation and the industry-wide constraint on design capacity, the need for rapidly evolving technology capabilities is paramount, which we believe is helping to fuel the ongoing interest in our services." About Resonant® Inc. Resonant is creating software tools and IP & licensable blocks that enable the development of innovative filter designs for the RF front-end, or RFFE, for the mobile device industry. The RFFE is the circuitry in a mobile device responsible for the radio frequency signal processing and is located between the device's antenna and its digital baseband. Filters are a critical component of the RFFE that selects the desired radio frequency signals and rejects unwanted signals and noise. For more information, please visit www.resonant.com. About Resonant's ISN® Technology Resonant can create designs for hard bands and complex requirements that we believe have the potential to be manufactured for half the cost and developed in half the time of traditional approaches. The Company's large suite of proprietary mathematical methods, software design tools and network synthesis techniques enable it to explore a much bigger set of possible solutions and quickly derive the better ones. These improved filters still use existing manufacturing methods (i.e. SAW) and can perform as well as those using higher cost methods (i.e. BAW). While most of the industry designs surface acoustic wave filters using a coupling-of-modes model, Resonant uses circuit models and physical models. Circuit models are computationally much faster, and physical models are highly accurate models based entirely on fundamental material properties and dimensions. Resonant's method delivers excellent predictability, enabling achievement of the desired product performance in roughly half as many turns through the fab. In addition, because Resonant's models are fundamental, integration with its foundry and fab customers is eased because its models speak the "fab language" of basic material properties and dimensions.