Neonode Enters Prototype Development Agreement with Leading U.S. Defense Contractor
STOCKHOLM, SWEDEN, October 23, 2020 — Neonode Inc. (NASDAQ: NEON) is pleased to announce that it has signed an agreement with a leading U.S. defense contractor to develop prototypes of novel touchscreen technology for aerospace and defense applications. This is the first project with a defense contractor that Neonode engages in and a direct result of executing on the new business strategy that the company has decided on for its business area HMI Solutions.
“I am extremely proud of the focused effort of our HMI Solutions team to secure this business and we are looking forward to building and delivering this mission-critical technology. Our customer is an agile and innovative global technology corporation and we see potential to expand our business with them significantly in the coming years. We also know that working on demanding aerospace and defense applications will give positive impact also on broader commercial applications, which is an added value.” said Dr. Urban Forssell, CEO of Neonode.
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Neonode Inc. (NASDAQ:NEON) is a publicly traded company, headquartered in Stockholm, Sweden and established in 2001. The company provides advanced optical sensing solutions for touch, gesture control, and remote sensing. Building on experience acquired during years of advanced optical R&D and technology licensing, Neonode’s technology is currently deployed in more than 75 million products and the company holds more than 120 patents worldwide. Neonode’s customer base includes some of the world’s best-known Fortune 500 companies in the consumer electronics, office equipment, medical, avionics, and automotive industries.
NEONODE and the NEONODE logo are trademarks of Neonode Inc. registered in the United States and other countries.
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements relating to expectations, future performance or future events, and the expected proceeds and closing of the private placement. These statements are based on current assumptions, expectations and information available to Neonode management and involve a number of known and unknown risks, uncertainties and other factors that may cause Neonode's actual results, levels of activity, performance or achievements to be materially different from any expressed or implied by these forward-looking statements.
These risks, uncertainties, and factors are discussed under "Risk Factors" and elsewhere in Neonode's public filings with the SEC from time to time, including Neonode's annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. You are advised to carefully consider these various risks, uncertainties and other factors. Although Neonode management believes that the forward-looking statements contained in this press release are reasonable, it can give no assurance that its expectations will be fulfilled. Forward-looking statements are made as of today's date, and Neonode undertakes no duty to update or revise them.