Immersion Announces Multi-Year License Deal with Samsung; Raises FY13 Sales Guidance to $44-48M
Immersion Corporation (NASDAQ: IMMR), the leader in touch feedback technology development and licensing, today announced it has entered into a multi-year license agreement with Samsung Electronics Co., Ltd. In addition to providing a license to Immersion's TouchSense® and Integrator solutions, the agreement includes a patent license covering Samsung's prior and future use of simple forms of haptic effects, sometimes referred to as Basic Haptics, in its smartphones and other mobile devices.
“We are very pleased by Samsung's broad adoption of our haptic technology, and we believe that this agreement marks an important milestone in our strategy to monetize our technology more fully within the mobile market,” said Immersion CEO Victor Viegas. “Having entered into this important customer agreement, we are now in a position to raise our 2013 guidance, as we expect revenues for the year to be in the range of $44 million to $48 million. In addition, while we continue to anticipate increased spending related to our efforts to defend and monetize our IP, we expect Adjusted EBITDA for 2013 to be in the range of $12 million to $15 million,” concluded Mr. Viegas.
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