News!
BOCA RATON, Fla., Jan. 28 /PRNewswire/ -- The Panda Project, Inc.
(Nasdaq: PNDA) today announced it has received a $1.2 million order for its
VSPA(TM) custom semiconductor package from Veridicom, Inc. of Santa Clara,
California. The order includes both tooling charges and initial piece part
commitment on the device, which houses an advanced fingerprint sensor for use
in computer, office, communications, automotive and related applications.
While initial tooling is capable of producing 4 million parts per year, that
capacity can be expanded to meet increased demand from Veridicom.
The order is the culmination of an intense design effort in which Panda
responded to Veridicom's need for a robust, highly customized solution for its
leading edge device. "We responded to their need to achieve a new level of
performance in this custom application," commented Stanford W. Crane, Jr.,
Panda's President and CEO. "Utilizing the combined talents of our design
staff in Boca Raton, our applications group in Silicon Valley, our Certified
Assembler (Gateway Electronics Corporation) and the input from the team at
Veridicom, we demonstrated that the VSPA package is flexible enough to supply
a superior product from design through working prototype in a very short
time."
"I have worked with several vendors in my career, but I have never had an
organization perform like the folks at The Panda Project," said Peter Gall,
Veridicom's Director of Silicon Manufacturing. "Veridicom needed a special
design that could accommodate our fingerprint sensor and meet requirements
like no other device on the market. Within days of first meeting with with
Mellisa Crane and Panda's sales organization, their design group had a working
prototype in our hands. I have seen a lot of packages come to market over the
past 15 years, but none has the characteristics and pricing of Panda's VSPA."
Forward-looking statements in this release, including statements
concerning amounts and timing of revenue and demand for the VSPA product, are
based on information available to the Company as of the date hereof and
involve a number of risks and uncertainties. Among the important factors that
could cause actual results to differ materially from those indicated by such
forward-looking statements are delays in product development, competitive
pressures, general economic conditions, risks of intellectual property
litigation, and the risk factors detailed from time to time in the company's
periodic reports and registration statements filed with the Securities and
Exchange Commission.
Visit The Panda Project on the World Wide Web at
pandaproject.com
SOURCE The Panda Project, Inc.
-0- 01/28/98
/CONTACT: Daryl Hollis, CFO of The Panda Project, 561-994-2300; or
Investor Relations - Loren Brown of International Investor Relations Group,
407-865-9433/
/Web site: pandaproject.com
(PNDA)
CO: Panda Project, Inc.; Veridicom, Inc.
ST: Florida, California
IN: CPR
SU:
DY-KE
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