A little good news.
Imaging Technologies Corp. Signs Agreement with Major Japanese Original Equipment Manufacturer
Business Wire - May 17, 1999 09:58
SAN DIEGO--(BUSINESS WIRE)--May 17, 1999--Imaging Technologies Corp. (Nasdaq:ITEC) today announced that it has signed a product development agreement with an undisclosed major Japanese original equipment manufacturer.
The contract awards an initial $400,000 for design and development of an embedded controller for a new generation of digital output devices. Based on future sales estimates by the Japanese customer, the follow-on manufacturing of the controllers would have a potential sales value to ITEC of approximately $5 million over the next 24 months.
Imaging Technologies will be delivering its next-generation, lower-cost controller design to its customer, a design based on the NEC V4300 processor, which is scheduled to begin shipping by the end of this year.
Imaging Technologies designs, develops and manufactures a complete range of controllers that support high-speed color and monochrome printers, copiers, multi-function peripherals, inkjet printers and other output devices.
"This agreement represents a very significant new relationship for ITEC in both revenue potential and follow-on opportunities with this important customer," said Brian Bonar, chief executive officer. "This agreement rewards ITEC for its technology development, which has yielded the next generation of higher-powered and lower-cost controllers."
ITEC's new controllers will be manufactured in the United States and integrated into the customer's digital output devices in Japan.
ITEC is expected to disclose the name of the customer when it begins shipping product to Japan, which is anticipated late in the fourth quarter of 1999 or the first quarter of 2000.
About Imaging Technologies Corp.
Imaging Technologies Corp. (Nasdaq:ITEC) is a worldwide pioneer in the development, manufacturing, licensing and distribution of high-quality digital imaging solutions. Founded in 1982 and headquartered in San Diego, the company produces imaging products for diverse market segments.
Beginning with a core technology in the design and development of Adobe(R) PostScript(R) controllers for non-impact printers and multifunction peripherals, the company has expanded its product offerings to include monochrome and color printers, printer controllers, external print servers, and software to improve the accuracy of color reproduction. News and information on the company are available at the ITEC Web site at www.imagetechcorp.com.
Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the company's future capital needs, the lack of market demand for any new or enhanced products the company may develop, any actions by the company's partners that may be adverse to the company, the success of competitive products, other economic factors affecting the company and its markets, seasonal changes, and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The company disclaims any obligation to update any statements in this press release. |
