RNS Number : 3684E
Hiwave Technologies PLC
30 May 2012
30 May 2012
HiWave Technologies plc
("HiWave"or the "Group")
HiWave Technologies(LSE:HIW), which develops and sells electronic components and devices that utilise innovative sound and touch technologies, issues the following trading statement on the expected financial performance of the Group for the current year.
HiWave has been working with a major US company for the past 15 months with a view to entering into a development agreement. Throughout this engagement HiWave significantly progressed its personal audio technology, and filed several new patents in this area.
As of today, the agreement has not been finalised, and therefore the Board cannot rely on any revenue from this potential contract in the current financial year. This has an immediate impact on our revenue expectations for the year to September 2012, and also impacts the year to September 2013.
However the progress that has been made in haptics, touch and personal audio has already caught the attention of several other large US companies, and HiWave is in discussions regarding other possible development projects.
On current trading, the Directors expect revenue for the second half of the financial year to be broadly in line with the first half (GBP0.6k), as announced earlier today. Upside may be seen in the Christmas ramp up, and also if development agreements currently in discussion are signed before the end of the financial year.
As a consequence of this uncertainty and the growth opportunities available to the Group, the Board has assessed the Group's finances and is considering options for the future financing of the Group.
FOR FURTHER INFORMATION PLEASE CONTACT:
HiWave Technologies plc +44 (0)1223 598 490
James Lewis, Chief Executive
Officer Kate Barnes, Chief Financial
Singer Capital Markets Ltd +44(0)20 3205 7500
Clare Thomas +44(0)20 7831 3113
HiWave Technologies develops and sells electronic components and devices with innovative sound and touch technologies to add outstanding user appeal to consumer electronics.
HiWave's audio amplifier chips and modules are as much as 20 times more efficient than other sound technologies and its loudspeaker drivers create extremely high quality sound using bending wave technology.
HiWave's patented haptic 'touch' technologies transform a flat screen on a smartphone or tablet computer so that the user can feel the switch or click of a keypad but without any moving parts.
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