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Measurement Specialties Announces Occupant Weight Sensing ('OWS')
Program with Texas Instruments
FAIRFIELD, N.J., Feb. 8 /PRNewswire-FirstCall/ -- Measurement Specialties,
Inc. (AMEX:MSS), a designer and manufacturer of sensors and sensor-based
consumer products, announced today that Texas Instruments/Sensors and Controls
Group ("TI") has selected MSI's Microfused(TM) strain gage technology for use
in a new sensor for accurately measuring the weight of an individual in the
passenger seat of an automobile (occupant weight sensing, or OWS). The
sensor's force element is based on the Company's proprietary Microfused(TM)
technology. Occupant classification is a critical element in determining
passenger air bag deployment and will be required on all passenger cars sold in
North America by 2006. Use of occupant weight sensing is one potential
approach to meet the occupant classification requirements. The TI occupant
weight sensor has been accepted on several vehicle platforms beginning in 2005.
TI announced their new OWS sensor in a release earlier today.
Mike Cavanaugh, Materials Manager for Texas Instruments commented, "MSI and the
TI Sensors and Controls Group are building upon an excellent relationship to
serve a new automotive OWS program. Through previous engagements with TI, MSI
has already shown its ability to provide a high quality, cost effective
product."
"We expect the new OWS sensor to begin production in early 2005 with larger
scale production in late 2005," commented Glen MacGibbon, Director of Sensor
Sales & Marketing for Measurement Specialties. MacGibbon continued, "We expect
this OWS program to ramp up significantly in calendar year 2006, driving more
than $5 million in revenue. TI is aggressively pursuing this segment and
expects to be a leader in the occupant weight sensing market."
"I am thrilled to have the opportunity to expand our automotive business with
Texas Instruments," noted Frank Guidone, MSI CEO. "Our current program with TI
has been very successful and we look forward to the OWS program fueling
additional growth in our Sensor Division."
MSI currently supplies Texas Instruments with Microfused(TM) front end
sub-assemblies used in several automotive applications including pressure
sensors integrated into Electronic Stability Control (ESC) systems,
transmission systems, and common rail fuel delivery systems. MSI's business has
grown significantly with TI since 2000, with total volume expected to exceed 15
million units in 2005.
This release includes forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities and Exchange Act of 1934, as amended, including but not limited to,
statements regarding the continued production of current product lines. Forward
looking statements may be identified by such words or phases as "we expect,"
"intends," "are expected to," "will continue," "is anticipated," "estimated,"
"projected," "may," "we believe," "future prospects," "potential growth
prospects," or similar expressions. The forward-looking statements above
involve a number of risks and uncertainties. Factors that might cause actual
results to differ include, but are not limited to, success of any
reorganization; consummation of any contemplated sale of assets; ability to
raise additional funds; the outcome of the class action lawsuits filed against
the Company; the outcome of the current SEC investigation of the Company;
conditions in the general economy and in the markets served by the Company;
competitive factors, such as price pressures and the potential emergence of
rival technologies; interruptions of suppliers' operations affecting
availability of component materials at reasonable prices; timely development
and market acceptance, and warranty performance of new products; changes in
product mix, costs and yields, fluctuations in foreign currency exchange rates;
uncertainties related to doing business in Hong Kong and China; and the risk
factors listed from time to time in the Company's SEC reports. Forward-
looking statements do not include the impact of acquisitions or dispositions of
assets, which could affect results in the near term. Actual results may differ
materially. The Company assumes no obligation to update the information in
this release.
Contact: Frank Guidone, CEO
(757) 766-4400
Boutcher & Boutcher Investor Relations
Aimee Boutcher
(973) 239-2878
DATASOURCE: Measurement Specialties, Inc.
CONTACT: Frank Guidone, CEO, Measurement Specialties, Inc.,
+1-757-766-4400; or Aimee Boutcher of Boutcher & Boutcher Investor Relations,
for Measurement Specialties, Inc., +1-973-239-2878
Web site: http://www.msiusa.com/