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BEI Technologies, Inc. Announces Torque Sensor License Agreement
SAN FRANCISCO, Oct. 28 /PRNewswire-FirstCall/ -- BEI Technologies, Inc.
(NASDAQ:BEIQ) is pleased to announce it has completed a technology license
agreement and equity investment in NCTEngineering (NCTE) GmbH, a German
corporation.
The license is for a proprietary non-contact torque measurement technology with
potential applications in the automotive, heavy equipment and industrial
markets. BEI's license is exclusive for targeted markets in America and Japan,
and includes certain non-exclusive rights for the rest of the world.
NCTE products are currently used in Formula 1 racing cars, several industrial
applications and have been approved as the working standard for torque
measurement by the German measurement standards agency. "This investment
represents an important strategy for BEI. We have identified non- contacting
torque sensing as a potentially significant growth market for our company, and
NCTE's magnetic torque sensing technology fits well in BEI's expanding product
portfolio for automotive and industrial torque sensing requirements. BEI will
provide both marketing and manufacturing capability to grow the market for this
unique new sensor technology," commented Charles Crocker, Chairman and CEO.
BEI's total investment of approximately $2.0 million represents a 6% equity
stake in NCTE. BEI will also pay future royalties based upon its use of the
licensed technology.
BEI Technologies, Inc. (the "Company" or "Technologies") is an established
manufacturer of electronic sensors, motors, actuators, rotary optical encoders,
linear encoders with associated Digital Readouts (DROs), and motion control
products used for factory and office automation, medical equipment, military,
aviation and space systems. In addition, sales to manufacturers of
transportation equipment including automobiles, trucks and off-road equipment
have become a significant addition to the Company's business in recent years.
The Company's micromachined quartz rate sensors are being used in advanced
vehicle stability control systems and a significant increase in the production
of those sensors had been in progress from the middle of 1998 to FY 2004 except
for a decrease in production in fiscal 2002 due to increased competition. The
Company is currently transitioning to its next generation of automotive
inertial quartz based sensor products, remotely mounted multi- sensor clusters
with CAN Bus and a multi rate sensor package suitable for incorporation into
electronic systems modules. The Company also manufactures electronic steering
wheel position sensors, seat-memory modules, throttle position sensors,
inertial navigation systems, and other devices used in transportation systems.
DATASOURCE: BEI Technologies, Inc.
CONTACT: John LaBoskey, Senior Vice President/CFO of BEI Technologies,
Inc., +1-415-956-4477
Web site: http://www.bei-tech.com/