HIW Hiwave Tech

TIDMHIW

RNS Number : 6049X

Hiwave Technologies PLC

17 February 2012

17 February 2012

HiWave Technologies plc

Interim Management Statement

HiWave Technologies plc ("HiWave" or the "Company"), the provider of electronic and transducer solutions for audio and haptic touch, is today issuing its Interim Management Statement for the period 1 October 2011 to 16 February 2012, in accordance with the requirements of the Disclosure and Transparency Rules of the UK Listing Authority.

   --     Full year 2011/12 outlook unchanged 
   --     Cash balance of GBP2.2m as at 31 January 2012 
   --     Successful renegotiation of license arrangements with Nissha 

During the period, the Company negotiated an agreement with Nissha Printing Co. that replaces all preceding agreements and HiWave will now license its haptics patents including previously assigned patents to Nissha on a non-exclusive basis.

The Board announced on 6 January that Dr. David Bramwell had resigned from the Board of Directors as Non-Executive Chairman and James Lewis, CEO had been appointed as Interim Chairman. The Board is in advanced discussions regarding additional appointments to the Board.

HiWave has continued the development of its audio and haptic solutions, and is engaging with a greater number of prospective customers worldwide. The Company attended the Consumer Electronics Show in the USA in January where it demonstrated new speaker drivers and reference designs for its Audium audio amplifier that will be launched shortly.

For further information please contact:

HiWave Technologies plc Tel: +44 (0)1223 597 840 James Lewis, Chief Executive Officer

Kate Barnes, Chief Financial Officer

Singer Capital Markets Tel: +44 (0)20 3205 7500 Claes Spang

Media enquiries:

Allerton Communications Tel: +44 (0)20 3137 2500 Peter Curtain

This information is provided by RNS

The company news service from the London Stock Exchange

END

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