Trading Statement (3684E)
30 Mayo 2012 - 1:02AM
UK Regulatory
TIDMHIW
RNS Number : 3684E
Hiwave Technologies PLC
30 May 2012
30 May 2012
HiWave Technologies plc
("HiWave"or the "Group")
Trading Statement
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
Officer
Singer Capital Markets Ltd +44(0)20 3205 7500
Claes Spang
Media Enquiries
FTI Consulting
Sophie McMillan
Clare Thomas +44(0)20 7831 3113
About HiWave:
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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