ASHA Signs Multi-Million Dollar License Agreements With NVG, Inc.
3 February 1998ASHA Signs Multi-Million Dollar License Agreements With NVG, Inc.
SANTA BARBARA, Calif., Feb. 3 --- ASHA Corporation (ASHA) announced today that on Thursday, January 29, 1998, it completed signing a series of broad-based license agreements with New Venture Gear, Incorporated (NVG), the world's largest manufacturer and designer of transfer cases for four-wheel-drive vehicles (with annual production of more than one million units), and a market leader in other related automotive driveline products. New Venture Gear was the first company in the world to license, develop and commercialize ASHA's Gerodiscs traction technology. Initial market introduction of NVG's all-new Progressive Transfer Case(TM) with ASHA technology debuts later this year in Chrysler's 1999 Jeep Grand Cherokee. Under the new license grants, NVG will develop ASHA technologies into a broad line of traction-control subsystems for driveline applications. "Based on our initial success with ASHA's technologies in our Progressive Transfer Case(TM), we have agreed to feature these technologies in an expanded line of products that will lead the way in redefining traction control," stated Fred L. Hubacker, New Venture Gear President and CEO. Jack McCormack, ASHA Chairman and CEO, said, "The multiple licenses granted to NVG today represents the largest single commitment we have received in our history. It was facilitated by the success NVG achieved in developing the world's first Progressive Transfer Case(TM). We're delighted with our relationship with NVG and very excited about the opportunities that are available to jointly realize widespread use of our Gerodisc(TM) technology." ASHA is the developer of GERODISC(TM), a fully automatic hydromechanical traction control system that is superior to electronic traction control systems. When road conditions or weather cause wheels to lose traction and spin freely, GERODISC(TM) seamlessly transfers torque away from the spinning wheel to the wheel with traction. Benefits of the system include enhanced safety and handling, reduced wear on brakes and drivetrain, and reduced weight. New Venture Gear's headquarters and worldwide product engineering center are located in Troy, Michigan. It has manufacturing facilities in East Syracuse, New York and Muncie, Indiana. ASHA Corporation, headquartered in Santa Barbara, develops advanced technology products and automotive design and manufacturing techniques for the global automotive industry. The stock is traded on the Nasdaq SmallCAP Market (Symbol ASHA). Visit ASHA's Website at http://www.ashacorp.com for additional information. SOURCE ASHA Corporation