American Technology Enters Into Licensing Agreement With Harman
SAN DIEGO--Aug. 28, 2001--American Technology Corp. today announced that Harman International Industries Inc. has entered into a significant licensing agreement for certain intellectual property related to ATC's Planar Magnetic Transducer (NeoPlanar(TM)) technology.
Under the terms of the agreement, Harman was granted the non-exclusive right to use NeoPlanar thin-panel speaker technology for automotive applications. Harman has paid to ATC licensing fees and prepaid royalty fees and will pay future per-unit royalties and engineering contract service fees.
Harman's automotive multimedia/infotainment systems and components can be found factory installed in virtually every brand of automobile worldwide.
Terry Conrad, president of ATC, stated, "We are proud that a globally recognized company known for such high manufacturing standards has elected to use our technology in the production of transducers for the high-volume OEM automotive market. Initial fees from this license add significantly to our short-term revenues, and ongoing royalties and development fees will generate substantial revenue. This licensing agreement with Harman, the premier worldwide supplier and manufacturer of high quality, high fidelity audio and video products, validates our NeoPlanar technology and paves the way for other significant business opportunities with the technology."
Joint or concurrent announcements are expected to be made by Harman and ATC as NeoPlanar speakers are manufactured and factory-installed into some of the world's best known automotive lines.
NeoPlanar technology, developed by American Technology Corp. in the Company's Carson City, Nev., laboratories, is a revolutionary sound reproduction system employing a special thin film, and a single layer of ultra-thin high-energy neodymium magnets. The most important quality of NeoPlanar loudspeakers is the ability to provide extremely wide band, low distortion performance from a device as thin as 1/8th inch and as light as two ounces.