Amerigon to Expand, Relocate Corporate Headquarters
New Farmington Hills, MI Facility Will Accommodate Growth, House New Design Lab and Test Area
DEARBORN, Mich., Feb. 9 -- Amerigon Incorporated , a leader in developing products based on advanced thermoelectric (TE) technologies for a wide range of global markets and applications, today announced that the Company will move from its current Dearborn headquarters into an expanded location in nearby Farmington Hills, MI in March of this year. The move to the new and considerably larger facility is being driven by the increases in infrastructure required to accommodate the Company's current and long-term growth, said President and Chief Executive Officer Daniel R. Coker.
Amerigon's expanded headquarters will also house a new design lab and test area that will provide greater capacity for the development and evaluation of prototypes of the Company's Climate Control Seat(TM) (CCS(TM)) system, and position those vital activities closer to its customers in the Detroit area. Amerigon also maintains sales and technical support centers in Los Angeles, Japan, Germany and England.
"During the past few months, particularly starting in the third quarter of 2005, our rate of growth began to increase as we started shipments of CCS for use in the Buick Lucerne, Lincoln Zephyr and newly redesigned Cadillac DTS," Coker said. "This combined with the growth expected from existing programs and planned new vehicle introductions over the next three years has created a need for a larger facility with a conveniently located design lab and testing area to help expedite the sales and application engineering process."
Coker said that a number of new vehicles offering CCS, the Company's principal product for actively heating and cooling individual automobile seats, are planned for introduction in 2006 and beyond by a number of the Company's existing and new automotive customers in Asia, North America and Europe.
Coker added that its BSST subsidiary continues to make excellent progress with its partners in industry and government for use of the Company's proprietary, efficient thermoelectric (TE) technologies in a wide range of global markets and heating and cooling applications, many of which are outside the automotive industry and represent significant strategic opportunities going forward.
"Our new Farmington Hills facility will allow us to accommodate our expected growth and take advantage of any new business opportunities that may occur in the future," Coker added. "Looking ahead, we are very excited about the outlook for the Company."
The address of the Company's new corporate headquarters will be 21680 Haggerty Road, Suite 101, Farmington Hills, MI 48335.
There are currently 20 vehicles offering CCS, including the Ford Expedition; Lincoln Navigator; Lincoln Aviator; Lincoln LS luxury sedan; Lincoln Zephyr luxury sedan; Mercury Monterey minivan; Cadillac XLR roadster; Cadillac Escalade; Cadillac Escalade EXT; Cadillac Escalade ESV; Cadillac DTS luxury sedan; Buick Lucerne luxury sedan; Lexus LS 430 luxury sedan; Toyota Celsior luxury sedan; Toyota Century luxury limousine; Infiniti M45 and M35 luxury sports sedans; Infiniti Q45 luxury sedan; Nissan Cima luxury sedan; Nissan Fuga mid-sized sedan; and the Hyundai Equus luxury sedan.
About Amerigon
Amerigon develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat (CCS(TM)) system, a solid-state, TED-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Los Angeles, Detroit, Japan, Germany and England.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, necessary additional financing may be unavailable, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including but not limited to its Form 10-Q for the period ending September 30, 2005 and its Form 10-K for the year ended December 31, 2004.