Amerigon Appoints Spencer Trask Securities as Investment Banker
13 November 1998
Amerigon Appoints Spencer Trask Securities as Investment Banker
IRWINDALE, Calif.--Nov. 12, 1998--Amerigon Incorporated announced today that in a move designed to enhance the Company's access to financial markets and strategic investments, it has appointed Spencer Trask Securities, Inc., a New York based firm, as its investment banker. Spencer Trask specializes in working with emerging growth companies by providing advisory services relating to strategic planning and business development, as well as financing and traditional investment banking functions.
Amerigon Chairman and Chief Executive Officer, Dr. Lon Bell said, "Amerigon is making excellent progress as it transitions from research and development into production of our Climate Control Seat(tm) (CCS(tm)) system. As we announced on October 14, 1998, we were selected by Johnson Controls to supply the CCS(tm) system to be installed in seating systems for a major North American auto manufacturer, starting in the 2000 model year. We continue to receive positive response from manufacturers around the world and announced on November 5, 1998, that we have been engaged by three leading European automotive companies to integrate the CCS(tm) system into their seats for possible launches in the 2001 and 2002 model years.
"Based upon these developments, we felt that the timing was perfect to align ourselves with a nationally recognized investment banking firm to provide us with quality financial counsel. We believe that Spencer Trask is ideally suited to meet our needs," Dr. Bell added.
Roger K. Baumberger, Managing Director - Corporate Finance for Spencer Trask Securities, said, "We believe that this relationship will be a win/win situation for both companies. Amerigon has developed technologically advanced products to enhance automotive comfort and safety. Importantly, we believe the products are well protected by patents and have limited competition. Amerigon has done an excellent job marketing the CCS(tm) system to major automotive manufacturers, and now we plan to provide them access to capital markets and strategic investments to facilitate achievement of the Company's goals and help build long-term shareholder value."
Amerigon, an emerging player in the global automotive industry, develops and markets proprietary high-technology products for the automotive OEM. In addition to the CCS(tm) system, the Company's products include its proprietary AmeriGuard(tm) Radar System to extend the driver's field of view in such vehicle applications as enhanced parking aids, back-up warning systems, and side object detection.
This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements, including, without limitation, demand for the Company's products, uncertainties in the development of high technology products, risks and delays in obtaining customer orders, technological change, competition and other risks and uncertainties that are detailed in the Company's Annual Report on Form 10-K and other reports filed by it with the Securities and Exchange Commission.