Ford Motor Company Selects Amerigon Climate Control Seat
27 January 2000
Ford Motor Company Selects Amerigon Climate Control SeatTo Be Only Technology Used by Ford For Heated and Cooled or Heated and Ventilated Seats IRWINDALE, Calif., and DEARBORN, Mich., Jan. 26 -- Amerigon Incorporated and Ford Motor Company jointly announced today that the two companies have reached a nonbinding agreement in principle whereby Ford will exclusively use Amerigon's proprietary Climate Control Seat(TM) (CCS(TM)) system for heated and cooled or heated and ventilated seats for a period of five years. CCS makes it possible for both the driver and front seat passenger of a vehicle to individually control the warming or cooling of their respective seat for year-round comfort. Amerigon will continue to market CCS to seat suppliers and other vehicle manufacturers worldwide. Ford Motor Company Purchasing Executive Director Lisa Klein commented, "Ford selected Amerigon and CCS because we are impressed with the many customer benefits of the feature. We are committed to employing this pacesetting technology to provide our customers a major enhancement in driver and passenger comfort." Amerigon announced earlier this month that it was making shipments to Johnson Controls, Inc. , a global market leader in automotive systems, and that Lincoln Mercury, a valued Johnson Controls customer, had publicly announced it has incorporated CCS technology as an option in its 2000 model year Navigator SUV. According to Amerigon President and CEO Richard A. Weisbart, under terms of the agreement in principle, Ford will receive Warrants to purchase Amerigon Common Stock if Ford meets predetermined CCS purchase volumes over the 5 years of the agreement. Ford's shareholding will be restricted to less than 10% and it will play no role in the management of the company. Further terms were not disclosed. Amerigon, an emerging player in the global automotive industry, develops and markets proprietary products for automotive OEMs. In addition to the Climate Control Seat (CCS) technology, the Company's products include the AmeriGuard(TM) radar sensing system, designed to extend the driver's field of view in such vehicle applications as enhanced parking aids, back-up warning systems and side object detection. Certain matters discussed in this release, including the Company continuing to allocate funds toward development and sales and marketing, consumer demand for its products, expected revenue and revenue growth, expense levels and expected losses for the foreseeable future, are forward-looking statements that involve risks and uncertainties, and actual results may be different. Such risks and uncertainties include the acceptance and performance of the Company's products, the Company's ability to develop new products successfully and the ability to obtain new sources of financing. Please also refer to the Company's Securities and Exchange Commission reports, including but not limited to the Form 10-K for the year ended December 31, 1998 and the Form 10-Q for the quarter ended September 30, 1999.