Ford Motor Company and Amerigon Sign Final Agreement
28 March 2000
Ford Motor Company and Amerigon Sign Final Agreement For Ford to Use Amerigon Climate Control Seat ExclusivelyIRWINDALE, Calif., and DEARBORN, Mich., March 28 Amerigon Incorporated and Ford Motor Company jointly announced today that the two companies signed a definitive agreement for Ford to use Amerigon's proprietary Climate Control Seat(TM) (CCS (TM)) system exclusively for heated and cooled or heated and ventilated seats for a period of five years. According to Amerigon President Richard A. Weisbart, the basic terms of the final agreement are substantially the same as those of the nonbinding agreement in principle that was signed and announced in late January of this year. As previously reported, under the terms of the agreement, Amerigon will continue to market CCS to other vehicle manufacturers and seat suppliers worldwide. Further terms were not disclosed. CCS is the only product on the market today that makes it possible for both the driver and front seat passenger of a vehicle to individually and actively control the cooling and/or warming of their seats for year-round comfort. Ford Motor Company Purchasing Executive Director Lisa Klein commented, "We selected Amerigon's CCS system and are excited to be the first company to employ this pacesetting technology that provides our customers with a major enhancement in driver and passenger comfort. The CCS system has already proven to be a very popular option on the 2000 model year Lincoln Navigator Sports Utility Vehicle (SUV) and we are committed to employing CCS on a much broader scale." "Ford's commitment to use our CCS system exclusively is a significant endorsement by a world leader in the automotive industry," Weisbart said. "Combined with the strong demand and customer enthusiasm we are seeing for CCS in the Lincoln Navigator, it greatly strengthens CCS sales potential in North America, Europe and Asia. In addition to this agreement with Ford, and with Ford's encouragement, we are currently marketing CCS to almost every major vehicle manufacturer and every major seat supplier worldwide. We are actively working with more than 20 automotive platform teams to offer this unique comfort and fatigue-reducing option. Amerigon, a rapidly growing, technology-driven supplier to the global automotive industry, develops and supplies 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 improve driver's field of view in vehicle applications such as enhanced parking aids, back-up warning and side object detection for collision avoidance. Certain matters discussed in this release, including the Company's ability to handle demand for its CCS systems, 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.