Sawtek Announces Exclusive Agreement
6 June 2000
Sawtek To Manufacture SAW Tire Pressure and Torque Sensors
ORLANDO, Fla. - Sawtek Inc. , through its wholly-owned subsidiary, Microsensor Systems, Inc. (MSI), today announced that it has entered into an exclusive agreement with Transense plc to manufacture surface acoustic wave (SAW) sensors for automotive tire pressure and torque applications utilizing patented technology from Transense. Under the terms of the agreement, MSI has the right to mass-produce the SAW sensors for sale to other Transense licensees.Jim Perry, Chief Executive of Transense, said last night, "We have identified Sawtek, through MSI, as the most suitable partner to mass manufacture the SAW device, which is the core element of our sensor technology. Sawtek was chosen because of its outstanding growth record over the past five years and its on-going strategy to seek out other large potential markets which can offer dynamic growth similar to that seen in mobile phones."
Bill Drafts, Vice President and General Manager of MSI, stated, "A strategic focus for MSI is to leverage acoustic wave technology into high volume markets not presently served by our parent company, Sawtek. We feel that the automotive market meets our requirements and we are very excited to be selected as the exclusive manufacturer of surface acoustic wave (SAW) tire pressure and torque sensors utilizing Transense's patented technology."
About Microsensor Systems, Inc.:
Microsensor Systems, Inc. (MSI), a Sawtek Inc. company, is the world leader in SAW-based chemical sensing and utilizes SAW and other sensing technologies to solve our customers' application needs. We also leverage the unique properties of SAW technology to produce sensors that measure physical parameters such as particulate contamination, tire pressure, torque and dew point.
About Sawtek:
Sawtek designs, develops, manufacturers and markets a broad range of electronic signal processing components based on SAW technology primarily for use in the wireless communications industry. Our primary products are custom-designed, high performance bandpass filters, resonators, delay lines, oscillators and SAW-based subsystems. These products are used in a variety of microwave and RF systems, such as CDMA and GSM digital wireless communications systems, digital microwave radios, wireless local area networks, cable television equipment, Internet infrastructure, various defense and satellite systems, and chemical sensors.
Forward-looking statements:
Forward-looking statements in this release are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Act of 1995. Investors are cautioned that forward-looking statements such as statements of the Company's plans, objectives, expectations and intentions involve risks and uncertainties. The cautionary statements made in this release should be read as being applicable to all related statements wherever they appear. Statements containing terms such as "believes", "does not believe", "no reason to believe", "expects", "plans", "intends", "estimates", or "anticipates", are considered to contain uncertainty and are forward-looking statements. The Company's actual results could differ materially from those discussed. Factors that could contribute to such differences include the following: a decline in either the growth of wireless communications or the acceptance of CDMA technology; our ability to successfully develop and bring new products to market, particularly RF filters; our ability to successfully increase production capacity; competitive products or technologies that could reduce demand for our products such as direct conversion or digital filtering technology; our dependence on a limited number of suppliers for certain key raw materials; risks associated with international sales; our dependence on a few large customers; declining selling prices for some of our key products; decreased manufacturing yields; cancellation of purchase orders by our customers; our inability to protect our intellectual property or if we infringe on the intellectual property of others; increased competition from other SAW suppliers; risks associated with our Costa Rican operations; risk of natural disasters; and other risks discussed in our SEC filings including Form 10K, Form 10Q, and Form S-3A filed on January 24, 2000.
A reader of this release should understand that it is not possible to predict or identify all such risk factors. Consequently, the reader should not consider this list to be a complete statement of all potential risks or uncertainties. We do not assume the obligation to update any forward-looking statement.