BEI Technologies, Inc. Announces Torque Sensor License Agreement
October 28 2004 - 1:24PM
PR Newswire (US)
BEI Technologies, Inc. Announces Torque Sensor License Agreement
SAN FRANCISCO, Oct. 28 /PRNewswire-FirstCall/ -- BEI Technologies,
Inc. (NASDAQ:BEIQ) is pleased to announce it has completed a
technology license agreement and equity investment in
NCTEngineering (NCTE) GmbH, a German corporation. The license is
for a proprietary non-contact torque measurement technology with
potential applications in the automotive, heavy equipment and
industrial markets. BEI's license is exclusive for targeted markets
in America and Japan, and includes certain non-exclusive rights for
the rest of the world. NCTE products are currently used in Formula
1 racing cars, several industrial applications and have been
approved as the working standard for torque measurement by the
German measurement standards agency. "This investment represents an
important strategy for BEI. We have identified non- contacting
torque sensing as a potentially significant growth market for our
company, and NCTE's magnetic torque sensing technology fits well in
BEI's expanding product portfolio for automotive and industrial
torque sensing requirements. BEI will provide both marketing and
manufacturing capability to grow the market for this unique new
sensor technology," commented Charles Crocker, Chairman and CEO.
BEI's total investment of approximately $2.0 million represents a
6% equity stake in NCTE. BEI will also pay future royalties based
upon its use of the licensed technology. BEI Technologies, Inc.
(the "Company" or "Technologies") is an established manufacturer of
electronic sensors, motors, actuators, rotary optical encoders,
linear encoders with associated Digital Readouts (DROs), and motion
control products used for factory and office automation, medical
equipment, military, aviation and space systems. In addition, sales
to manufacturers of transportation equipment including automobiles,
trucks and off-road equipment have become a significant addition to
the Company's business in recent years. The Company's micromachined
quartz rate sensors are being used in advanced vehicle stability
control systems and a significant increase in the production of
those sensors had been in progress from the middle of 1998 to FY
2004 except for a decrease in production in fiscal 2002 due to
increased competition. The Company is currently transitioning to
its next generation of automotive inertial quartz based sensor
products, remotely mounted multi- sensor clusters with CAN Bus and
a multi rate sensor package suitable for incorporation into
electronic systems modules. The Company also manufactures
electronic steering wheel position sensors, seat-memory modules,
throttle position sensors, inertial navigation systems, and other
devices used in transportation systems. DATASOURCE: BEI
Technologies, Inc. CONTACT: John LaBoskey, Senior Vice
President/CFO of BEI Technologies, Inc., +1-415-956-4477 Web site:
http://www.bei-tech.com/
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