NXT raises funds as Synaptics signs license - Embedded.com

NXT raises funds as Synaptics signs license

LONDON — Flat loudspeaker technology developer, NXT plc, plans to raise £10.5million of new equity capital through a rights issue and has signed a license with touchpads supplier, Synaptics.

The company says it will use the funds to provide a stronger financial position in negotiations with potential customers; allow it to robustly defend its intellectual property should it be necessary; and ensure that it is not at risk from any delays in its customers' product launch plans.

The company's cash balances reduced from £7.4million to £5.9million from December 2002 to June 2003 and during the last 6 months the company has reduced further its cost base and also received a £2.5million payment from a new licensee. The agreement with Synaptics is based on the SurfaceSound flat panel loudspeaker technology and the two companies will work together to integrate NXT's audio technology with Synaptics' capacitive sensing technology to develop a TouchPad which will double as the loudspeaker on laptop computers.

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