SEOUL, South Korea, Jan. 20 /PRNewswire-FirstCall/ -- LG Electronics Inc.
(KSE: 06657.KS) and SpatiaLight, Inc. (Nasdaq: HDTV), made the following joint
announcement today:
LG Electronics privately demonstrated 71-inch and 62-inch models of liquid
crystal on silicon (LCoS) 1080p rear projection televisions at the
international Consumer Electronics Show in Las Vegas, held earlier this month.
These televisions incorporate SpatiaLight's state of the art 1920 pixel by
1080 pixel resolution LCoS microdisplay devices (LCoS Sets). The
pre-production televisions were very well received by significant target
customers of LG Electronics and by other industry guests.
LG Electronics is currently planning an initial rollout of the 71-inch and
62-inch LCoS televisions commencing in the second quarter of 2005, subject to
the completion of pre-production requirements. The initial product rollout
will be into the United States, Korean and Australian consumer markets, with
future plans for expansion into other markets. LG Electronics believes that
the LCoS projection televisions will be a competitive product in the
large-sized television market.
In July 2004, LG Electronics and SpatiaLight entered into an LCoS Supply
Agreement, under which LGE committed to purchase from SpatiaLight a minimum of
21,000 LCoS Sets over an initial six-month delivery period. Based upon
progress to date, it is currently anticipated that the initial six-month
delivery period for the LCoS Sets will begin in March 2005, which is
consistent with LG Electronics' current product rollout plan, but subject to
the completion of pre-production requirements. Under the agreement, commencing
in the first delivery month, LG Electronics is required to provide SpatiaLight
with rolling monthly firm purchase orders six months in advance of the
scheduled delivery and rolling twelve-month advance projections of its
anticipated future orders. Although the agreement does not contain any minimum
purchase requirements after the initial six-month delivery period, it projects
that LG Electronics will commence larger mass-production scale purchases of
LCoS Sets from SpatiaLight in the latter part of 2005. The parties' rights and
obligations under the agreement and LGE's plan to rollout the LCoS projection
television products are subject to a limited quantity of trial LCoS Sets, a
majority of which have been delivered to LGE, meeting final specifications.
Since the signing of the agreement, LG Electronics and SpatiaLight have been
actively working together on developing LCoS rear projection television
products.
The agreement provides that SpatiaLight will be the exclusive supplier of
three-chip 1080p high definition LCoS microdisplay products to LG Electronics
in 2005 and potentially in 2006 as well. LG Electronics will have the
exclusive right in Korea to purchase 1080p high definition LCoS microdisplay
products from SpatiaLight in the first half of 2005 and potentially in the
second half of 2005 and 2006 as well.
Havis Kwon, Executive Vice President and General Manager of LG Electronics
Display Division -- Television and Monitors, stated, "LG Electronics is
excited to announce our plan to begin product rollout of LCoS rear projection
televisions into major consumer markets. We believe that this product,
incorporating the SpatiaLight microdisplay sets, has the potential to be an
important part of our high definition rear projection television lineup."
David Hakala, Chief Operating Officer of SpatiaLight, commented,
"SpatiaLight is excited that LG Electronics is planning to bring its LCoS
based products to market in the coming months. It is an honor conducting
business with the fine people at LG Electronics. I expect this to be the
beginning of an exciting time for both LG Electronics and SpatiaLight."
About LG Electronics Inc.
LG Electronics Inc. (Korea Stock Exchange: 06657.KS), headquartered in
Seoul, South Korea, was established in 1958 and has grown into a global force
in electronics, information and communications products with annual total
revenues of US $29.9 billion (consolidated). With more than 64,000 employees
working in 73 overseas subsidiaries and marketing units around the world, LG
Electronics is comprised of four main business companies including Digital
Display, Digital Media, Digital Appliance, and Mobile Communications.
The LG Digital Display Company provides core technologies for cutting-edge
digital products and is a world leader in digital display products including
Plasma TVs, LCD TVs and Monitors, and HDTV (high-definition televisions).
LG Electronics' goal worldwide is to create and enable the intelligent
networking of digital products that will make consumers' lives better than
ever. For more information please visit http://www.lge.com
About SpatiaLight, Inc.
SpatiaLight, Inc., founded in 1989, manufactures high-resolution LCoS
microdisplays for use in high definition televisions and rear projection
monitors. The company's proprietary SpatiaLight imagEngine(TM) LCoS
microdisplays represent a solution for OEMs of large-screen rear projection
monitors, home theater projection systems, video projectors, and other display
applications. Utilizing more than 6.2 million pixels, SpatiaLight's LCoS Sets
are designed to be incorporated into high definition televisions and rear
projection monitors. A SpatiaLight display unit, another company product, is
comprised of three SpatiaLight imagEngine(TM) microdisplays fitted onto a
light engine designed by SpatiaLight and Fuji Photo Optical Co., Ltd. and
manufactured by Fuji. SpatiaLight is committed to developing microdisplay
technologies that will become the standard for the next generation of rear
projection display devices and to providing OEMs with the most cost effective,
high-resolution microdisplays in the industry. For more information about
SpatiaLight, please see the company website: http://www.spatialight.com.
Safe Harbor Statement of SpatiaLight, Inc.
This news release includes forward-looking statements that reflect
SpatiaLight's current expectations about its future results, performance,
prospects and opportunities. SpatiaLight has tried to identify these
forward-looking statements by using words and phrases such as "may", "will",
"expects", "anticipates", "believes", "intends", "estimates", "plan",
"should", "typical", "preliminary", "we are confident" or similar expressions.
These forward-looking statements are based on information currently available
to SpatiaLight and are subject to a number of risks, uncertainties and other
factors that could cause SpatiaLight's actual results, performance, prospects
or opportunities in the remainder of 2005 and beyond to differ materially from
those expressed in, or implied by, these forward-looking statements. These
risks and uncertainties are outlined in the Company's filings with the
Securities and Exchange Commission, including its most recent reports on Forms
10-Q and 10-K.
SOURCE SpatiaLight, Inc.
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Related links:
http://www.spatialight.com
CONTACT:
Ted Banzhaf of SpatiaLight, Inc.,
+1-415-883-1693, ext. 132
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