Neonode Signs NEXTY Electronics as Distributor to Japanese Market

Rhea-AI Summary

Neonode Inc. (NASDAQ: NEON) has signed a distributor agreement with NEXTY Electronics Corporation to sell its contactless sensor products in Japan. NEXTY, part of the Toyota Tsusho group, leverages its established distribution network to enhance market reach in automotive electronics. CEO Dr. Urban Forssell emphasized that this partnership will accelerate Neonode's growth in the Japanese market, following previous agreements with other resellers. The collaboration aims to significantly strengthen Neonode's footprint and drive sales in this critical region.

Positive

• Partnership with NEXTY Electronics increases market presence in Japan.
• Access to NEXTY's established distribution network may accelerate sales growth.
• Collaboration follows previously announced agreements, indicating strategic expansion.

Negative

• None.

STOCKHOLM, March 9, 2021 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON), is pleased to announce that it has signed a distributor agreement with NEXTY Electronics Corporation to promote and sell Neonode's contactless sensor products in Japan through NEXTY's extensive sales and distribution organization.

As a core firm of Toyota Tsusho group in electronics business, NEXTY Electronics pursues top-class scale business in car electronics sectors. In addition to distribution services, NEXTY creates new markets and customer value in many areas including software/hardware development and design, inspection, manufacturing, and quality support. 

"This agreement with NEXTY Electronics is an important step in Neonode's strategy to increase product sales and marketing presence in Japan, following on our agreements with multiple value-added resellers in Japan announced during the second half of 2020. The Japanese market is critical to Neonode's success and we are happy to partner with NEXTY to accelerate our business in Japan. Through this partnership with one of Japan's largest electronics companies we significantly increase our footprint and reach, which will help us drive growth," said Neonode CEO Dr. Urban Forssell.

For more information, please contact:

CONTACT:

Investor Relations
David Brunton
E-mail: david.brunton@neonode.com
Phone: +1 925 768 0620 
 
Chief Executive Officer
Urban Forssell
E-mail: urban.forssell@neonode.com 

 

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SOURCE Neonode

FAQ

What is the significance of Neonode's agreement with NEXTY Electronics?

The agreement enhances Neonode's market presence in Japan, leveraging NEXTY's extensive distribution network.

When was the distributor agreement between Neonode and NEXTY Electronics announced?

The agreement was announced on March 9, 2021.

What products will NEXTY Electronics distribute in Japan?

NEXTY will promote and sell Neonode's contactless sensor products.

How does this partnership impact Neonode's growth strategy?

This partnership is a key step in Neonode's strategy to increase sales and marketing efforts in the vital Japanese market.

What role does NEXTY Electronics play in the electronics market?

NEXTY is part of the Toyota Tsusho group and is involved in car electronics, providing distribution, software/hardware development, and quality support.