VIA optronics AG Incorporates New Entity, VIA optronics (Philippines), Inc., for Design and Development of Camera Solutions

Rhea-AI Summary

VIA optronics AG (NYSE: VIAO) has announced the incorporation of a new entity in the Philippines, VIA optronics (Philippines), Inc., aimed at enhancing its camera design and development capabilities. This move is a transition from a partnership with Integrated Micro-Electronics, Inc. (IMI), which is set to conclude on December 31, 2021. Approximately 20 employees will join VIA in January 2022. The new entity will cater to automotive OEMs, providing tailored camera solutions to meet increasing safety and security demands in the automotive industry.

Positive

• Establishment of a new subsidiary in the Philippines enhances VIA's camera design capabilities.
• Integration of a specialized team previously from IMI optimizes resources for automotive OEM solutions.
• Growing automotive camera market aligns with VIA's strategic focus on safety and security.

Negative

• None.

NUREMBERG, Germany--(BUSINESS WIRE)-- VIA optronics AG (NYSE: VIAO) (“VIA”), a leading supplier of interactive display systems and solutions, today announced that it has incorporated a new entity in the Philippines, VIA optronics (Philippines), Inc. (“VIA Philippines”), to provide customized and platform camera solutions, from design and development to process testing and quality control. VIA Philippines was incorporated to facilitate the integration of a camera design and development team that was previously a part of Integrated Micro-Electronics, Inc. (“IMI”), a Philippines-based company and VIA shareholder. Through a Service and Support Agreement (the “Agreement”), IMI has provided development support services through this team to the Company’s subsidiary, VIA optronics GmbH since January 2019. The Agreement will terminate on December 31, 2021 and the camera design and development team will formally become a part of the Company in January 2022, with approximately 20 employees joining VIA.

“Our new entity in the Philippines delivers highly optimized and customized solutions that serve the needs of automotive OEMs, especially as new standards emerge, and requirements continue to grow. We’re thrilled to bring further innovation to life and drive solutions for the mobility needs of tomorrow,” said Jürgen Eichner, VIA’s Chief Executive Officer.

VIA’s technologies for interactive display systems combined with camera solutions are aligned with automotive trends like next generation cockpits, advanced driver-assistance systems (“ADAS”), autonomous driving and electric mobility. The automotive camera market is growing, driven by the increased focus on vehicle safety and security requirements. Automotive cameras are designed to ensure that the driver and vehicle can work together flawlessly.

VIA’s camera solutions meet a range of design requirements, including extreme space saving outline dimensions, ultra-lightweight design, high dynamic range, low light performance as well as flare reduction and defrosting capabilities. The primary applications for VIA’s camera solutions include e-mirrors, which replace traditional mirrors, front sensing, rear-view, forward-looking surround view cameras as well as cameras to facilitate driver monitoring. The camera modules work in conjunction with other sensor types, including radar, light detection and ranging (“LIDAR”), and ultrasound to enable new levels of safety, comfort, and convenience together with advanced driver-assistance system functionality.

About VIA:

VIA is a leading provider of enhanced display solutions for multiple end-markets in which superior functionality or durability is a critical differentiating factor. Its customizable technology is well-suited for high-end markets with unique specifications as well as demanding environments that pose technical and optical challenges for displays, such as bright ambient light, vibration and shock, extreme temperatures and condensation. VIA’s Interactive Display Systems combine system design, interactive displays, software functionality, cameras and other hardware components. VIA’s intellectual property portfolio, process know-how, and optical bonding and metal mesh touch sensor and camera module technologies provide enhanced display solutions that are built to meet the specific needs of its customers.

Further information on the Company can be found in its Annual Report on Form 20-F for the year ended December 31, 2020 (the “Annual Report”), which the Company has filed with the U.S. Securities and Exchange Commission. You can access a PDF version of the Annual Report at VIA’s Investor Relations website, https://investors.via-optronics.com/investors/financial-and-filings/annual-reports/default.aspx. A hard copy of the audited consolidated financial statements can also be requested free of charge by contacting the investor relations team via the information provided below.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words, without limitation, “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these or similar identifying words. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements involve known and unknown risks, uncertainties, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statement, including, without limitation, the risks described under Item 3. “Key Information—D. Risk Factors,” in our Annual Report on Form 20-F as filed with the US Securities and Exchange Commission. Moreover, new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. Any forward-looking statements contained in this press release are based on the current expectations of VIA’s management team and speak only as of the date hereof, and VIA specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211214005364/en/

Investor Relations for VIA optronics:

The Blueshirt Group

Monica Gould

Monica@blueshirtgroup.com

+1-212-871-3927

Lindsay Savarese

Lindsay@blueshirtgroup.com

+1-212-331-8417

Media:

Alexandra Müller-Plötz

AMueller-Ploetz@via-optronics.com

+49-911-597 575-302

Source: VIA optronics AG

FAQ

What is VIA optronics' new initiative in the Philippines?

VIA optronics has incorporated VIA optronics (Philippines), Inc. to enhance its camera design and development capabilities.

How many employees will join VIA from Integrated Micro-Electronics, Inc.?

Approximately 20 employees will join VIA from Integrated Micro-Electronics, Inc.

What date will the Service and Support Agreement with IMI end?

The Service and Support Agreement with Integrated Micro-Electronics, Inc. will terminate on December 31, 2021.

What market trends are benefitting VIA optronics' new camera solutions?

VIA's new camera solutions are aligned with automotive trends such as advanced driver-assistance systems and electric mobility.

What is the stock symbol for VIA optronics?

The stock symbol for VIA optronics is VIAO.