Immersion Names John Veschi to Its Board of Directors
Immersion Corporation (Nasdaq:IMMR), the leading developer and licensor of touch feedback technology, today announced that John Veschi has joined its Board of Directors, effective February 25, 2015.
“John brings a CEO perspective, an engineering background, and over three decades of experience in IP and technology creation, management, and monetization,” explained Immersion president and CEO, Victor Viegas. “With his exceptional background and skills, we believe John will be an invaluable member of our Board of Directors as Immersion builds on its strong business and IP foundation, acts as torchbearer for haptics and executes on the many strategic opportunities we now see.”
“Having worked with John previously, I believe he will add tremendous value to our Board. John’s success in building and delivering shareholder value in intellectual property licensing will help Immersion as we continue to define, develop and license haptics technologies worldwide,” said Immersion chairman of the board, Carl Schlachte. “Our proven ability to license our comprehensive patent portfolio as well as our ongoing innovations in fundamental implementations of haptics in consumer devices makes Immersion an excellent platform to benefit from John’s extensive intellectual property licensing experience.”
From 2011 to earlier this year, Mr. Veschi served as the CEO of Rockstar Consortium, an IP licensing company chartered with licensing the former Nortel portfolio on behalf of Apple, Blackberry, Ericsson, Microsoft and Sony, where his efforts led to a recent industry-wide $900M transaction with RPX. Prior to his joining Rockstar, Mr. Veschi was Chief IP Officer at Nortel Networks, where his leadership of the IP organization through bankruptcy culminated in a historic $4.5B return to the Nortel creditors. Mr. Veschi currently serves as the CEO of Marquis Technologies, a new full-service technology and IP consulting business comprised of the core of the former Rockstar team.
“It is not often that you come across a market-leading innovator with a robust IP portfolio that blankets an entire area of technology, especially one as important as adding the sense of human touch to the digital world,” said Mr. Veschi. “Immersion’s commitment to haptic innovation, its strong patent portfolio, its position as a leading solutions provider and the momentum in the market for haptics technology create a compelling and unique opportunity. I’m excited by the unique strategic growth opportunities for Immersion technology.”
Veschi becomes Immersion’s fifth independent board member, joining Chairman Carl Schlachte, chairman, president and CEO of Ventiva; Jack Saltich, former chairman and chief executive officer of Vitex Systems; David Sugishita, chairman of Atmel; and David Habiger, former CEO of NDS Group and Sonic Solutions. Mr. Veschi has been appointed as a member of the Audit Committee, replacing Jack Saltich as a member of that committee, and as an additional member of the Nominating and Corporate Governance Committee.
About Immersion (www.immersion.com)
Founded in 1993, Immersion (NASDAQ:IMMR) is the leading innovator in haptics, or tactile effects; the company’s touch feedback solutions deliver a more compelling sense of the digital world. Using Immersion’s high-fidelity haptic systems, partners can transform user experiences with unique and customizable touch feedback effects; excite the senses in games, videos and music; restore “mechanical” feel by providing intuitive and unmistakable confirmation; improve safety by overcoming distractions while driving; provide realistic touch feedback when performing robotic medical procedures and training simulations; and expand usability when audio and visual feedback are ineffective. Immersion’s TouchSense technology provides haptics in mobile phone, automotive, gaming, medical and consumer electronics products from world-class companies. With approximately 1,900 issued or pending patents in the U.S., China and other countries, Immersion helps bring the digital universe to life. Learn more by visiting www.immersion.com
This press release contains “forward-looking statements” that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause the results of Immersion Corporation and its consolidated subsidiaries to differ materially from those expressed or implied by such forward-looking statements.
All statements, other than the statements of historical fact, are statements that may be deemed forward-looking statements, including, but not limited to, statements regarding Mr. Veschi’s potential impact and value to Immersion.
Immersion’s actual results might differ materially from those stated or implied by such forward-looking statements due to risks and uncertainties associated with Immersion’s business, which include, but are not limited to: unanticipated difficulties and challenges in Mr. Veschi’s integration onto the Immersion Board of Directors; delay in or failure to achieve adoption and incorporation of haptic touch feedback in mobile video and advertisements; unanticipated difficulties and challenges encountered in implementation efforts by Immersion’s licensees; adverse outcomes in any future intellectual property-related litigation and the costs related thereto; the effects of the current macroeconomic climate; and lack of market demand for Immersion’s technologies, including technologies related to mobile video and advertisements. Many of these risks and uncertainties are beyond the control of Immersion.
For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in Immersion’s most current Form 10-Q, which is on file with the U.S. Securities and Exchange Commission. The forward-looking statements in this press release reflect Immersion’s beliefs and predictions as of the date of this release. Immersion disclaims any obligation to update these forward-looking statements as a result of financial, business, or any other developments occurring after the date of this release.
Immersion and the Immersion logo are trademarks of Immersion Corporation in the United States and other countries. All other trademarks are the property of their respective owners.
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