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SOURCE Andrea Electronics Corporation
BOHEMIA, N.Y., Feb. 18, 2014 /PRNewswire/ -- Andrea Electronics Corporation (OTCBB: ANDR), a leading developer of hardware and software microphone technologies, today announced that it has sold a portion of its future intellectual property (IP) revenues for $3 million, and it secured a $4 million credit facility backed by a portion of its IP portfolio from an affiliate of funds managed by Fortress Investment Group, a leading global investment firm with approximately $58 billion in assets.
After 80 years of business, Andrea Electronics Corporation continues to expand. The Company has been innovating and marketing products based on cutting-edge technologies for decades, executing on its vision to provide voice input solutions for customers requiring high quality audio input for speech driven applications. This financing strengthens Andrea Electronics' financial position, enabling it to increase its product marketing, sustain continued research and development, and expand its IP licensing efforts. "We are excited to be backed by a company as illustrious as Fortress and believe this transaction will enable us to maximize the value of our intellectual property for our shareholders," said Douglas J. Andrea, president and chief executive officer of Andrea Electronics.
A summary of the transaction is available in the Company's Report on Form 8-K filed to be filed in connection with the issuance of this release.
An American Innovator
Andrea Electronics is an American-owned business since 1934. In the early 40's, Andrea was one of the very first elite U.S. television manufacturers. In the 60's the company designed the capsule's intercom communication system used in the first manned Mercury space flight and military intercoms for F16 fighter jets and helicopters. Andrea's microphone array and other advanced noise cancellation technologies have been embedded into hundreds of millions of computers and other devices. SuperBeam Stereo Array Microphone headsets and DA-250 digital microphone stand alone solution for OEMs are among the latest innovations from Andrea Electronics.
About Andrea Electronics
Andrea Electronics Corporation designs, develops and manufactures audio technologies and equipment for enhancing applications requiring high performance quality voice input. The company's patented Digital Super Directional Array (DSDA™), patented PureAudio™ and patented EchoStop™ far-field microphone technologies enhance a wide range of audio products to eliminate background noise and ensure the optimum performance of voice applications. Visit Andrea Electronics' website at www.AndreaElectronics.com or call 1-800-442-7787.
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment firm with approximately $58 billion in assets under management as of September 30, 2013. Founded in 1998, Fortress manages assets on behalf of over 1,500 institutional clients and private investors worldwide across a range of private equity, credit, liquid hedge funds and traditional asset management strategies. Fortress is publicly traded on the New York Stock Exchange (NYSE:FIG). For additional information, please visit www.fortress.com.
This press release contains certain forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties. The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which reflect management's analysis only as the date made. The Company does not undertake any obligation to publicly revise these forward looking statements to reflect events or circumstances that arise after the date of such statements.
Corisa L. Guiffre
Andrea Electronics, Chief Financial Officer
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