Gentherm And Intercoil To Launch Luxury Heated/Cooled Mattress Products In United Arab Emirates
First Launch of Climate Control Sleep Systems™ Outside of U.S. Market
NORTHVILLE, Mich., Nov. 8, 2012 /PRNewswire/ -- Gentherm (NASDAQ-GS: THRM), the global market leader and a developer of innovative thermal management technologies, and Intercoil International, the Dubai-based sleep products manufacturer and retailer, announced today the signing of an exclusive agreement to launch a line of specially designed, heated and cooled memory foam mattress products in the United Arab Emirates (UAE) starting in 2013. The mattress products will feature Gentherm's Climate Control Sleep System™ (CCSS™) technology, which is a variation of the Company's highly successful Climate Control Seat™ (CCS™) technology offered in the global automotive market.
Gentherm will supply Intercoil with CCSS thermal conditioning systems to be installed in specially designed memory foam mattresses manufactured and sold by Intercoil International. The CCSS mattress products will be available to purchase through Intercoil International stores and distributers throughout the UAE in 2013. The CCSS mattress products will be sold under the Intercoil brand and be available in double, queen and king sizes.
"Intercoil is pleased to bring the latest mattress technology in the form of Climate Control Sleep Systems to the UAE," said Hassan A. Al-Hazeem , Intercoil International Managing Director. "The launch of CCSS in the UAE gives consumers the choice to adjust their personal sleeping climate to the temperature they desire without having to heat or cool the entire bedroom or home."
"Intercoil International is a leading producer and retailer in the UAE mattress market. By combining strengths, we believe we can offer consumers in the UAE a new level of sleeping comfort that they have never experienced before," said Gentherm President and Chief Executive Officer Daniel R. Coker . "Since the launch of CCSS two years ago in the U.S., this technology has been well accepted and is increasing in demand as the rollout continues nationwide. We expect further launches in new markets in 2013."
The Climate Control Sleep System (CCSS) is a highly-efficient, solid state thermoelectric device that thermally conditions ambient room air which is then distributed by high performance blowers to the surface of the mattress. Each side of the mattress can be operated by remote controls independently by the occupant to 5 levels of heating or cooling comfort. A clock and timer are also included in the master control unit to allow for preconditioning of the mattress and cycling in minute or hour increments for up to 8 hours of individualized comfort.
Gentherm is the largest supplier of thermoelectric systems for cars, with more than 10 million thermoelectric-based seat systems sold.
About Intercoil International L.L.C.
Established in 1974, Intercoil International is a Dubai-based sleep systems' manufacturer, trader and retailer with wholly-owned subsidiaries across seven countries in the Middle East. The company exports its products to twenty countries in Middle East, North Africa, Levant, and South Asia. Intercoil has a strong distribution network within the UAE, with wide presence across major home furnishing retail chains. Currently, Intercoil has eight retail outlets within the UAE, and sixteen across GCC, Lebanon, and Jordan. Intercoil has been ranked no 4th among the Dubai SME100, and has been awarded the Dubai Quality Appreciation Certificate, and Dubai CSR label. Intercoil is the licensee of the Therapedic for the GCC and has been the licensee for Simmons across ten countries in the Middle East since 2010. For more information about Intercoil, please visit www.intercoil.com.
Gentherm (NASDAQ-GS:THRM) is a global developer and marketer of innovative thermal management technologies for a broad range of heating and cooling and temperature control applications. Automotive products include actively heated and cooled seat systems and cup holders, heated and ventilated seat systems, thermal storage bins, heated seat and steering wheel systems, cable systems and other electronic devices. The Company's advanced technology team is developing more efficient materials for thermoelectrics and systems for waste heat recovery and electrical power generation for the automotive market that may have far-reaching applications for consumer products as well as industrial and technology markets. Gentherm has more than 6,000 employees in facilities in the U.S., Germany, Mexico, China, Canada, Japan, England, Korea, Malta, Hungary and the Ukraine. For more information, go to www.gentherm.com.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Gentherm's Securities and Exchange Commission (SEC) filings and reports, including, but not limited to, its Form 10-Q for the period ended September 30, 2012, and its Form 10-K for the year ended December 31, 2011; all of which are available free of charge on the SEC's website at www.sec.gov. Gentherm expressly disclaims any intent or obligation to update any forward-looking statements.
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