Gentherm Receives Initial Order For Patented Thermal Heating And Cooling Bedding Technology From Intercoil International Dubai-based Intercoil Installs Gentherm Technology in Specially-Designed Luxury Mattress Products for Sale throughout UAE
NORTHVILLE, Mich., April 16, 2013 /PRNewswire/ -- Gentherm Incorporated (NASDAQ-GS: THRM), the global market leader and a developer of innovative thermal management technologies, today announced that it has received the first order for its proprietary thermal heating and cooling bedding technology from Intercoil International, a Dubai-based sleep products manufacturer and retailer. Intercoil is installing the Gentherm technology in a line of specially-designed heated and cooled memory foam mattress products.
The first of a series of monthly orders began shipping in March.
As announced in November 2012, Gentherm was selected to supply Intercoil International with its proprietary Climate Control Sleep System™ (CCSS™) thermoelectric technology, which is a variation of Gentherm's successful Climate Control Seat™ system for heating and cooling automobile seats. Gentherm is the world's largest supplier of thermoelectric systems for automobiles with more than 10 million thermoelectric-based seat systems sold.
The CCSS mattress products are manufactured and sold by Intercoil International through its stores and distributors throughout the United Arab Emirates (UAE). The mattress products are sold under the Intercoil brand and are available in queen size.
Gentherm President and Chief Executive Officer Daniel R. Coker noted that Gentherm has adapted what the Company has learned in its ongoing efforts in the North American bedding market and put those lessons to work in its Intercoil relationship. Gentherm and Houston, TX-based Mattress Firm have created the YuMe™ (www.yumebed.com) line of mattresses that are now sold at Mattress Firm locations in the U.S.
"Our CCSS mattress technology has been well received in the U.S. and we believe we'll have similar success with our heating and cooling technology in the UAE, which has a very warm climate and a strong demand for cooling in the bedding market," Coker said. "We also believe we have found an excellent and well-respected partner in Intercoil International, a leading producer and retailer in the UAE mattress market."
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.
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 Incorporated (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-K for the year ended December 31, 2012; 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.
SOURCE Gentherm Incorporated