Qualcomm Acquires HaloIPT Team and its Wireless Electric Vehicle Charging Technology
LONDON, Nov. 8, 2011 /PRNewswire-FirstCall/ -- Qualcomm Incorporated (NASDAQ: QCOM) today announced that it has acquired substantially all of the technology and other assets of HaloIPT, a leading provider of wireless charging technology for electric road vehicles. All members of the HaloIPT team have joined Qualcomm's European Innovation Development group based in the UK.
"Qualcomm has been investing in wireless power for a number of years and the HaloIPT acquisition will further strengthen our technology and patent portfolio," said Andrew Gilbert, executive vice president of European Innovation Development for Qualcomm. "Building on 20 years of development and innovation in wireless power at The University of Auckland and its commercialization company Auckland UniServices Ltd, the HaloIPT team, in a relatively short period of the time, had established itself as a leading developer in wireless electric road vehicle charging -- with HaloIPT winning industry acclamation and awards."
"We are immensely proud of what has been achieved by our team at HaloIPT over the past 18 months," said John Miles, Executive Chairman of HaloIPT and a Director at Arup. "In that short space of time, we have brought world-class university research to the attention of the global automotive industry and, through really innovative design, demonstrated the potential for wireless charging in front of several of the world’s leading OEMs. That has been a terrific achievement."
In addition to the HaloIPT transaction, Qualcomm and Auckland UniServices, the commercialization company of the University of Auckland, have committed to a long-term research and development arrangement to promote continued innovation in the field of wireless charging for electric road vehicles by way of inductive power transfer.
"UniServices is proud to see the development of technology for the wireless charging of electric vehicles become an important area for Qualcomm," said Peter Lee, chief executive officer, UniServices. "We believe Qualcomm is well positioned to make available this technology to third parties for the wireless charging of electric road vehicles, and the relationship will provide opportunities for continued research and development of this technology."
Qualcomm Incorporated (NASDAQ: QCOM) is the world leader in 3G and next-generation mobile technologies. For more than 25 years, Qualcomm ideas and inventions have driven the evolution of digital communications, linking people everywhere more closely to information, entertainment and each other. For more information, visit Qualcomm's website, OnQ blog, Twitter and Facebook pages.
Except for the historical information contained herein, this news release contains forward-looking statements that are subject to risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of the Company could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including the expected benefits and costs of the transaction; management plans relating to the transaction; any statements of the plans, strategies and objectives of management for future operations, including the Company's ability to successfully utilize or otherwise make available electric vehicle battery charging technology to third parties on commercially satisfactory terms and conditions; any statements of expectation or belief, including the Company's expectations with respect to the commitment for a long-term research and development arrangement with Auckland UniServices; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the possibility that the expected benefits may not materialize as expected; assumptions concerning the strength and utility of the intellectual property acquired in the transaction; the possibility that the Company is unable to successfully integrate the HaloIPT team with the Company's other wireless power efforts; the possibility that the Company is unable to successfully utilize or otherwise make available electric vehicle battery charging technology to third parties on commercially satisfactory terms and conditions; whether the commitment between the Company and Auckland UniServices with respect to a long-term research and development arrangement to promote continued innovation in the field of wireless charging for electric road vehicles by way of inductive power transfer provides commercially beneficial results in a timely manner on satisfactory terms and conditions; as well as the other risks detailed from time-to-time in the Company's SEC reports, including the report on Form 10-K for the year ended September 25, 2011. The Company undertakes no obligation to update, or continue to provide information with respect to, any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.
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Tina Asmar, Corporate Communications
Warren Kneeshaw, Investor Relations
SOURCE Qualcomm Incorporated