PORTLAND, OR, Sep 12, 2005 (MARKET WIRE via COMTEX News Network) -- FLIR Systems, Inc. (NASDAQ: FLIR) announced today that it has granted a license to Autoliv, Inc. (NYSE: ALV) for its automotive infrared camera design and agreed to terms under which FLIR will provide infrared sensors to be integrated into Autoliv's automotive night vision camera. FLIR also announced that it has received a blanket purchase order from Autoliv for the delivery of infrared sensors. Quantities under the purchase order are dependant on customer and market demand, and may result in the delivery of a substantial quantity of sensors over the term of the agreement.
The automotive night vision camera system will use FLIR's 320 x 240 Vanadium Oxide uncooled infrared sensor featuring Autovox technology. It will be the first automotive night vision system based on uncooled microbolometer technology. The agreement allows Autoliv to begin manufacturing and shipping the infrared camera system to its initial automotive customer, BMW, and provides for shipments to additional auto manufacturers. BMW has publicly announced the introduction of its "BMW Night Vision" system for its 7-Series line beginning in the fourth quarter of 2005. BMW has also publicly commented that additional models will feature the Night Vision system in the near future.
"We are delighted to have finalized this agreement, which will further strengthen our partnership with Autoliv, a world leader in the automobile safety-component industry," commented Earl R. Lewis, President and CEO of FLIR Systems. "We believe the automotive market has great potential and believe that Autoliv and BMW are in the best position to help develop and capture that market."
This release contains forward-looking statements, including the Company's expectations for the quantity and timing of deliveries of its uncooled infrared sensors under the agreement and blanket purchase order described above. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following: the frequency of releases under the blanket purchase order, the demand for automotive infrared camera systems from customers of BMW and from automotive customers generally, the continuing ability to penetrate new market applications, including automotive applications, the Company's continued compliance with US export control laws, the Company's continuing eligibility to act as a government contractor, additional competition, the Company's ability to win larger delivery contracts, the impact of competitive products and pricing, constraints on supplies of critical components, excess or shortage of production capacity and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports, including the Company's Annual Report on Form 10-K for the year ended December 31, 2004. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
About FLIR Systems
FLIR Systems, Inc. is a world leader in the design, manufacture and marketing of thermal imaging and stabilized camera systems for a wide variety of imaging and Thermography applications including intelligence, surveillance, reconnaissance, navigation, border patrol, industrial security, condition monitoring, research and development, manufacturing process control, and building diagnostics. FLIR Systems is headquartered in Portland, Oregon, with service and manufacturing facilities worldwide. Visit the company's web site at www.FLIR.com.
SOURCE: FLIR Systems, Inc.