Andrea Electronics Secures IP-Backed Financing From Funds Managed By Fortress
Investment Group For Patent Licensing And Monetization
BOHEMIA, N.Y., Feb. 18, 2014
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.comor 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
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
SOURCE Andrea Electronics Corporation
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