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EXHIBIT 99.1
IMMERSION COMPLETES ACQUISITION OF LEADING MEDICAL SIMULATION PRODUCER
MERGER WITH HT MEDICAL SYSTEMS TO DRIVE DEVELOPMENT OF MEDICAL SIMULATORS AS THE
STANDARD FOR IMPROVED MEDICAL TRAINING SAN JOSE, Calif.--(BUSINESS WIRE)--Oct.
2, 2000-- Immersion Corp. (Nasdaq:IMMR - news), the pioneering developer of
sensory interaction technology, today announced the completion of its
acquisition of long-time strategic partner HT Medical Systems.
HT Medical is a leading developer and manufacturer of state-of-the-art products
that simulate hands-on medical procedures to create realistic training
environments for doctors and other healthcare personnel. Immersion expects that
the merger will streamline the development and deployment of new medical
simulation technologies for training and certification.
Immersion intends to account for the acquisition of the Gaithersburg, Md.-based
HT Medical as a pooling-of-interests business combination. In the merger, HT
Medical shareholders received approximately 1.335 million shares of Immersion
common stock. HT Medical will continue operations in Maryland as a wholly owned
subsidiary of Immersion.
With the rise of increasingly complex and sophisticated medical procedures, the
use of accurate, hands-on medical simulators that can provide the realistic
tactile feel of actual procedures without putting patients at risk is expected
to play an increasingly important role in the training of modern healthcare
professionals.
"We believe that the current healthcare system lacks sufficient training tools
to keep up with the rapidly changing field of medical technology and growing
demands of an aging population in need of better care," said Greg Merril,
founder and chairman of HT Medical. "We are pleased to join the Immersion team.
Their expertise in touch-enabling technologies will speed our development of
medical training tools that address needs of a growing and increasingly
sophisticated healthcare system."
"We hope that the combination of Immersion's expertise in the field of
touch-enabling technologies with HT Medical's strength in building medical
simulators will allow us, as a team, to effectively target the simulation needs
of the medical marketplace," said Dr. Louis Rosenberg, chief executive officer
of Immersion. "This business combination will go a long way in standardizing the
simulated medical training process with the goal of improving healthcare
treatment for all."
About Immersion Corporation (www.immersion.com)
Founded in 1993, Immersion Corp. develops advanced hardware and software
technologies that enable users to interact with computers using their sense of
touch. Immersion's patented TouchSense(TM) technologies enable computer
peripheral devices to deliver tactile sensations that correspond to on-screen
events. Immersion licenses its hardware and software technology, on which it
holds 65 issued patents worldwide, to industry leaders in order to integrate and
implement its sensory feedback into professional simulation and modeling,
consumer devices, and enabling technologies.
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Statements made in this press release other than statements of historical fact
are forward-looking statements, including those that reflect management's
current forecast of certain aspects of the company's future. Forward-looking
statements made in this press release are based on current information, which we
have assessed but which by its nature is dynamic and subject to rapid and even
abrupt changes. Forward-looking statements include statements regarding the
anticipated benefits of the acquisition, the capabilities of the technologies
described above, and the ability of Immersion to integrate the business of HT
Medical with Immersion's business. Immersion's actual results might differ
materially from those stated or implied by such forward-looking statements due
to risks and uncertainties associated with the combined company's business which
include, but are not limited to, unforeseen technical difficulties in
integrating Immersion's technology into HT Medical's products, whether there
will be consumer acceptance of touch-enabled technologies and healthcare system
acceptance of medical simulation products identified in this release, and
general market and economic conditions.
Risks and uncertainties related to Immersion's business in addition to those
described above are further outlined in Immersion's Annual Report on Form 10-K
and its Quarterly Reports on Form 10-Q and risks and uncertainties related to
the acquisition of HT Medical and the business of the combined company are
described in a proxy statement/prospectus dated September 13, 2000. These
reports and the proxy statement/prospectus are filed with the Securities and
Exchange Commission. These factors may not constitute all factors that could
cause actual results to differ materially from those discussed in any
forward-looking statement. Immersion is not obligated to revise or update any
forward-looking statements in order to reflect events or circumstances that may
arise after the date of this release.
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