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February 21, 1997updated 05 Sep 2016 1:03pm

VERITY LANDS NEC AS NXT FLAT LOUDSPEAKER LICENSEE

By CBR Staff Writer

Verity Group Plc, one of the two firms that have finally achieved radical breakthroughs in loudspeaker design, looks as if it is on its way. It has won a license agreement from NEC Corp for its NXT flat panel speaker technology and NEC plans to build NXT speakers into its multimedia products. It says it is in also in license negotiations with a number of major companies in Europe, the US, Japan and South Korea. In an NXT speaker, the magnetic coils are sandwiched between two rigid surfaces and the whole assembly can be as thin as paper (CI No 3,020). The Huntingdon, UK-based company looks to capitalize on the excitement it hopes will be generated by its first license agreement to raise some more money. To finance the next stage of NXT development and Mission loudspeaker manufacturing, it plans a share placing and open offer to raise about 8.65m pounds net of expenses, offering 25.6 million new shares at 36 pence per share, against 43p in the market.

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