Mitsubishi Heavy Industries and Xybernaut Corporation Enter Into Joint Development Agreement; Mitsubishi to Support Xybernaut Research and Development Efforts.
Business Editors & High-Tech Writers
FAIRFAX, Va. & YOKOHAMA, JAPAN--(BUSINESS WIRE)--Oct. 9, 2002
Mitsubishi Heavy Industries (MHI MHI Manufactured Housing Institute
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in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : XYBR XYBR Xybernaut Corp (stock symbol) ) today announced that their previously-reported (July 17, 2002) advanced discussions have moved into the next stage of cooperation between the companies.
Under the terms of this agreement, MHI will provide funding and staff for some of Xybernaut's key research and development efforts.
In most cases, the total contribution from MHI for the joint projects will be less than one million dollars, and will additionally involve one to three MHI assignees to Xybernaut teams in the USA.
Initial projects may include mobile inspections solutions as well as security or first responder first responder First response personnel Emergency medicine A person employed in the public sector–EMT, fire fighter, police, volunteer EMS–whose duties include provision of immediate medical care in the event of an emergency; FRs have basic emergency solutions for deployment worldwide. Under separate agreement, MHI is moving ahead with plans for deploying Xybernaut equipment and solutions throughout its operations.
Dr. Ayao Tsuge, technical director and representative director of the MHI board of directors, stated, "The relationship between MHI and Xybernaut continues to grow. Our objective to build a very close and trusted, and formal, relationship with Xybernaut remains unchanged and it strengthens daily. I am looking forward to Xybernaut management assisting me greatly in the 21st century transformation of MHI, and our sister operations, into higher levels of productivity, competitiveness and profitability."
Ed Newman Ed Newman (born June 4, 1951 in Woodbury, New York) is a former american football guard who played 12 seasons from 1973 to 1984 for the Miami Dolphins in the National Football League. , chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Xybernaut, added, "We both remain committed to achieving a very beneficial relationship in the form of a dynamic, effective and highly productive business combination. The two companies complement each other perfectly. Our shared vision of the future, and our ability to work closely together in a completely trusted manner, will help maintain and grow our leadership positions around the world."
About Mitsubishi Heavy Industries (MHI):
Global Headquarters Located at: 5-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, Japan
Employees: over 37,000
Sales: 2,637.7 billion yen (April 1, 2000-March 31, 2001)
Primary Products and Services: Shipbuilding, Steel Structures, Power Systems & Nuclear Energy Systems, Aircraft & Space Systems, Chemical Plants, Environmental Systems, Transportation Systems, Machinery for Industrial and General use, Paper & Printing Machinery, Machine Tools, Air-conditioners and many others.
Xybernaut Corporation is the leading provider of wearable/mobile computing computing - computer hardware, software and services, bringing communications and full-function computing power in a hands-free design to people when and where they need it. Headquartered in Fairfax, Virginia Fairfax is an independent city forming an enclave within the confines of Fairfax County, in the Commonwealth of Virginia. Although politically independent of the surrounding county, the City of Fairfax is nevertheless its county seatGR6. , Xybernaut has offices and subsidiaries in Europe (Germany) and Asia (Japan). Visit Xybernaut's Web site at www.xybernaut.com.
Xybernaut, the Xybernaut logo and Mobile Assistant(R) V (MA(R) V) are trademarks or registered trademarks of Xybernaut Corporation in the USA and other countries. All other brand and product names are or may be trademarks of, and are used to identify products or services of, their respective owners.
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