World Leader in Simulation for Civil Aviation Acquires Medical Product Lines

SAN JOSE, Calif. -- Immersion Corporation (NASDAQ:IMMR), the leading developer and licensor of haptics technology, today reported financial results for the fourth quarter and year ended December 31, 2009. In a separate press release, Immersion also announced today an agreement with CAE Healthcare, a division of CAE (NYSE: CAE) (TSX: CAE), a $1.6 billion world leader in simulation and modeling for civil aviation, to Cheap GUCCI license TouchSense technology and acquire its Endoscopy AccuTouchTM, Laparoscopy VR, and Endovascular CathLab VR medical simulator product lines. As part of the agreement, CAE will retain existing manufacturing, operations, research and development, service and support, and sales personnel, and Immersion will grant CAE a non-exclusive worldwide license for the haptic-based technology in medical training applications.

Revenues for the fourth quarter of fiscal 2009 were $6.9 million, an increase of 6% compared to revenues of $6.5 million for the fourth quarter of 2008 and an increase of 5% compared to $6.6 million in the third quarter of 2009. Net loss for the fourth quarter, was $(4.3) million, or $(0.15) per share. This compares to net loss of $(10.7) million or $(0.38) per share, for the fourth quarter of 2008. Net loss in the third quarter of 2009 was $(9.0) million, or $(0.32) per share.

Revenues for fiscal 2009 were $27.7 million, a decrease of 1% over revenues of $28.0 million for fiscal 2008, which included non-recurring, previously deferred revenues from ISLLC totaling $1.1 million. Net loss for fiscal 2009 was $(28.3) million, or $(1.01) per share. This compares with net loss of $(51.0) million, or $(1.72) per share, in fiscal 2008, Chloe Replica Handbags which included a $20.8 million charge related to the settlement of Immersion鈥檚 lawsuit with Microsoft.

"2009 was a challenging period for Immersion, and we are pleased to close out the year on a high note with the independent financial investigation and restatement behind us and today鈥檚 announced sale of these medical product lines to CAE,鈥?said Immersion Interim CEO Victor Viegas. 鈥淚mmersion will also add CAE as a key licensee, demonstrating the continued opportunity to capitalize on the medical segment as one of our highly targeted end-markets and vertical growth sectors. We view this development as an extremely positive strategic transition for the company. This transaction enables our strategy of becoming a pure-play in haptics leveraging our powerful IP TouchSense portfolio under a predominantly licensing model and offering the most promising outlook for a return to profitability and long-term value creation for our stockholders."

As of December 31, 2009, Immersion had cash, cash equivalents, and short-term investments totaling $63.7 million, compared to $69.7 million as of September 30, 2009.

Business Outlook

"As previously stated, while it is premature to provide detailed guidance under our new pure-play licensing strategy, we expect to generate revenue of approximately $25 million to $30 million and reach Adjusted EBITDA profitability in fiscal 2010. We plan to maintain a keen focus on operating exp
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