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Melville, NY, March 14, 2002 -- Andrea Electronics Corporation (AMEX:
AND) a
leading manufacturer of hardware and software technologies that
optimize the performance of speech-enabled applications, announced
today that Analog Devices, Inc., a global leader in high-performance
semiconductors for signal processing applications, has agreed to
provide Andrea Electronics with a one-time, $4 million royalty for
certain noise canceling technologies. This license revenue, to be
received during calendar 2002, is in addition to the $1 million
license agreement entered into for Andrea Electronics' PureAudio®
algorithm that was announced on February 25, 2002.
In addition,
Andrea Electronics announced today the appointment of John R. Croteau
to its board of directors. Mr. Croteau, Director, Computer Products
and Services at Analog Devices, brings 19 years of semiconductor
and technology marketing and business management experience to the
Company. Mr. Croteau is currently responsible for Analog Devices'
DSP and System Product businesses in PCs and peripherals. During
his tenure at Analog Devices, Mr. Croteau built a franchise in PC
Audio, servicing substantially all PC OEMs, including Intel, Dell,
Compaq, Hewlett Packard, IBM, Sony, Fujitsu, FSC and NEC, among
others. Mr. Croteau held a variety of strategic marketing and planning
positions for Analog Devices, specializing in bringing new technologies
and products to market. He has a Bachelor of Science degree in Engineering
Sciences from The Pennsylvania State University and attended Boston
University Graduate School of Management.
``To date, the
industry reaction to SoundMAX Cadenza, which includes Andrea's PureAudio
technology, and Andrea's DSDA microphone has been overwhelming,''
said Mr. Croteau. ``As part of Andrea's board of directors, I look
forward to identifying additional opportunities to bring products
to market with exceptional value propositions.''
``The expansion
of our business relationship with Analog Devices, and the addition
of John to our board of directors is a defining moment for our organization,''
said Douglas J. Andrea, Chairman of Andrea Electronics Corporation.
Christopher P. Sauvigne, President and Chief Executive Officer of
Andrea Electronics Corporation, added, ``Today's announcement certifies
our ability to create a mutually beneficial relationship with an
industry leader that has a proven record of providing state-of-the
art products to the PC Communications, telematics and hand-held
markets.''
About Andrea
Electronics
Andrea Electronics
Corporation designs, develops and manufactures audio technologies
and equipment for enhancing applications that require high performance
and high quality voice input. The Company's patented Digital Super
Directional Array (DSDA®), patented PureAudio®, patented
EchoStop(TM) and patent-pending Directional Finding and Tracking
Array (DFTA(TM)) far-field microphone technologies enhance a wide
range of audio products to eliminate background noise and ensure
the optimum performance of voice applications. Applications for
the Company's technologies include: speech recognition programs,
Internet telephony, video/audio conferencing, automobile PCs, home
automation systems, hand-held devices and multiplayer online games,
among others. Visit Andrea Electronics' website at http://www.AndreaElectronics.com
or call 1-800-707-5779.
SoundMAX is
a registered trademark of Analog Devices, Inc.
This press release
may contain ``forward-looking statements'' within the meaning of
the Private Securities Litigation Reform Act of 1995. The words
``anticipates,'' ``believes,'' ``estimates,'' ``expects,'' ``intends,''
``plans,'' ``seeks,'' variations of such words, and similar expressions
are intended to identify forward-looking statements. These statements
are not guarantees of future performance and involve matters that
are subject to certain risks, uncertainties and assumptions that
are difficult to predict, including economic, competitive, governmental,
technological and other factors, that may affect the business and
prospects of Andrea Electronics Corporation (the ``Company''). These
and other similar factors are discussed under the heading ``Cautionary
Statement Regarding Forward-looking statements'' included in the
Management's Discussion and Analysis of Financial Condition and
Results of Operations in the Company's Annual Report on Form 10-K
and Annual Report not filed with the SEC, and in documents subsequently
filed by the Company with the Securities and Exchange Commission.
AT ANDREA ELECTRONICS
Richard A.
Maue
Chief Financial Officer
Lauren Rivera
Marketing Communications Manager
(800) 442-7787
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