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Consumer Interest Increases in WiSA Products

February 26, 2020 GMT

SAN JOSE, Calif.--(BUSINESS WIRE)--Feb 26, 2020--

WiSA LLC, the Wireless Speaker Audio Association, founded by Summit Wireless Technologies, Inc. (NASDAQ: WISA), reported noticeable growth in consumer interest, during the fourth quarter of 2019 and continuing into first quarter 2020.

The Association reported the following*:

  • 560% growth in unique users (UU), which is defined as individuals who visited the site during a set period of time, on the WiSA Association website from Q3 2019 to Q4 2019
    • 19,200+ UUs visited and utilized website in Q4 2019
    • 3,400+ UUs visited and utilized the website in Q3 2019
  • ~60% of the UUs clicked a member’s “Buy Now” or “Learn More” link
  • The number of UUs visiting and utilizing the website through February 20, 2020, has surpassed Q4 2019’s UUs

* The Association is able to identify and measure the number of UUs using Google analytics.

“We believe that consumer interest in WiSA Certified technology is increasing noticeably,” said WiSA Association’s President Tony Ostrom. “As more products are launched and complete solutions are available, consumers are learning about what constitutes “immersive sound” and how WiSA Certified offerings compare to similarly priced soundbars. With the simplicity of setting up a WiSA Certified system, it’s easier than ever to enjoy an immersive sound environment. Based on the increase in website traffic and the length of time a visitor spends on the website, we believe our website is serving as an educational portal for our certified brands, providing a wealth of information for their consumers.”

For the 2019 holiday season, major well-known brands, including LG, Harman (a division of Samsung), Klipsch, Enclave Audio, Platin Audio, System Audio, Primare, Savant, Bang and Olufsen, and Axiim, began marketing WiSA Certified products. The 5.1 immersive surround sound systems with price points ranging from $499 to $15,000+, are being marketed and positioned to a very broad range of consumers, which is leading to the increased website traffic. More importantly, the majority of visitors clicked through to their favorite brands, which the Association believes is helping to drive purchase decisions.

About WiSA

WiSA, the (Wireless Speaker and Audio) Association is a consumer electronics consortium dedicated to creating interoperability standards utilized by leading brands and manufacturers to deliver immersive sound via intelligent devices. WiSA Certified components from any member brand can be combined to dramatically increase the enjoyment of movies and video, music, sports, gaming/esports, and more. WiSA also ensures robust, high resolution, multi-channel, low latency audio while eliminating the complicated set-up of traditional audio systems. For more information about WiSA, please visit: www.wisaassociation.orgor @WiSAAssociation

About Summit Wireless Technologies, Inc.

Summit Wireless Technologies, Inc. (NASDAQ: WISA) is a provider of immersive, wireless sound technology for intelligent devices and next generation home entertainment systems. Working with leading CE brands and manufacturers such as Harman International, a division of Samsung, LG Electronics, Klipsch, Bang & Olufsen, Xbox, a subsidiary of Microsoft, and others, Summit Wireless delivers seamless, dynamic audio experiences for high-definition content, including movies and video, music, sports, gaming/esports, and more. Summit Wireless is a founding member of WiSA, the Wireless Speaker and Audio Association and works in joint partnership to champion the most reliable interoperability standards across the audio industry. Summit Wireless, formerly named Summit Semiconductor, Inc., is headquartered in San Jose, CA with sales teams in Taiwan, China, Japan, and Korea. For more information, please visit: www.summitwireless.com.

Note on Forward-looking Statements

This press release may contain projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements involve risks and uncertainties, and actual events or results may differ materially. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are the risk that the WiSA Association’s increased website traffic will not have a direct impact on immersive sound systems using Summit technology; the fact that our future growth depends in part on further penetrating our addressable market and also growing internationally, and we may not be successful in doing so; our dependence on unaffiliated third parties adopting and using our technologies; sales of certain products utilizing our technologies to generate our revenue; the risks that an economic downturn or economic uncertainty in our key U.S. and international markets may adversely affect demand for our products; difficulty in accurately predicting our future customer demand; the importance of maintaining the value and reputation of our brand; and other factors detailed in our Annual Report on Form 10-K for the year ended December 31, 2018 and our other subsequent filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof or as of the date otherwise stated herein. The Company disclaims any obligation to update these forward-looking statements.

* WiSA Ready TVs, gaming PCs and console systems are “ready” to transmit audio to WiSA Certified speakers when a WiSA USB Transmitter is plugged in and a user interface is activated through an APP or product design like LG TVs.

© 2020 Summit Wireless Technologies, Inc. All rights reserved. Summit Wireless Technologies and the Summit Wireless logo are trademarks of Summit Wireless Technologies, Inc. The WiSA logo, WiSA, WiSA Ready, and WiSA Certified are trademarks, or certification marks of WiSA LLC. Third-party trade names, trademarks and product names are the intellectual property of their respective owners and product names are the intellectual property of their respective owners.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200226005324/en/

CONTACT: Laurie Thornton, Radiate PR for WiSA, 650.743.6487,laurie@radiatepr.com

Kirsten Chapman,LHA Investor Relations, +1 415-433-3777,summit@lhai.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: CONSUMER ELECTRONICS TECHNOLOGY AUDIO/VIDEO MOBILE/WIRELESS SOFTWARE INTERNET HARDWARE

SOURCE: Summit Wireless Technologies, Inc.

Copyright Business Wire 2020.

PUB: 02/26/2020 07:05 AM/DISC: 02/26/2020 07:05 AM

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