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Neonode Inc’s Subsidiary Neonode AB Files for Bankruptcy

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Neonode today announced that, on December 9, 2008, its Swedish subsidiary, Neonode AB, filed a petition for bankruptcy in compliance with the Swedish Bankruptcy Act (1987:672). According to Per Bystedt, CEO and Chairman of Neonode, Inc., “For the past six months we have focused on turning the business around and solving the financial situation of Neonode AB. We continue to have great belief in our technology and believe we have a competitive product in the Neonode N2 but without sufficient funds we cannot continue operations.”

Neonode AB is a wholly-owned subsidiary of Neonode Inc and has carried out business with focus on the development and sales of touch screen mobile phones such as the Neonode N2 since 2004.

Neonode Inc intends to continue to operate as a technology licensing company, focusing on developing and marketing the Company’s patented touch screen technology, zForce to third parties. Neonode Inc. is currently working with its major stakeholders on a plan for a complete restructuring of the Company.

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