Are licences needed for rendered bitmaps?

[lennart_at_programmer . net]

Hi!
What are the legal aspects of copyright of a specific rendering of a truetype?
I want to take some fonts, for instance Times New Roman, then make a very 
specific rendering, then put the bitmaps in an embedded, electronic (not a 
computer) system, and sell the system. The system will put the bitmaps together 
to form text, but will not know anything about truetype. Will I need one 
licence of each font for each system I sell? The rendering program is - of 
course - Freetype.

Lennart

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