Original description from NLC's website:
It can be used as a CV pattern generator with slew, frequency divider, gate pattern generator, envelope follower and a ring modulator that provides sub-harmonics that can be mixed together to create new sounds.
This circuit takes two input signals and divides them down by /2, /4, /8 & /16. It then XORs these divisions (XOR = Exclusive OR). All of these signals can then be mixed to create the output waveform. If this is done at audio rates the output is very thick and full of shifting harmonics. If it is done at LFO rates, the output is a complex pattern that can be used as a CV source. The gates generated by the CMOS logic stages are also available on the panel.