Module A-114 contains two separate ring modulators. A ring modulator outputs the product (Multiplication X • Y) of the signals at inputs X and Y. It's similar to a VCA, but whereas a VCA only responds to positive voltages at the inputs (2-quadrant multiplication), the ring modulator responds to both positive and negative voltages (4-quadrant multiplication).
The ring modulator thus provides a refinement of amplitude modulation (AM).
Ordinary amplitude modulation will output the original carrier frequency fC as well as the two side bands (fC - fM, fC + fM) for each of the spectral components of the carrier and modulation signals - but ring modulation cancels out the carrier frequencies, and just lets the side-bands pass to the output (see Fig. 1).
A ring modulator is used for the production of bell-like sounds, alien voices, or just to produce new timbres.