Pinnacle Systems Sells Team Sports Assets to XOS Technologies
07 Febrero 2005 - 8:00AM
PR Newswire (US)
Pinnacle Systems Sells Team Sports Assets to XOS Technologies
MOUNTAIN VIEW, Calif., Feb. 7 /PRNewswire-FirstCall/ -- Pinnacle
Systems, Inc. (NASDAQ:PCLE), a leader in digital video solutions,
today announced that it has sold its Lowell, Massachusetts-based
Team Sports assets to XOS Technologies. The definitive agreement
was executed and the transaction closed Friday, Feb. 4. "Team
Sports' accomplishments for clients like the NFL and NCAA make it
an attractive addition to XOS Technologies, a company with a
strong, expanding presence in sports media management," said Patti
Hart, Pinnacle Systems chairman and chief executive officer. "While
this transaction helps us tighten our focus on our core strengths,
we believe it also offers the best avenue for Team Sports'
continued progress." Pinnacle entered into sports media management
in March 2000 when it acquired Digital Editing Services. In June
2000 the company also acquired Avid Sports, a market leader in
digital video analysis. The Team Sports business is comprised of a
mix of ex-coaches, ex-players and ex-general managers working in
collaboration with hardware and software developers to create
industry-leading solutions for the sports market. "Our mission is
helping sports teams prepare for every game using the most
effective resources possible," said Dan Aton, founder of XOS
Technologies. "Adding Pinnacle's Team Sports assets, which have
such a strong track record in the football market, to what XOS
already offers in other sports markets, only means even better
results for our clients." Founded in 1999, XOS Technologies
develops advanced video technology solutions for teaching and video
management in the professional and collegiate sports markets. These
sports solutions are developed to help teams effectively manage
their video, data and teaching technologies, and enhance the teams'
communication and preparation. About Pinnacle Systems, Inc.
Pinnacle Systems provides broadcasters and consumers with
cutting-edge digital media creation, storage, and play-back
solutions for use at Home, in the Studio and on the Air. Pinnacle
Systems' award winning digital media solutions are in use around
the world for broadcast, video and audio editing, DVD and CDR
authoring and on the Internet. A recognized industry leader, the
Company has received nine prestigious Emmy Awards for its technical
innovations and carries this commitment throughout all of its
product lines. Pinnacle Systems may be reached at 650-526-1600 or
at http://www.pinnaclesys.com/. This press release contains
forward-looking statements that involve risk and uncertainties
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 concerning
Pinnacle's strategic, operational, and financial plans. Actual
results may differ materially from the forward-looking statements
due to certain risks, including among others: general economic
conditions, including business conditions in the specific markets
for Pinnacle's products; increased competition; lack of success in
timely development, production, and acceptance of new products; the
failure to reduce costs or improve operating efficiencies,
including those related to the disposition of Team Sports; and the
ability to attract, hire and retain key employees. All information
set forth in this release and its attachments is made as of
February 7, 2005, and the Company undertakes no duty to update this
information. More information about potential factors that could
affect the Company's business and financial results is included in
the Company's Annual Report on Form 10-K for the fiscal year ended
June 30, 2004, including (without limitation) under the caption
"Management's Discussion and Analysis of Financial Condition and
Results of Operations," which are on file with the Securities and
Exchange Commission (the "SEC") and available at the SEC's website
at http://www.sec.gov/. DATASOURCE: Pinnacle Systems, Inc. CONTACT:
Amy Whelan, Corporate Communications Manager of Pinnacle Systems,
+1-650-237-1631 Web site: http://www.pinnaclesys.com/
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