Avid Completes Acquisition of Pinnacle
09 Agosto 2005 - 3:15PM
Business Wire
Avid Technology, Inc. (NASDAQ: AVID) today announced that it has
completed its acquisition of Pinnacle Systems, Inc. (NASDAQ: PCLE).
Avid will issue approximately 6.2 million shares of stock and pay
approximately $71.3 million in cash to Pinnacle shareholders and
option holders. As of today's market close, Pinnacle Systems shares
have ceased trading and Pinnacle has been delisted from the NASDAQ
market. "The completion of this acquisition immediately strengthens
Avid's ability to serve the industries that Make, Manage and Move
Media," said David Krall, Avid's president and chief executive
officer. "Broadcasters who are transitioning from analog to
all-digital production will now have immediate access to a wider
selection of capabilities from Avid, and in the months ahead,
they'll experience tighter interoperability between Pinnacle's
broadcast products and Avid's end-to-end all-digital production
environments. At the same time, we have formed a new Consumer
division that will continue to leverage Pinnacle Systems'
market-leading brand in the rapidly growing consumer video market.
All told, with Pinnacle among the Avid family of companies, we've
further cemented our position as a leading supplier of products and
services to the world's digital media creators." With the
integration process underway, Pinnacle's broadcast offerings -
including the Deko(R) on-air graphics system and the
MediaStream(TM) playout server - will be integrated into the Avid
Video division, which will remain headquartered in Tewksbury,
Massachusetts. Avid will also continue to develop the Pinnacle
Liquid(TM) family, leveraging it across products and markets served
by both the Avid Video and Consumer divisions. The new Consumer
division, which will retain the Pinnacle Systems name and be
headquartered in Mountain View, California, will house Pinnacle's
consumer products, including Pinnacle Studio(TM) and other TV
viewing products. Jeff Hastings, former chief operating officer of
M-Audio, which Avid acquired in August of 2004, will assume the
position of vice president and general manager of the new Pinnacle
Systems division. Prior to his time at M-Audio, Hastings held a
range of executive positions at consumer technology companies,
including Rio Audio, where he served as president, as well as Sonic
Blue and ReplayTV. About Avid Technology, Inc. Avid Technology,
Inc. is a world leader in digital nonlinear media creation,
management, and distribution solutions, enabling film, video,
audio, animation, games, and broadcast professionals to work more
efficiently, productively, and creatively. For more information
about the company's Oscar(R), Grammy(R), and Emmy(R) award-winning
products and services, please visit: www.avid.com. Forward-looking
Statements Some statements in this press release may be
"forward-looking statements" for the purposes of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ materially from those indicated in the
forward-looking statements, including but not limited to: (i) the
challenges and costs of assimilating the operations and personnel
of Pinnacle; (ii) the ability to attract and retain highly
qualified employees; (iii) competitive factors, including pricing
pressures; (iv) reaction of customers of Pinnacle and Avid and
related risks of maintaining pre-existing relationships of
Pinnacle; (v) fluctuating currency exchange rates; (vi) adverse
changes in general economic or market conditions, particularly in
the content-creation industry; and (vii) other one-time events and
other important factors disclosed previously and from time to time
in Avid's and Pinnacle's filings with the SEC and more specifically
set forth in the Joint Proxy Statement/Prospectus filed with the
SEC. Avid disclaims any obligation to update any forward-looking
statements after the date of this press release. (C) 2005 Avid
Technology, Inc. All rights reserved. Avid, Digidesign, Film
Composer, M-Audio, Make, Manage and Move Media and Pro Tools are
either registered trademarks or trademarks of Avid Technology, Inc.
in the United States and/or other countries. Deko, MediaStream,
Pinnacle Liquid and Pinnacle Studio are either registered
trademarks or trademarks of Pinnacle Systems, Inc. in the United
States and/or other countries. Avid received an Oscar statuette
representing the 1998 Scientific and Technical Award for the
concept, design, and engineering of the Avid(R) Film Composer(R)
system for motion picture editing. Digidesign, Avid's audio
division, received an Oscar statuette representing the 2003
Scientific and Technical Award for the design, development, and
implementation of its Pro Tools(R) digital audio workstation. Oscar
is a trademark and service mark of the Academy of Motion Picture
Arts and Sciences. Emmy is a registered trademark of ATAS/NATAS.
Grammy is a trademark of the National Academy of Recording Arts and
Sciences, Inc. All other trademarks contained herein are the
property of their respective owners.
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