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Press Information
Steinberg Media Technologies AG
18.12.2002
PINNACLE SYSTEMS AGREES TO ACQUIRE STEINBERG MEDIA TECHNOLOGIES
MOUNTAIN VIEW, CA and HAMBURG, GERMANY, December 18, 2002--Pinnacle Systems, Inc. (NASDAQ: PCLE), announced today that it has entered into a definitive agreement to acquire all of the stock of Steinberg Media Technologies AG based in Hamburg, Germany. Steinberg specializes in digital audio software solutions for consumers and professionals. The companies expect to close the transaction in early January 2003 and have agreed on a total purchase price of approximately $24 million, consisting of $8.2 million in cash and $15.8 million of Pinnacle Systems common stock. At closing, Pinnacle Systems will acquire all products, software, and intellectual property rights, along with all other assets and liabilities of the company. Pinnacle will account for this transaction as a purchase in Pinnacle Systems' fiscal Q3, ending March 31, 2003. The Company will host a conference call at 2:00 p.m. (Pacific Time) on December 18, 2002. The call in number is 800-634-1569, no password required.
J. Kim Fennell, President and CEO at Pinnacle Systems said, "We are delighted to welcome Steinberg's customers and employees into the Pinnacle family. Steinberg is a recognized industry leader in digital audio and this transaction significantly broadens Pinnacle's digital media offerings. By adding the talent and technology of Steinberg to our company, we believe we can bring our customers an even stronger solutions portfolio."
"Steinberg is pleased to be joining forces with Pinnacle Systems. Our customers and products will benefit greatly from the combined resources of the two companies and we look forward to bringing audio production expertise to the award-winning Pinnacle Systems' product lines," said Manfred Rürup, President of Steinberg Media Technologies AG.
About Steinberg Media Technologies AG
Steinberg Media Technologies AG is known the world over for its professional audio software. The company has been developing, manufacturing and selling software products for professional musicians and producers in the music, video and film industry since 1984. Steinberg products are also enjoying success in the fast-growing consumer market with music creation and other multimedia applications. Steinberg is today one of the world's largest audio software houses.
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, cable and satellite television, video editing, DVD and CDR authoring, and the Internet. A recognized industry leader, the company has received eight 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 expected financial performance, as well as Pinnacle's strategic and operational 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; the difficulty of keeping expense growth at modest levels while increasing revenues; increased competition; lack of success in timely development, production, and acceptance of new products, including those acquired in connection with the acquisition of Steinberg; the failure to reduce costs or improve operating efficiencies, including those related to the acquisition of Steinberg; the challenges of achieving anticipated synergies in acquisitions; and the ability to attract, hire and retain key employees. All information set forth in this release and its attachments is made as of December 18, 2002, 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, 2002, 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 [url]http://www.sec.gov.[/url]
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All trademarks and registered trademarks are the property of their respective owners, 2001-2002, Pinnacle Systems, Inc.
Ja alle kopio tekstistä:
Press Information
Steinberg Media Technologies AG
18.12.2002
PINNACLE SYSTEMS AGREES TO ACQUIRE STEINBERG MEDIA TECHNOLOGIES
MOUNTAIN VIEW, CA and HAMBURG, GERMANY, December 18, 2002--Pinnacle Systems, Inc. (NASDAQ: PCLE), announced today that it has entered into a definitive agreement to acquire all of the stock of Steinberg Media Technologies AG based in Hamburg, Germany. Steinberg specializes in digital audio software solutions for consumers and professionals. The companies expect to close the transaction in early January 2003 and have agreed on a total purchase price of approximately $24 million, consisting of $8.2 million in cash and $15.8 million of Pinnacle Systems common stock. At closing, Pinnacle Systems will acquire all products, software, and intellectual property rights, along with all other assets and liabilities of the company. Pinnacle will account for this transaction as a purchase in Pinnacle Systems' fiscal Q3, ending March 31, 2003. The Company will host a conference call at 2:00 p.m. (Pacific Time) on December 18, 2002. The call in number is 800-634-1569, no password required.
J. Kim Fennell, President and CEO at Pinnacle Systems said, "We are delighted to welcome Steinberg's customers and employees into the Pinnacle family. Steinberg is a recognized industry leader in digital audio and this transaction significantly broadens Pinnacle's digital media offerings. By adding the talent and technology of Steinberg to our company, we believe we can bring our customers an even stronger solutions portfolio."
"Steinberg is pleased to be joining forces with Pinnacle Systems. Our customers and products will benefit greatly from the combined resources of the two companies and we look forward to bringing audio production expertise to the award-winning Pinnacle Systems' product lines," said Manfred Rürup, President of Steinberg Media Technologies AG.
About Steinberg Media Technologies AG
Steinberg Media Technologies AG is known the world over for its professional audio software. The company has been developing, manufacturing and selling software products for professional musicians and producers in the music, video and film industry since 1984. Steinberg products are also enjoying success in the fast-growing consumer market with music creation and other multimedia applications. Steinberg is today one of the world's largest audio software houses.
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, cable and satellite television, video editing, DVD and CDR authoring, and the Internet. A recognized industry leader, the company has received eight 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 expected financial performance, as well as Pinnacle's strategic and operational 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; the difficulty of keeping expense growth at modest levels while increasing revenues; increased competition; lack of success in timely development, production, and acceptance of new products, including those acquired in connection with the acquisition of Steinberg; the failure to reduce costs or improve operating efficiencies, including those related to the acquisition of Steinberg; the challenges of achieving anticipated synergies in acquisitions; and the ability to attract, hire and retain key employees. All information set forth in this release and its attachments is made as of December 18, 2002, 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, 2002, 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 [url]http://www.sec.gov.[/url]
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All trademarks and registered trademarks are the property of their respective owners, 2001-2002, Pinnacle Systems, Inc.