Pinnacle Systems to Acquire Dazzle
July 02, 2003
Mountain, View, CA - Pinnacle Systems, Inc. will acquire the Dazzle home video editing business from SCM Microsystems, following an agreement between the two companies.
The companies expect to close the transaction this month, it qwas announced, and have agreed on a total purchase price of approximately $21.5 million of Pinnacle Systems common stock.
Pinnacle will acquire selected assets and liabilities, including all product rights, inventory, intellectual property, trade names and other rights related to the business. Pinnacle will account for this transaction as a purchase during the quarter in which the transaction closes, currently anticipated to be the first quarter of fiscal 2004 (quarter ending September 30, 2003).
J. Kim Fennell, president and CEO at Pinnacle Systems said, "This is a great move for Pinnacle that allows us to further extend our market share lead in an exciting market. Combining Pinnacle's industry-leading Studio video editing products with Dazzle's brand gives us a strong position that lets us bring a wider variety of products to our customers and be the obvious choice for home video editing."
Robert Schneider, CEO of SCM Microsystems commented, "We are happy to have found a good home for the Dazzle home video editing business. Combining Dazzle and Pinnacle's product line will benefit all customers and helps ensure continued development for new digital video solutions."
About Dazzle Digital Video Products
Dazzle's home video editing products have been designed to capture, edit and share digital video for use with both analog and digital camcorders. The Dazzle family of innovative products includes the highly successful DVC Series and Hollywood Bridge Series. Pinnacle plans to continue to sell and support the Dazzle consumer video products through its worldwide network of retailers and resellers.
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, at Work 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 on the Internet.
For more information, visit
www.pinnaclesys.com
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