A Perfect Match, says Vizrt's CEO
Bergen, Norway, July 2, 2008, The Board of Vizrt Ltd. (Frankfurt
Prime Standard, Oslo Main List: VIZ) has approved the Share Purchase
Agreement to acquire all outstanding shares in Escenic AS.
The final terms & conditions are in line with those earlier announced
under the Heads of Agreement, except that the initial consideration
will be settled part in shares (3 million) and part in cash (NOK 90
million, approx USD 17.8 million). The Earn Out portion of the
consideration remains as announced in the HoA.
"This is a perfect match", says Bjarne Berg, Vizrt's President and
CEO. "Escenic is one of the frontrunners in on-line publishing. As
all major news web sites use video and graphics in a gradually
increasing manner, we expect the combined company will have a product
offering that should be well received in a broader market than the
two companies have been able to address on their own."
"We have already received positive signals from both Vizrt and
Escenic customers", continues Berg. "In fact, Bergens Tidende and
Adresseavisen, two Norwegian regional newspapers that are long
standing Escenic customers, have already signed substantial contracts
for the new products."
The first integrated products will be ready for the market by IBC in
the middle of September this year.
The transaction is expected to be closed within a month. SEB Enskilda
has acted as Vizrt's financial advisor on the transaction. The
transaction does not require a prospectus.
Media and investors contacts:
Bjarne Berg
President & CEO
Vizrt Ltd.
+47 9055 7711
bberg@vizrt.com
Ofra Brown
CFO
Vizrt Ltd.
+47 5351 8040
ofra@vizrt.com
Knut I Skeid
CEO
Escenic AS
+47 9222 0352
knut.skeid@escenic.com
Tore Sviland
Chairman
Escenic AS
+47 9018 3489
tore.sviland@escenic.com
Frank Schwarz
SCHWARZ Financial Communication
+49 611 1745 398 11
Schwarz@schwarzfinancial.com
About Vizrt:
Vizrt creates leading-edge content production tools for the digital
media industry - from award-winning 3D graphics & maps to integrated
video workflow solutions.
We propose a new vision for content creation and delivery with an
end-to-end solution from conception to multi-format distribution.
Through constant innovation and a good measure of fun, we create
software and services that push creative boundaries and develop new
ways of telling stories.
Vizrt's product suite is used by the world's leading broadcasters
including: CNN, CBS, Fox, BBC, Sky, ITN, ZDF, Star TV, Network 18, TV
Today, CCTV and NHK. Also, many world-class production houses and
corporate institutions, including both the New York and London Stock
Exchanges, utilize Vizrt solutions.
Vizrt is a public company traded on the Frankfurt Prime Standard and
on the Oslo Main List: VIZ, ISIN: IL0010838154.
Safe Harbor Regarding Forward Looking Statements
This press release contains forward-looking statements with respect
to the business, financial condition and results of operations of
Vizrt and its affiliates. These statements are based on the current
expectations or beliefs of Vizrt's management and are subject to a
number of risks and uncertainties that could cause actual results or
performance of the Company to differ materially from those
contemplated in such forward-looking statements. These risks and
uncertainties relate to changes in technology and market
requirements, the company's concentration on one industry, decline in
demand for the company's products and those of its affiliates,
inability to timely develop and introduce new technologies, products
and applications, and loss of market share and pressure on pricing
resulting from competition, which could cause the actual results or
performance of the company to differ materially from those
contemplated in such forward-looking statements. Vizrt undertakes no
obligation to publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date hereof
or to reflect the occurrence of unanticipated events.
http://hugin.info/138784/R/1232976/262360.pdf
Copyright © Hugin AS 2008. All rights reserved.