FOCUS Provides Report to Public Warrant Holders
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SUDBURY, Mass.--(BUSINESS WIRE)--May 6, 1998--FOCUS Enhancements, Inc., (NASDAQ:FCSE - news, FCSEW - news) announced today that in accordance with the anti-dilution provisions of the Company's Redeemable Common Stock Purchase Warrants (the ''Warrants'') issued in connection with the Company's initial public offering in May 1993, the terms of the Warrants have been adjusted so that upon exercise, a holder will receive 1.811 shares of Common Stock of each Warrant
exercised. The Warrants are exercisable at a price of $6.75 per Warrant (or an effective price per share of $3.73) until May 23, 1998.
Warrants may be exercised by the holder prior to 5:00 p.m. on May 23, 1998. Holders in possession of physical Warrants may exercise them by completing and signing the reverse side of the Warrant, and forwarding the Warrants directly to Focus Enhancements, Inc., attention Corporate Counsel, along with a Certified Check for $6.75 per Warrant exercised. Warrants in Street Name with brokerage firms may be exercised by instructing the Broker to exercise the Warrants through the Depository
Trust Company at $6.75 per Warrant. The name and address of the shareholder to whom the Common Stock will be issued must also be provided. Brokers must also provide DWAC account information where applicable. The Company will then authorize the stock certificates to be issued by its transfer agent.
As previously stated in the Press Release of August 15, 1997, the Company has no intentions to call the Warrants, reduce the exercise price or to extend the term of the Warrants. The Company has provided a Certificate of Warrant Adjustment to the Company's Stock Transfer Agent for mailing to all Warrant holders.
Focus Enhancements, Inc. is an industry leader in the development and marketing of advanced, proprietary multimedia video scan conversion products for the rapidly converging, multi-billion dollar computer and television industries. The Company's products, which are sold globally through Original Equipment Manufacturers (OEMs) and resellers, merge computer generated graphics and television displays for presentations, training, education, video teleconferencing, internet viewing and home gaming markets. In addition, the Company is developing a family of products that will enable the current installed base of televisions,
VCR's, and camcorders to remain functional in upcoming HDTV environments.
Forward-looking statements in this release are made pursuant to the ''safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence upon third-party suppliers, intellectual property rights and other risks detailed from time to time in the Company's periodic reports filed with the Securities and
Exchange Commission.
Contact:
FOCUS Enhancements, Inc.
Gary M. Cebula, 1-978-371-2000
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