"Friday February 16, 6:59 am Eastern Time
Press Release
Princeton Video Image, Inc. Receives $7.5 Million From Cablevision Systems Corporation
Represents First Installment of $17.5 million Commitment Also Appoints Cablevision's Wilt Hildenbrand To Its Board Of Directors
LAWRENCEVILLE, N.J.--(BUSINESS WIRE)--Feb. 16, 2001-- Princeton Video Image, Inc. (Nasdaq: PVII - news) today announced the closing of the first $7.5 million of Cablevision Systems Corporation's (NYSE: CVC - news) recently announced commitment to provide $17.5 million in funding to PVI. In addition, Cablevision's Executive Vice President for Engineering and Technology, Wilt Hildenbrand, has been appointed to join PVI's Board of Directors, increasing the size of its board to nine.
Mr. Dennis Wilkinson, President and Chief Executive Officer of Princeton Video Image, Inc., said, ``We are extremely pleased to announce the receipt of the $7.5 million cash infusion from Cablevision Systems Corporation. This funding will enable Princeton Video Image to forge ahead with its innovative product development which the Company is recognized for.''
Mr. Wilkinson continued, ``We are also pleased to announce the appointment of Wilt Hildenbrand, Cablevision's principal technology officer, to our Company's Board of Directors. Wilt is an acclaimed leader in the field of broadband engineering, and his management, leadership and technological expertise will be extremely valuable to Princeton Video Image, Inc. He was instrumental in the formation of the Cablevision and Princeton Video Image strategic alliance and he will be recommended to our shareholders for election to our Board at our upcoming annual shareholders' meeting.''
Commenting on his appointment, Mr. Hildenbrand said, ``I'm honored to join the Board of PVI - pioneers of cutting-edge digital technology. This is going to be a great opportunity to work together and develop new capabilities that unite digital applications with the advanced potential of Cablevision's platform to create added benefits for our respective customers.''
About Princeton Video Image, Inc., (www.pvi-inc.com)
The global leader in virtual advertising solutions for television, PVI has developed and marketed a real-time video insertion system. This system, through patented computer vision technology, places computer-generated electronic images into television broadcasts of sporting events as well as other programming. These electronic images range from simple corporate names and logos to sophisticated 3-D images and animated effects. PVI has provided video insertion services for thousands of live telecasts worldwide, including broadcasts of Major League Baseball, National League Football, professional soccer, motor sports, and other live events. PVI is the exclusive virtual advertising provider for NFL International broadcasts. Beyond sports venues, PVI's virtual imaging technology provides branding-oriented program enhancements for The Early Show on CBS. The Company is headquartered in Lawrenceville, New Jersey, with offices in New York City, Brussels and Johannesburg, as well as licensees' offices in Madrid and Mexico City.
Any statements contained in this press release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties including, but not limited to, those relating to market acceptance, dependence on strategic partners and third party sales, contractual restraints on use of PVI's technology, a rapidly changing commercial and technological environment, competition, possible adverse regulations, need for additional financing, intellectual property rights and litigation, and other risks identified in PVI's filings with the Securities and Exchange Commission. Actual results, events or performance may differ materially. PVI undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
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Contact:
Princeton Video Image, Inc.
Lawrence L. Epstein
Vice President of Finance and
Chief Financial Officer
(609) 912-9400
pvi-inc.com
or
Morgen-Walke Associates, Inc.
Investor Contact:
Investor Relations
Cheryl Schneider/Hani Henein/Brian Schaffer
(212) 850-5600"
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