USA Video Interactive Corp
Tue 27 Jun 2000 News Release
Mr. Edwin Molina reports
Speaking to an overflow audience of more than 200 shareholders of USA Video
Interactive, company president Edwin Molina said USA Video Interactive is
now "fully engaged in marketing its products" and announced a major new
contract with Inetcable.com involving installation of USA Video equipment
in more tha 4,500 locations.
In a video about USA Video Interactive that premiered at the annual
meeting, employees and clients of USA Video Interactive discussed the
company, its products and services, and its plans for the future. On the
video, Inetcable.com president and chief executive officer, Ted Boyle, said
his company's business "is to take 500 channels of television-like content
and put them on the Internet so that people ... can watch the ESPNs, the
HBOs, the MTVs on their computers as opposed to on their television sets.
What USA Video has done is ... found what consumers will want to buy.
They've got ... the enabling technology that allows a company like
Inetcable to get into business." The video and a video of Mr. Molina's
speech are available for viewing on USA Video Interactive's Web site, www.
usvo.com.
In his remarks to shareholders, Mr. Molina said USA Video Interactive has
"an excellent business model, we have products and services that are in
high demand, we are able to finance our day-to-day operations, research,
and development, we have highly dedicated and motivated employees, we are
well-known in both the industry and the financial markets, and we have a
highly capable management team."
Mr. Molina said the company will focus on generating revenue through the
sale of end-to-end video distribution systems, intellectual property
licensing, content licensing, management and encoding, hosting for
Web-based video delivery, services to support Webcast events, end-to-end
production services, and advertising contained within the content and
associated with Web hosting and event support.
"Our new subsidiary, USA Video Productions Inc., allows us to bring the
highest quality content production and Webcasting to the Internet," Mr.
Molin said. Be it education content, entertainment-oriented, corporate
training, USA Video Productions is fast helping USA Video Interactive make
a name for itself in the Internet world."
In fact, Mr. Molina said: "USA Video Productions was so successful in
producing the Yahoo! Webcast of the 200 Webby Awards last month that we've
been placed on Yahoo! Broadcast's approved vendor list, which Yahoo!
reserves for the best, most dependable companies in the industry. Needless
to say we have reason to be proud of this accomplishment.
Mr. Molina said the company has attracted significant attention since the
U.S. Patent Office recently reinstated its U.S. patent for store and
forward video over switched phone networks.
Mr. Molina also said the company is having an impact in the realms of
education and training, citing the Freedom Schooner Amistad education
project, Project LEARN and corporate training initiatives like the
Innosight agreement. Innosight recently selected USA Video as the exclusive
Webcaster and streaming video provider for Harvard business professor
Clayton Christensen's new Internet-based corporate training and management
consulting business. A June 20 news release with details of the Innosight
contract is available on USA Video's Web site.
Mr. Molina reported that the company had just received the latest round of
30 comments from the Securities Exchange Commission and would respond to
them promptly.
During the business portion of the annual meeting, shareholders elected the
USA Video Interactive board of directors including incumbents, Mr. Molina
and USA Video Interactive chief financial officer, Anton J. Drescher, as
well as executive vice-president, Anthony J. Castagno, and executive
director of sales, Daniel J. Sciro. Shareholders also approved the
appointment of Amistano & Co. Chartered Accountants as auditors of the
corporation.
WARNING: The company relies upon litigation protection for
"forward-looking" statements. |
