USA Video Interactive Corp - News Release
USA Video to sublicense store-and-forward patent
USA Video Interactive Corp US
Shares issued 73,466,089 2001-06-27 close $0.73
Thursday Jun 28 2001 News Release
Mr. Kevin Yorio reports
USA Video Interactive and Pegasus Communications collaborated June 27, 2001, on a live Webcast of president George W. Bush's presidential dinner from Washington, D.C. Additional details on the Webcast will be provided by Pegasus Communications in the near future.
USVO also signed an agreement to sublicense its pioneer store-and-forward patent for use in television set-top box applications. E-video TV will sublicense the USVO patent, and will pay the company an initial start-up fee and split licensing revenues. EVTV also has exclusive rights to license the Macrovision patent in set-top box applications. Additional details will be provided by the companies in the near future.
Both of these developments were announced at USVO's annual meeting, held today in Providence, R.I. Three proxy questions were approved by shareholders. These included: re-electing Edwin Molina, Anton J. Drescher and Anthony J. Castagno as directors of the company; approving a new stock option plan that meets current SEC and Canadian Venture Exchange requirements; and ratifying the firm of Goldstein Golub Kessler LLP as the company's independent auditors.
Following the formal meeting, attorney Paul Gupta of the international law firm, Sullivan & Worcester, provided an update on the status of its activity representing USVO's digital video patent. He noted that the legal process moves slowly, particularly once negotiations get under way and all sides strive to keep dealings amicable. He also noted that as announced earlier this week, Canada had become the 7th country to issue a patent on the company's store-and-forward video technology.
The company also presented a demonstration of its newest product, Zmail, and provided detailed information about StreamHQ, the company's proprietary technology. Zmail is the first product to use USVO's core technology, StreamHQ, a powerful and uniquely functional Internet streaming rich media delivery architecture designed by USVO. Zmail was launched last weeks at StreamingMediaWest. The demonstration features a video produced by the Seattle Seahawks for their fans, and a Web page custom designed by USVO to display the video and to link to Seahawks information and merchandise. This Zmail demo will be available on the USVO Web site later this month.
Zmail demonstrates some of the capabilities and features of StreamHQ including encoding, streaming, data collection and analysis, and custom Web development. StreamHQ encompasses state-of-the art technology from industry leaders EMC, Cisco and Oracle along with USVO's proprietary content-and-data-management software. Scheduled to be installed at an Exodus Internet data centre this summer, StreamHQ is a highly reliable, scalable and versatile Internet infrastructure with features that are unsurpassed in the industry.
In remarks to shareholders, Mr. Molina, president and chief executive officer of USVO, stated: "I am optimistic about the future here at USVO. All of us -- the directors, management and all the people of USVO -- are excited about what we are doing and about what the future holds. With StreamHQ, we have created an intellectual property that is unmatched in the industry and which I am confident will be a key factor in our future. We have established and nurtured strong alliances and partnerships that will serve us well as we roll out StreamHQ, Zmail and a wide variety of other products based on the unique features of StreamHQ."
Mr. Molina concluded, "I speak for the entire company in telling you that we appreciate the patience you, our shareholders, have shown throughout this downtrending market, and we appreciate the support and confidence you are showing in our future as we move forward with our business plan, and provide the services, results and accountability that our business customers demand -- and that will bring us to profitability."
WARNING: The company relies upon litigation protection for "forward-looking" statements. |
