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HEADLINE: Corsaire, Inc. Acquires Majority Stake in Modern Telnet of England
DATELINE: FT. LAUDERDALE, Fla., Jan. 19
BODY:
William R. Dunavant, president and CEO of Corsaire, Inc. (OTC Bulletin
Board: SNBD), announced the acquisition of 51 percent of the stock of Modern
Telnet of England. Terms of the transaction have not been disclosed at this
time. It does, however include approximately $12 million of Modern Telnet assets
and products such as software development tools for Internet and corporate
Intranet use, set-top box technology and remote surveillance security systems.
The acquisition was approved by both companies' boards of directors.
Corsaire also announced today that it has secured a $1.5 million line
of credit from a European bank.
"We are acquiring the most advanced digital compression technologies
and finished products that will enable Corsaire to develop new industry
standards utilizing MPEG 4 and wavelet compression," said Dunavant.
As part of the acquisition, Corsaire now has regional offices in
Los Angeles and London, England, in addition to its Ft. Lauderdale
headquarters.
Corsaire, Inc. plans to introduce streaming video and video e-mail to
the desktop and set-top box markets using wavelet and MPEG 4 technologies,
over standard phone lines. The company's video products achieve a viewable
image size of 320 x 240 at 10-12 frames per second over a 28.8 connection.
SOURCE Corsaire, Inc.
CONTACT: Don Silver of Boardroom Communications, 954-321-6334,
or donsil@boardroompr.com, for Corsaire
LANGUAGE: ENGLISH
LOAD-DATE: January 20, 1999
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