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PR Newswire
February 11, 1999, Thursday
SECTION: Financial News
DISTRIBUTION: TO BUSINESS EDITOR
LENGTH: 366 words
HEADLINE: Corsaire, Inc. Completes Modern Telnet LTD. Acquisition;
Company Name Change in the Works
DATELINE: FORT LAUDERDALE, Fla., Feb. 11
BODY:
William R. Dunavant, President and CEO of Corsaire, Inc. (OTC Bulletin
Board: SNBD), has announced the company completed its acquisition of 51 percent
of the equity of London-based Modern Telnet LTD. The exchange of final
documentation of the purchase will occur later today. The all-stock
transaction is valued at $22.5 million, entirely consisting of Corsaire,
Inc. common stock.
The acquisition brings Corsaire exclusive distribution channels for
its newly acquired Net Command(TM) Internet broadcast products, which
include: broadcast video, video E-mail, video conferencing, home and office
set-top box systems and remote video surveillance systems. All products have
been fully tested and are expected to go on sale in the spring.
"Our new Net Command(TM) broadcast quality Internet video products
clearly outperform the current market leader," said Dunavant. "Home-based
users will be able to broadcast streaming video and audio at up to 15 frames
per second with a 266 MHz Pentium II computer and standard 56KPS dial-up,
for about $100. This technology will revolutionize the way both consumers
and businesses use online video, which is estimated to be a $10 billion market,"
he added.
The company also announced it has finalized its name change plans by securing
the name, Net Command Tech, Inc. The new ticker symbol and finalization of the
name change will be announced upon Nasdaq approval.
The preceding announcement may contain statements or projections, which are
forward-looking in nature. Actual results could materially differ from the
projections.
Corsaire, Inc.'s investor relations information center can be reached
at (954) 385-5085. Those interested in visiting the company's Web site can do
so at www.netcommandtech.com.
Corsaire, Inc. and its strategic partners provide broadcast video,
video conferencing and video E-mail to desktop and set-top box markets
through the use of wavelet and MPEG 4 technologies as an option to standard
phone lines. The company's video products can achieve a viewable image size
of 320 x 240 at up to 15 frames per second over standard dial-up connection.
SOURCE Corsaire, Inc.
CONTACT: Don Silver, Boardroom Communications, 954-321-6334, or
e-mail donsil@boardroompr.com, for Corsaire, Inc.
LANGUAGE: ENGLISH
LOAD-DATE: February 12, 1999
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