Corel(R) Sells CD HOME COLLECTION
OTTAWA, ONTARIO--Corel Corporation and I. Hoffmann + Associates
Inc. of Toronto announced an agreement today providing for the
sale of Corel's Corel(R) CD HOME COLLECTION software line to
Hoffmann + Associates (H+A). All titles in the Corel CD HOME
COLLECTION (currently over 60), along with Corelr ChemLab, will be
included in the deal. Hoffmann + Associates will also have
non-exclusive distribution rights to Corel's individual photo cd
titles and 10 pack photo cd collection. This agreement will allow
Corel to focus more on its core technologies and H + A to increase
its already successful product line.
"Our strategic vision is to move forward in pursuing our interests
in the field of productivity application and graphics software and
the vast opportunities presented by the Java-based operating
system, " said Dr. Michael Cowpland, president and chief executive
officer of Corel Corporation. "We are confident Hoffmann +
Associates will lead the Corel CD HOME COLLECTION to continued
success while enabling us to place better focus on our flagship
Corel(R) WordPerfect(R) and CorelDRAW(TM) products."
A recent winner of the Emerging Entrepreneur of the Year award,
Isabel Hoffmann, president and chief executive officer of Hoffmann
+ Associates, said "Over the years we have worked closely with
Corel and have developed a great affinity for the titles in the CD
HOME COLLECTION while gaining a keen respect for the creative
genius of the developers who worked with Corel to produce them.
This acquisition represents a natural step in the planned growth
of Hoffmann + Associates. The Corel CD HOME COLLECTION is an
excellent complement to our own successful product lines,
especially the Nikolai's Adventures(TM) series and our Nikolai's
Web Site(TM) on the World Wide Web."
As part of the deal, Corel will acquire a minority interest in
Hoffmann + Associates, as well as an ongoing royalty stream over a
time period. Corel and H + A will be jointly working together to
complete all Corel(R) CD HOME titles that are in progress. Public
relations and sales for the CD HOME COLLECTION will be immediately
transferred to H + A, whereas technical support and customer
service will go through a 90 day transition period. Quality
Assurance will remain in place at Corel until the final Corel CD
HOME title has been released to manufacturing (roughly September
1997). Corel CD HOME titles will continue to be sold by H + A
through Corel's new on-line shopping centre, Corel Galleria, as
well as through many other channels. Also, Corel's sales force
will cooperate with H + A to continue to develop sales in Corel's
established channels. |
