ImaginOn(IMON) Strikes Distribution Agreements for Representation in Japan and China
Thursday December 2, 7:45 am Eastern Time
Company Press Release
Agreements With Tokyo Based AiCube and Hong Kong Based IMONHK Will Bring ImaginOn's Entire Range of Products to Customers in Asia
SAN CARLOS, Calif.--(BUSINESS WIRE)--Dec. 2, 1999-- Moving to extend the reach of its technology and products to one of the Internet's fastest growing geographic regions, ImaginOn, Inc. (NASDAQ: IMON - news; www.imaginon.com) today announced that it has entered into agreements with two companies that will, effective immediately, begin distributing its technology and products throughout Japan, Hong Kong and the Peoples Republic of China. The two companies are Tokyo based AiCube and Hong Kong based IMONHK.
``Asia is widely projected to experience an explosion in Internet usage over the next two years,' ImaginOn Chief Executive Officer David Schwartz said today. ``These two distribution agreements will help to ensure that our proprietary technology and products will be in position to capitalize on this expected growth. We believe that our Internet television and Internet CD systems will play a major role in advancing the use of the Internet throughout Asia.'
Recently, ImaginOn announced that it had been selected by Sony Computer Entertainment, Inc. to provide its middleware technology, ImaginOn's ImaginAuthor authoring tool, to developers creating content for the Internet-enabled PlayStation2 computer entertainment system. In Schwartz's view, the agreement with Tokyo based AiCube (www.aicube.com), a leading PC graphics and software development tools company in its own right, will enable ImaginOn to provide PlayStation2 content developers with local support.
IMONHK, which is being launched this month, is a joint venture distribution company formed by an investment group composed of Unbelievable Development Ltd., and Bostonian Associates Ltd., both based in Hong Kong, and ImaginOn. Under the terms of the joint venture agreement, the Hong Kong companies are investing the funds to launch IMONHK in return for exclusive distribution rights to Hong Kong and the Peoples Republic of China. According to Schwartz, ``Our Hong Kong partners are well connected in the telecommunications and Internet marketing fields, which I believe will result in the rapid deployment of ImaginOn technology there.' Commenting further on the venture, IMONHK Managing Director Simon Yeung noted that, ``We are very pleased to develop the market for ImaginOn software in Hong Kong and China. Our goal is to create a profitable future for our joint venture.'
Coincident with the completion of its Asian distribution agreements, ImaginOn today also announced that it was taking additional steps to increase its operating efficiency as it increases the market reach for its technology and products. ``In keeping with our continuing drive to increase our marketing efforts, as illustrated by this Asian initiative, while maximizing our operating efficiency, we have closed our Aspen Colorado office and will continue that digital production work in our San Carlos office,' Schwartz commented.
ImaginOn, Inc., operating through its wholly-owned subsidiary, ImaginOn.com (www.imaginon.com) is an information technology company focused on developing and marketing broadband Internet television systems. IMON.comTV, ImaginOn's Internet television system, is a licensed turnkey package that enables any Website to present an interactive television console within a standard browser window on any suitably connected computer. The IMON.comTV interactive television console offers its users video on demand, video that branches under user-command, automated Web searching, and many additional features customized for individual licensees. The company's objective is to deliver Internet television to anyone and everyone who wants to communicate, entertain, inform, educate or market in a new way for a new era of interactive communications. IMON.comTV is a trademark of ImaginOn.com and is also protected under U.S. Patents.
Except for the historical information presented herein, the matters set forth in this press release are forward-looking statements within the meaning of the ``safe harbor' provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks include acceptance of ImaginOn software by developers and users, the successful development of competitive software to ImaginOn's, competitive pricing pressures for ImaginOn software and services, and the availability of financing to complete management's plans and objectives. In addition, other risks are detailed in the Company's periodic reports and in its Form S-3/A-2 registration statement declared effective by the Securities and Exchange Commission on April 26, 1999. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements.
--------------------------------------------------------------------------------
Contact:
Griffin Public Relations & Marketing
Bob Griffin, 212/481-3456
Bgriffin@griffinpr.com |
