News! Looks like a rehash of Eagle & Urbanas release from yesterday.
MYSTIC, Conn.--(BUSINESS WIRE)--Jan. 27, 2000--As provided in a
three-way contract signed by the parties earlier this month (See USA
Video Interactive news release January 18, 2000: "World's First
Linux-Wavelet Set-Top Box to Open the World of Video-On-Demand to
Millions"), USA Video Interactive (OTC BB:USVO; CDNX:US; www.usvo.com)
will share in the revenues from an order of 50,000 set-top boxes
placed by Urbana.ca (OTC BB: URBA) with Eagle Wireless (OTC BB: EGLW;
www.eglw.com), announced yesterday. The set-top boxes incorporate the
widely used Linux operating system with USA Video Interactive's
Wavelet compression and Video-on-Demand(TM) technologies and will
deliver Internet access and enhanced services via a television set.
USA Video Interactive will receive licensing and royalty payments for
incorporation of its Wavelet compression and Video-on-Demand(TM)
technologies, but details are not being disclosed for proprietary and
competitive reasons.
The initial order from Urbana was for 50,000 set-top boxes,
valued at $12.5 million. It is part of a larger commitment for 500,000
set-top boxes over the next 21 months, a contract worth $125 million.
USA Video Interactive is actively negotiating with a number of
Internet and other companies on a variety of contracts. These
contracts will be announced as they are finalized.
About USA Video Interactive
USA Video Interactive is an international designer and supplier
of high-tech Video-on-Demand(TM) systems, services and solutions. The
USA Video Interactive technology gives users full-motion video; the
unique flexibility of standard, VCR-like controls of play,
fast-forward, reverse and pause; and the convenience of a standard
internet-browser format for access. Its Wavelet technology provides
video images significantly faster and at a higher degree of resolution
than with previously available methods; significantly overcomes
bandwidth restrictions; and eliminates the blockiness and slowness of
current technologies, all at a lower cost. An essential feature of the
USA Video Interactive technology is that it allows extremely high
compression ratios while retaining near-broadcast quality. For more
information on USA Video Interactive, visit www.usvo.com.
Corporate Headquarters Office: 70 Essex Street; Mystic, CT 06355;
(800) 625-2200; (860) 572-1560. Canada Office: 837 West Hastings
Street; Suite #507; Vancouver, B.C. V6C 3N6. Trading symbol on the US
NASD OTC BB: USVO; SEC 12g3-2(b) Exemption: #82-1601. Trading symbol
on The Canadian Venture Exchange: US. Standard & Poors Listed. CUSIP
902924208; USA Video, USA Video Interactive, Video-On-Demand and Video
Yellow Pages are trademarks of USA Video Interactive. The Canadian
Venture Exchange (CDNX) has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Tony
Castagno, Media Relations; 860-572-1560; Kevin Yorio, Investor
Relations; 860-572-1560; info@usvo.com
Forward-looking statements in this release are made pursuant to
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such forward-looking
statements involve risks and uncertainties, including, without
limitation, possible changes in cost of materials, expense items,
capital expenditures, capital structure, and other financial items;
introduction of new products and possible acquisitions of assets or
businesses; possible actions by customers, suppliers, competitors,
regulatory authorities; and other risks detailed from time to time in
the Company's periodic reports filed with the Securities and Exchange
Commission.
--30--kc/bos*
CONTACT: USA Video Interactive
Tony Castagno, Media Relations
860-572-1560
or
Kevin Yorio, Investor Relations
860-572-1560
info@usvo.com |
