Interesting post copied from the CCUR thread. Since Power TV is 80% owned by SFA I thought this would be of interest. Does anyone know when PowerTV will IPO?
PowerTV and PRASARA Technologies to Merge, Creating Comprehensive
Software Solution for Interactive Television
Merger Combines Two Leading Innovators in the Interactive TV Industry
CUPERTINO, Calif., and ORLANDO, Fla., April 12 /PRNewswire/ -- Two leading innovators in the interactive television industry, PowerTV, Inc. and
PRASARA Technologies Inc., today announced they will merge. The combined companies plan to offer an open, end-to-end software solution for interactive
television capable of running on any broadband delivery network, any server solution and any cable TV digital set-top.
``Together, PowerTV and PRASARA have an incredible amount of experience in deploying applications for interactive television systems,' said Steve Necessary,
CEO of PowerTV. ``Now, we can offer a complete software package for interactive television -- from the consumer interface to the business management tools.
Our combination of a real-time operating system, key middleware elements which enable Internet access, and compelling consumer applications such as
video-on-demand, email, Web surfing and e-commerce, all combine to offer cable operators and consumers a powerful and complete package.'
``The open interactive TV software solution provided by a combined PowerTV and PRASARA will provide broadband operators greater choice in interactive
television hardware and software applications, so they can grow their business faster, with less expense,' said Robert Montgomery, president of PRASARA.
``Network operators can now look to us as the complete, fully integrated source for revenue-generating interactive TV applications.'
PowerTV's cable TV set-top operating system -- the only operating system currently on the market designed to meet the unique needs of digital set-tops -- is now
deployed on more than 1.5 million set-tops in consumer homes. PowerTV's SofaSOFT(TM) suite of interactive TV services that enables consumers to browse the
Web, compose email and use other services while watching TV, is in field trials with several major cable operators in anticipation of full- scale rollouts.
PRASARA has deployed interactive TV solutions such as video-on-demand; e- commerce services including pizza-on-demand, karaoke-on-demand and soon TV
banking; as well as customer care and education applications, in Hawaii on Oceanic Cable and Tampa Bay and New York City on Time Warner Cable.
Pursuant to the merger, the shareholders of PRASARA will become shareholders of PowerTV and PRASARA will become a wholly-owned subsidiary of
PowerTV. The transaction is expected to close within 90 days.
About PRASARA
PRASARA Technologies (www.prasara.com ) provides business and technical solutions to the telecommunications industry, including development, installation,
maintenance, and operation of ITV technology. In addition to its ITV Business Management Tools and VOD solutions, PRASARA has integrated a suite of
interactive television applications with Scientific-Atlanta's (NYSE: SFA - news) Explorer©2000, Pioneer's Voyager(TM) and General Instrument's DCT 2000
digital set-top platforms.
Headquartered in Orlando, Fla., PRASARA principals helped to build and operate the world's first interactive television systems, including Time Warner Cable's
Full Service Network. PRASARA Technologies' personnel are experts in software development, content acquisition, e-commerce, database marketing and ITV
business management systems. Current deployments of PRASARA Customer Care and E-commerce applications include over 175,000 digital cable subscribers in
Honolulu, HI, Tampa/St. Petersburg, FL and New York City, NY.
About PowerTV
PowerTV, Inc. (www.powertv.com), Cupertino, Calif., is a leading developer of systems software solutions, applications and services for digital interactive cable
television. PowerTV's product line includes the only operating system on the market specifically designed for the unique needs of digital cable set-top boxes and a
middleware layer that includes an HTML engine and support for PersonalJava. In addition, PowerTV has developed an Internet-leveraged applications platform, the
SofaSOFT line of interactive applications and a family of technical and marketing services to support PowerTV products.
PowerTV press contacts:
David Doolittle
Ketchum Public Relations
Tel: 404-287-2000 ext. 200
Email: david.doolittle@ketchum.com
Michelle Hildebrand
PowerTV, Inc.
Tel: 408-777-4753
Email: michelle@powertv.com
PRASARA press contact:
Tammy Snook
HighTech Public Relations, Inc.
Tel: 407-667-9355
Email: tammysnook@hightechpr.net
PowerTV and SofaSOFT are trademarks or registered trademarks of PowerTV, Inc. in the United States and in other countries.
PRASARA is a trademark of PRASARA Technologies, Inc.
All other names and trademarks are the property of their respective owners.
SOURCE: PowerTV, Inc.
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