More positive response -- volume and price -- to today's release than yesterday's -- weird? - [better HEADING]
PROJECTAVISION ENTERS COMMERCIAL MARKET WITH ITS DIGITAL HOME THEATER(TM)
NEW YORK, June 3 /PRNewswire/ -- Projectavision (Nasdaq: PJTV) announced today it has signed an exclusive sales and distribution agreement with Boxlight Corporation for commercial sales and distribution of Projectavision's Digital Home Theater(TM).
Boxlight, one of the leading direct suppliers of computer-based presentation products and technologies to corporations, government customers and the education market worldwide, will market the Company's product as the Digital Office Theater(TM). The unit will include additional features important to business users. Under the terms of the agreement, Boxlight is undertaking an aggressive marketing plan with a goal to sell approximately 10,000 units at $10,000 each during the 15-month period beginning with first delivery.
Projectavision's Digital Office Theater is the first product of its kind that combines a large front and rear screen projector with both VGA and SVGA capability. In the rear screen mode, the unit provides a 60-inch computer or video display. In front projection mode, the high resolution display can be as large as 20 feet.
"Projectavision will continue its strategic focus on the consumer market, but we also recognize the numerous advantages Digital Office Theater offers to the commercial markets," said Martin Holleran, Projectavision's President and CEO. "We chose Boxlight due to their proven presentation expertise and distribution success. Boxlight provides us with a valuable distribution network into a very large potential user base in North America and internationally throughout the business, government, education and presentation markets."
"Adding Digital Office Theater to our product line demonstrates our commitment to bringing the best in presentation technology to business," said Herbert Myers, President and CEO of Boxlight Corp. "It's a versatile, state-of-the-art option that provides big screen performance and digital portability in one unit -- perfect for any office environment."
Holleran also noted that Projectavision and Texas Instruments are working closely to overcome the remaining problems delaying mass production of the Digital Light Processor(TM) units, which are the heart of Projectavision's office and consumer devices. Projectavision initiated shipment of the Digital Home Theater units March 31, 1997, but has not yet been able to fulfill pending orders. The delay is a result of difficulties involving packaging and shipping the units which has led to microscopic image misregistration caused by in-transit vibration, Projectavision said. Holleran said he believes Texas Instruments will solve these remaining problems shortly.
Projectavision's goal is to sell approximately 20,000 units in the first twelve (12) months following the resolution of the aforementioned packaging and shipping problems. With the new Boxlight agreement, Projectavision believes that approximately half of those sales will be to the commercial market and half to the consumer electronics market.
Stanford Resources reported worldwide sales of commercial electronic display systems of 450,000 units in 1996 with a market value of $3.2 billion. The widespread use of PCs used for commercial presentations is driving the growth of these electronic information display systems.
The Digital Office Theater is the first commercial product of its kind to use Texas Instruments' two chip micromirror device. The two chip version of the Digital Light Processor offers both video and data of a higher quality and higher resolution, full color life-like television pictures, a long life bulb and dual-use of front and rear projection options for various sized conference rooms, theaters, classrooms, auditoriums and government installations.
The Boxlight Digital Office Theater carries a list price of $10,000 and is available directly from Boxlight Corp. and through a network of Boxlight-authorized dealers. All Boxlight products include a one year warranty. For information call: 800-762-5757 or 360-779-7901. Boxlight Corp., the worldwide leader in presentation electronics, is a privately held company headquartered in Poulsbo, Wash. In 1996, for the third consecutive year, Boxlight was named by Inc. Magazine as one of the 500 fastest growing private companies in America. Boxlight is a sole source for a comprehensive line of unique computer-based presentation products, including LCD projectors and panels.
Projectavision, Inc. is a New York-based company that develops and markets technology innovations in the electronic display and information industry. For additional information, please visit the Projectavision Website at projectavision.com. For investors, complete information on Projectavision including press releases, SEC information and other information important to the investment community may be found on the Web at hawkassociates.com.
The foregoing press release contains forward-looking statements, including statements regarding, among other items, the introduction and sales of certain of the Company's products. These forward-looking statements are based largely on the Company's expectations and subject to a number of risks and uncertainties, certain of which are beyond the Company's control. Actual results could differ materially from these forwarding-looking statements as a result of a variety of factors including, among others, the production schedules of unaffiliated third parties, availability of component parts, consumer and commercial acceptance of the Company's products, the consumer and commercial market for high-end electronic devices, and prevailing economic conditions in general. In light of these risks and uncertainties there can be no assurance that the forward-looking statements contained in this press release will in fact transpire or prove to be accurate in whole or in part.
SOURCE Projectavision, Inc.
-0- 06/03/97 /CONTACT: Executive: Sherman Langer, Senior VP-Marketing & Sales of Projectavision, 212-971-3000; Investor Relations: Frank Hawkins of Hawk Associates, 305-852-2383; Tony Schor of Investor Awareness, 847-945-2222; Karl H. Ehlert, Europe, 011-34-71-825719, for Projectavision; or Media: Alex Stanton of Stanton-Crenshaw, 212-727-3300/
(PJTV)
CO: Projectavision, Inc.; Boxlight Corp. ST: New York, Washington IN: CPR SU: PDT
End of Report |
