Former GSPN executive joins developmental company.
New Visual Welcomes Former Virata Senior Executive to Board of Directors
Thomas Cooper to Assist New Visual in Its Efforts to Fund and Commercialize Its High-Speed Broadband Transmission Technology
SAN DIEGO--(BUSINESS WIRE)--Feb. 27, 2002-- New Visual Corporation (OTCBB:NVEI - news) announced today that Thomas J. Cooper, former Senior Vice President, Corporate Development of GlobespanVirata Corporation (Nasdaq/NM:GSPN - news), has agreed to join New Visual's Board of Directors. In addition, the Company has entered into a consulting agreement with Cooper, who will assist management in the development and implementation of its new strategic plan which is designed to maximize the imminent commercial release of the Company's high-speed broadband transmission technology to the telecommunications marketplace.
While at Virata, Cooper played a key role in building the company into the world's leading DSL chipset set provider. Virata recently merged with Globespan, which created the world's largest provider of integrated circuits, software and system designs for broadband applications that enable the high-speed transmission of data, voice and video over copper telephone lines. Commenting on joining the New Visual team, Cooper stated: ``New Visual represents precisely the right opportunity for me to leverage my experience, industry contacts, business skills and enthusiasm for comprehensive delivery of broadband. I am very excited about working closely with management to advance their high-speed solution to market and look forward to making a meaningful contribution to the Board of Directors.''
Dr. David Greaves, a Virata founder and advisor to New Visual, added: ``It is great to be working with Tom again. His marketing know-how and ability to achieve aggressive growth objectives were responsible for the successful market positioning of Virata and should serve New Visual and its shareholders well.''
The Company further reported that long-time Board members and ardent company supporters Lilly Beter and Celso Suarez have resigned from New Visual's Board of Directors. Ms. Beter leaves the Board to reassume her role as President of Lilly Beter Capital Group, Ltd., a financial advisory firm that has provided financial advisory services and financing to New Visual. Mr. Suarez departs to focus on his Houston-based legal practice. Beter noted: ``Having Tom on the Board will surely help to accelerate the implementation of the Company's business plan. I have appreciated the opportunity to have served New Visual through its development stage and will be ever watchful and supportive of Ray and his team as they progress toward the successful completion of their vision.''
About Thomas J. Cooper
For the past 30 years, Mr. Cooper has been engaged in the development, creation and management of global sales and marketing platforms for businesses operating in the areas of high technology, real estate, office automation, and telecommunications. Since 1994, Mr. Cooper has served in various high-ranking positions at GlobespanVirata Corporation (formerly Virata). Most recently as Senior Vice President, Corporate Development, he was responsible for the development and implementation of the firm's long range growth strategies, including defining global partnership initiatives; identifying potential acquisition and joint venture candidates; and directing strategic investment of corporate capital into select ventures in which the Company acquired minority stakes. Previously, Mr. Cooper served as Senior Vice President, Worldwide Sales and Marketing, where he oversaw all aspects of the Company's product sales and marketing, corporate marketing/communications and public relations. In addition, under his direction, Virata grew its revenues from $8.9 million in 1998, $9.3 million in 1999, $21.8 million in 2000, to over $120 million in 2001.
Prior to being the first U.S. employee of Virata, Mr. Cooper served in senior sales and management positions at Hewlett-Packard, Trammell Crow Company, Rubloff, Inc., Network Equipment Technologies and Pedcom, Inc. He also has seven pending U.S. patents for networking method or product. After earning a Bachelor of Arts degree from Hamilton College, Mr. Cooper graduated Magna Cum Laude from the University of Toledo, where he earned his MBA.
About New Visual Corporation
New Visual Corporation is pioneering the development of a proprietary broadband transmission technology with the mission to utilize existing copper telecommunications infrastructure to deliver video, voice and data at unprecedented transfer rates. Through its NV Technology, Inc. subsidiary, New Visual is developing technology that will allow the bundling of voice, video and data over existing copper telephone wires, potentially eliminating the need for fiber optic cable to the home or office. For more information on the Company, please visit newvisual.com.
With the exception of historical information contained in this press release, this press release includes forward-looking statements made under the ``Safe Harbor'' provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including but not limited to the following: product development difficulties; market demand and acceptance of its products; the impact of changing economic conditions; business conditions in the Internet and telecommunications industries; reliance on third parties, including potential suppliers, licensors and licensees; the impact of competitors and their products; risks concerning future technology; and other factors detailed in this press release and in the Company's Securities and Exchange Commission filings.
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Contact:
New Visual Corporation, San Diego
John Howell, 619/692-0333
Jhowell@newvisual.com
or
For Financial and Media Relations:
Elite Financial Communications Group (West Coast)
Jennifer Pelczarski, 480/281-1493
jennifer@efcg.net
or
Elite Financial Communications Group (East Coast)
Stephanie Noiseux, 407/585-1080
steph@efcg.net |
