TTR Technologies Comments on Stock Price
Sees No Company-Specific Reason for Stock Weakness
NEW YORK--May 13, 2002-- TTR Technologies, Inc. (NASDAQ NM: TTRE; Berlin TEJ) Chief Executive Officer Daniel C. Stein today stated that management is not aware of any undisclosed development that it believes is the cause of the recent decline in the price of its common shares.
He added: "Despite the passing of the proposed investment in the company by JDS Capital Management, the company had cash and cash equivalents of approximately $4 million at the end of the first quarter 2002. In March and April, some of the SAFEAUDIO® authorized resellers reported that they had taken orders from regional music labels to copy protect several titles in the second quarter for the European and Latin American markets. We continue to be optimistic that Macrovision can close contracts with the major labels and that we can earn revenues from SAFEAUDIO® during 2002. We continue to develop a number of new exciting technologies in the anti-piracy arena, and we are in the process of undertaking several initiatives that we believe will add significant value to TTR and its shareholders."
Mr. Stein recently joined TTR as part of the company's management restructuring. Prior to joining TTR, Mr. Stein was President of Javu Technologies from 2000-2001. Javu licenses software and services to corporations and online-rich media service providers that store, manage, deliver or repurpose video assets. From 1999-2000, Mr. Stein was President, Chief Operating Officer and Director of the Wedding List Company, an Internet company with retail outlets specializing in the wedding gift and registry business (http://www.theweddinglist.com). The Wedding List was sold to Martha Stewart/Omnimedia in Spring 2001. In 1994, Mr. Stein co-founded Burly Bear Network, a company providing cable programming and online services to college students (http://www.burlybear.com). From inception to 1999, Burly Bear became the largest college cable television network and online service serving 8 million households throughout the country. Burly Bear was sold in 1997 to Lorne Michaels, owner of Broadway Video and creator and producer of Saturday Night Live.
About TTR Technologies, Inc.
TTR (http://www.ttrtech.com) designs, markets and sells proprietary anti-piracy products. The company has developed and commercialized products for the software and entertainment industries and is expanding its product range and reach through in-house development and joint ventures. In addition to developing SAFEAUDIO®, TTR is investing in infrastructure and security solutions for the DVD-ROM market. TTR has a joint development and marketing agreement for music CD copy protection with Macrovision Corporation (Nasdaq: MVSN). TTR's shares are listed on the Berlin Stock Exchange (TEJ) and the Nasdaq National Market (TTRE).
Forward-Looking Statements
All statements contained herein, as well as oral statements that may be made by the Company or by officers, directors or employees of the Company acting on the Company's behalf, that are not statements of historical fact, constitute "forward-looking statements" and are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties are outlined in the Company's Annual Report on Form 10-K for 2000, its Quarterly Reports on Form-10Q, and such other documents as are filed with the Securities and Exchange Commission from time to time. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release. The Company Investor Relations Media Samuel Brill Mark Perlgut Stan Froelich Chief Operating Officer Stern & Co. Stern & Co. (212) 527-7599 (212) 888-0044 (212) 888-0044 samb@ttrtech.com mperlgut@sternco.com sfroelich@sternco.com
Contacts:
The Company Investor Relations Media Contact
Samuel Brill Mark Perlgut Stan Froelich
Chief Operating Officer Stern & Co. Stern & Co.
(212) 527-7597 (212) 888-0044 (212) 888-0044
samb@ttrtech.com mperlgut@sternco.com sfroelich@sternco.com |
