IS THAT 5.05 MILLION PLUS RETURN OF 1,889,937 SHARES OR $5.05 MINUS THE VALUE OF 1,889,937 SHARES RETURNED?
"The purchase price was $5.05 million and included the return to TTR by Macrovision of 1,880,937 shares of TTR's common stock that Macrovision purchased in January 2000."
Macrovision Completes Purchase of TTR's Copy Protection and DRM Assets
Wednesday May 28, 8:42 pm ET
Purchase Includes Key Patents and Termination of a November, 2000 Alliance Agreement
SANTA CLARA, Calif.--(BUSINESS WIRE)--May 28, 2003--Macrovision Corporation (Nasdaq: MVSN - News), the world's leading provider of digital rights management ("DRM") and copy protection technologies, announced today that it has completed the previously announced purchase of the copy protection and DRM assets of TTR Technologies, Inc. (OTC BB: TTRE). Completion of this purchase provides Macrovision and its customers in the music industry with a comprehensive suite of technology and intellectual property to support Macrovision's music copy protection and DRM products and services. Completion of the transaction also terminates an alliance agreement previously signed between Macrovision and TTR, thereby eliminating any revenue sharing between the two companies.
The assets purchased include three issued and eight pending U.S. patents, and a number of international patent applications, in the areas of optical media copy protection and controlled burning (making copies of CDs such that the copies made cannot in turn be copied). The purchase price was $5.05 million and included the return to TTR by Macrovision of 1,880,937 shares of TTR's common stock that Macrovision purchased in January 2000. The terms of the definitive agreement signed by the two companies in November, 2002, called for Macrovision to pay between $4.85 million and $5.25 million, depending on whether TTR obtained various consents and releases with respect to certain of the assets to be sold. Macrovision and TTR have mutually agreed that based on the consents and releases TTR has obtained to date, that the cash payment would be $5.05 million.
"We are pleased to have completed this important transaction," commented Macrovision president and CEO Bill Krepick. "A strong intellectual property portfolio is an important component of an effective music CD copy protection and DRM solution, sustaining its commercial viability over the long term. The intellectual property we have acquired from TTR supports our 'best of breed' optical disc and Internet-oriented digital delivery solutions which benefit music labels, artists, and consumers alike."
Macrovision's integrated copy control and DRM solutions for music content are designed to protect the music labels' content while enabling consumers to enjoy a broad entertainment experience on a variety of consumer CD devices, PCs and secure portable devices.
For the past 15 years, Macrovision has been the trusted partner in copy protection and rights management for the entertainment industry. Macrovision has worked in partnership with the leading content companies worldwide to develop and deploy technologies that serve the interests of both rights holders and consumers, delivering solutions which provide an optimum balance between effectiveness and playability. Macrovision's copy protection and rights management technologies have been utilized on over 5 billion CDs, DVDs and VHS cassettes.
About Macrovision
Macrovision develops and markets DRM, copy protection, and electronic license management technologies for the consumer software, enterprise software, home video and music industries. Macrovision holds a total of 134 issued or pending United States patents and 915 issued or pending international patents, and continues to increase its patent portfolio with new and innovative technologies in related fields. Macrovision has its corporate headquarters in Santa Clara, California, with international offices in London, Frankfurt, Tel Aviv, Tokyo, Hong Kong, Taipei and Seoul. For more information about Macrovision Corporation and its products, please visit www.macrovision.com.
Note: This press release may contain "forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995. A number of factors could cause Macrovision's actual results to differ from anticipated results expressed in such forward-looking statements. Such factors are addressed in Macrovision's filings with the Securities and Exchange Commission (available at www.sec.gov). Macrovision assumes no obligation to update any forward-looking statements.
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Contact:
Macrovision
Miao Chuang, 408/562 8451 (U.S.)
mchuang@macrovision.com
Ian Halifax, 408/743-8600 (Investors)
ir-info@macrovision.com
or
iPR Media for Macrovision
Christine Cannon, 631/776 0247 (Media)
ccannon@iprmedia.com |
