****NEWS OUT***
PR Newswire, Tuesday, June 02, 1998 at 11:03
NEW YORK, June 2 /PRNewswire/ -- Projectavision, Inc. (NASDAQ:PJTV) today
announced several upgrades to its Digital Theater product, the first
100% digital projection system to combine a large front or rear screen VGA or
SVGA computer display, a 60-inch rear projection TV, and a removable front
projector that delivers quality images up to 20 feet in size. This
second-generation product has been named Digital Theater Series II. The new
unit will offer features such as its new Digital Comb Filter to enhance
picture quality and resolution, Multi Standard PAL and SECAM for international
markets, Variable Digital Zoom, Automatic Computer Image Scaling, Auto lock on
cable signals for HRC, IRC and STD signals and Adjustable Electronic
Convergence fine-tuning through the remote control. The Company is completing
its pre-production manufacturing run and plans to deliver the new product in
the USA and internationally this summer.
Projectavision also announced today that it has received and accepted an
investment proposal from a major U.S. institutional investment firm in
connection with its acquisition of the assets of Vidikron Industries, SpA.
The identity of the investor and the terms of the proposed investment were not
disclosed. The investor has committed $5 million permanent equity capital,
subject to Projectavision completing a total $15 million raise and
satisfaction of a number of other terms and conditions, including completion
of due diligence. The $15 million of new capital may consist of a combination
of permanent equity capital and subordinated debt. The Company's investment
banker, Hambro America Securities is continuing its efforts to complete the
raise and conclude the transaction which will enable Projectavision to
complete its acquisition of Vidikron, a leading home-theater manufacturer and
distributor.
Projectavision is a New York based company in the business of developing
and marketing technological innovations in the electronics display and
information industries. Projectavision has developed patented and patent
pending technologies for interchangeable front and rear screen Home Theater
Television systems. Projectavision's product, the Digital Home Theater(TM),
which is the result of a joint development effort between Projectavision and
Texas Instruments in an alliance. The Digital Home Theater has recently been
introduced to select distributors in the USA. The picture quality, which is
100% digital, is considered to be exceptional. The product is used as either
a 60-inch rear screen or up to 20 feet front projection television and
computer display. Copies of Projectavision's press releases, SEC filings,
current price quotes and other corporate information may be found on the
website hawkassociates.com.
The foregoing press release contains forward-looking statements, including
statements regarding, among other things, the Company's expectation of its
future business. 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 forward-looking statements as a result of a
variety of factors including, among others, the production schedules of
unaffiliated third parties, availability of component parts, the ability to
secure the balance of the necessary financing to complete the Vidikron
acquisition, satisfaction of all other terms and conditions required by the
institutional investor, consumer acceptance of the Company's products and
prevailing economic conditions as they affect the consumer electronics
industry 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.
SOURCE Projectavision, Inc.
-0- 06/02/98
/CONTACT: Executive Contact: Martin J. Holleran, CEO of Projectavision,
212-971-3000; or Media Contact: Alex Stanton of Stanton-Crenshaw,
212-780-1900, or alex@stantoncrenshaw.com, for Projectavision; or
Institutional Investor Relations: Frank Hawkins of Hawk Associates,
305-852-2383, or Fhawk@hawkassociates.com, for Projectavision/
/Web site: hawkassociates.com
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