General Magic Announces NeTalk Acquisition; Patent-Pending Technology to Further Advancement of magicTalk Platform
November 27, 1998
SUNNYVALE, Calif.--(BUSINESS WIRE) General Magic, Inc.
(Nasdaq:GMGC), a leading developer of
integrated telephony and Web applications,
today announced that it had acquired the
technology and assets of NeTalk
Incorporated for a total of $1.5 million
consisting of $100,000 in cash and 234,104
shares of General Magic stock.
The agreement includes patent-pending
technology for voice access to the Web as
well as the exclusive services of George
White Ph.D., a well-respected expert in voice
technology and artificial intelligence.
Founded by Dr. White after directing efforts
at the Applied Speech Technology
Laboratory at the Center for the Study of
Language and Information at Stanford
University, NeTalk's development team
created applications providing users access
to content from the Web using speech
recognition technology. General Magic's
speech team will utilize this technology to
further the Internet capabilities of its
magicTalk(TM) voice user interface platform
and the Portico service.
"George brings unparalleled technical and
industry expertise in speech technologies to
the General Magic team," said Steve
Markman, president, chairman and chief
executive officer of General Magic, Inc.
"Our magicTalk platform features a
sophisticated personality-rich voice user
interface that engages the user and thereby
provides a unique advantage to our business
partners. The NeTalk acquisition is another
step in our drive to make magicTalk the best
voice user interface available today and a
standard for Internet and carrier
applications."
About the Portico Service and the magicTalk
Platform
Designed for today's mobile professional
workforce, the Portico service enables users
to access, retrieve and act upon information
using any telephone and a normal speaking
voice. The only virtual assistant available
today, Portico integrates voice mail, email,
address book and calendar as well as
content available on the Internet, such as
company news and stock quotes.
Information may be accessed over any
telephone using magicTalk, General Magic's
intelligent, natural language voice-user
interface platform, or through any leading
Web browser.
In accordance with U.S. securities law,
General Magic notes that this press release
contains forward-looking statements. There
are risks that may cause actual results to
vary materially. These risks include, but are
not limited to, the challenges inherent in the
development and delivery of complex
technologies; market acceptance of the
Company's Portico service and its magicTalk
voice-user interface platform; the Company's
dependence on establishing distribution
relationships; adequacy of the Company's
financial resources to execute its business
plan; the Company's ability to respond to
competitive pressures; (resources) and the
Company's reliance on attracting, retaining
and motivating key technical, marketing and
management personnel. These and other risk
factors are detailed in General Magic's 1997
Form 10-K, and third quarter 1998 Form 10-Q
filed with the Securities and Exchange
Commission.
About General Magic
General Magic offers integrated voice and
data applications making communication and
access to information easy and convenient
for people, no matter where they are. The
Company's development efforts are founded
on its patented agent technology, innovative
user-interface and communication-centric
designs to provide simple, yet effective ways
for people to keep in touch with the
information they need to be successful.
The Company is headquartered in Sunnyvale.
For more information on General Magic,
please visit the Company's Web site at
generalmagic.com.
[Copyright 1998, Business Wire] |
