QuesTec signs Strategic Alliance Agreement and Exclusive Sports Development Partnership with Atlantic Aerospace Electronics Corporation
Deer Park, N.Y. Tuesday, December 8, 1998 - QuesTec Imaging, Inc. (QuesTec), (NASD-BB: QSTI) has formed a seven-year Strategic Alliance and Exclusive Sports Development Partnership with Atlantic Aerospace Electronics Corporation (AAEC) of Waltham, Massachusetts. Under this agreement AAEC will provide QuesTec with all research and development of live-motion-capture tracking technology for future sports related applications in exchange for a percentage of gross sales and an equity interest in the company. AAEC, with $20 million in annual revenue and approximately 100 employees in two offices, specializes in government defense research and product development. AAEC brings a wealth of experience in signal processing, image recognition, communications and hardware development to QuesTec's future endeavors. To be sure, this new relationship clearly positions QuesTec as the worldwide leader for providing performance analysis data and computerized visual display systems for the world of sports.
AAEC is currently finalizing development of QuesTec's new tennis system and has already completed extensive work upgrading QuesTec's statistical and action-tracking applications for baseball, which power the company's popular SuperVision virtual replay system. In addition, QuesTec and AAEC have created a new program called OnTrax which combines the two companies technologies and areas of expertise to create real-time tracking and display systems that can be used for athletic training and evaluation, sports analysis or for media purposes. Speaking about the new relationship, AAEC's General Manager for Boston Operations, Thomas V. Robertson, Ph.D. says, " We are very excited and comfortable with our QuesTec partnership. The synergy between our companies has made the integration of the two companies surprisingly quick and easy. " Indeed, as part of that integration process QuesTec management has also nominated AAEC's director of software development to its board of directors.
From QuesTec's perspective, which retains the exclusive right to market and distribute on a worldwide basis any sports related products, company president Michael W. Russo explains that " The response to the AAEC relationship has been overwhelming. Requests for product evaluation and production service quotations have increased ten-fold over the past several months. We are currently reorganizing our corporate structure so that we can handle this increased demand." QuesTec is currently in discussions with an Australian company which has an interest in marketing and distributing the company's products and services there. Extensive discussions for new product development in the United States and throughout Europe have already taken place. QuesTec and AAEC have been working closely with QuesTec's European distribution partner Live Motion Company (LMC), of Wiesbaden, Germany. In addition, QuesTec is in the process of finalizing an extensive plan which will market its services to professional sports leagues and teams, television networks, statistical services and internet service providers. As Russo says, "What has traditionally been our slow time of the year has quickly become intense. The next few months will be very exciting for QuesTec!"
QuesTec develops and markets proprietary software systems that capture, render and display real-time graphic simulation and analysis systems that can be applied to sports, entertainment, display media, business and industry.
For more information about QuesTec Imaging, Inc. Contact Marc Jablon at Stockbroker Relations, Inc. (407) 884-0444 or visit questec.com
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This news release was prepared by management and they accept responsibility for its contents and forward looking statements. Michael Russo - President |
