The following came out before the open today, but stock just went bonkers a few minutes ago.. was up to 4.75 and huge volume:
Princeton Video Image, Inc. Names
Sasani Limited of South Africa as
International Licensee
LAWRENCEVILLE, N.J.--(BUSINESS WIRE)--Jan. 26, 1999--Princeton Video Image, Inc.
(Nasdaq: PVII - news; www.pvimage.com), the worldwide leader in virtual advertising and imaging
solutions for television, today announced it has signed an exclusive licensing agreement with Sasani
Limited (JSE: SSA SJ), one of South Africa's leading companies in the converging entertainment,
media, and communication industries. The agreement grants Sasani the exclusive license to
Princeton Video Image's patented proprietary Live Video Insertion System(TM) (''L-VIS(TM)'')
in South Africa. Under the terms of the agreement, Princeton Video Image will receive an up-front
licensing fee and annual royalties from Sasani based on use of L-VIS(TM) in South Africa.
Through the use of L-VIS(TM), Sasani, which is actively pursuing the sports, entertainment, and
media markets via its subsidiary Sasani Sports, will provide advertisers with the ability to
electronically insert both static and moving images, including messages, into live and pre-recorded
programming. Sasani joins Latin America licensee, Publicidad Virtual, as one of Princeton Video
Image's international representatives.
Dennis Wilkinson, President and Chief Executive Officer of Princeton Video Image, said, ''We are
pleased to expand the international market for our technology through this exclusive agreement with
Sasani Limited. With over 5 million television households and a television advertising market
estimated to exceed $600 million annually, South Africa creates a exciting new market for PVI's
insertion technology.''
Franco Barocas, Chief Executive Officer of Sasani Sports, said, ''Sasani Limited is pleased to be
selected as PVI's exclusive licensee in South Africa. The South African advertising and sports
market is expected to grow rapidly in the coming years, and virtual advertising can play a large role
in this expansion. We look forward to a successful alliance that allows us to present a unique
medium for sponsors to communicate their messages to South African consumers.''
To date, Princeton Video Image's technology has been used in nearly 1,000 live broadcasts of
sports events worldwide, including Major League Baseball and National Football League team
broadcasts, as well as the international telecast of Super Bowl XXXII. The technology allows
teams, leagues, and broadcasters the ability to distribute customized advertising images to various
parts of the country or the world simultaneously. Its insertion technology has been employed by
CBS Sports to generate an electronic first down line in nationally televised NFL games this season,
including CBS's telecasts of the four AFC playoff games. In addition, PVI was recently selected as
the exclusive provider of virtual advertising for all international NFL broadcasts.
Princeton Video Image, Inc. developed and is marketing a real-time video insertion system that,
through patented pattern recognition technology places computer-generated electronic images into
television broadcasts of sporting as well as other programming. These electronic images range from
simple corporate names and logos to sophisticated 3-D images and animated effects. The Company
is headquartered in Lawrenceville, New Jersey, with offices in New York City.
Based in Highlands North, South Africa, Sasani Limited (JSE: SSA SJ) was formed in October
1996 through the acquisitions of The Video Lab (Pty) Ltd. and The Movie Camera Company (Pty)
Ltd., securing Sasani Limited a leading position in the media services sector of the market. The
Video Lab Group is Africa's largest film and video post-production facility and focuses on the
provision of value-added services for companies involved in electronic media and entertainment.
The Movie Camera Company is recognized as a South African leader in the supply of highly
specialized equipment for the production of full-feature films and television programs and
commercials. Sasani Sports, a subsidiary of Sasani Limited, is experienced in the sports industry,
managing corporate sports marketing budgets, events, and a range of other services.
Any statements contained in this press release that relate to future plans, events or performance are
forward-looking statements that involve risks and uncertainties including, but not limited to, those
relating to market acceptance, dependence on strategic partners and third party sales, contractual
restraints on use of PVI's technology, a rapidly changing commercial and technological environment,
competition, possible adverse regulations, need for additional financing, intellectual property rights
and litigation, and other risks identified in PVI's filings with the Securities and Exchange
Commission. Actual results, events or performance may differ materially. PVI undertakes no
obligation to publicly release the result of any revisions to these forward-looking statements that
may be made to reflect events or circumstances after the date hereof to reflect the occurrence of
unanticipated events.
Contact:
Princeton Video Image, Inc.
Lawrence L. Epstein
Vice President of Finance and Chief Financial Officer
(609) 912-9400
pvimage.com
or
Investor Contact:
Cheryl Schneider/Tessa Lavender-Beck
Morgen-Walke Associates, Inc.
(212) 850-5600
or
Media Contact: Christina Friedkin
Roher Public Relations
212-986-6668 or cfriedkin@roherpr.com
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