Decent news from MUCP:
Wednesday May 5, 10:09 am Eastern Time
Company Press Release
Internet Access Company -- MSU Corporation -- Receives Engineering and Management Boost
MILTON KEYNES, United Kingdom--(BUSINESS WIRE)--May 5, 1999-- Price-leading Internet Set Top Box Company MSU Corporation (OTC BB:MUCP) today announced it is doubling engineering capacity to accommodate triple-digit market growth -- and its own forecasts to take a 25% market share by 2001.
The company, which designs, manufactures and markets the world's lowest cost per unit Internet access box -- SlipStream -- is growing its development and testing teams to 20 engineers over the next 4 months in order to meet its production capacity target of 25,000 units per week by September 1999.
The set-top market is projected to grow from about $200 million this year to $10 billion worldwide by 2000 (source: In-Stat, Scottsdale, Ariz.).
Market Advantage
MSU believes it can easily out-market competing systems on both price and market suitability. Its unique strategy of designing boxes from ''the ground up'' -- rather than basing them loosely on PC architecture -- has given them a major price advantage. This lead -- up to 30% lower cost than competing equipment -- has fuelled significant investment in the company over the past two years. The company is now set to join the next wave of extraordinarily high-growth Internet-based businesses.
By boosting engineering capacity to accommodate an aggressive new product development schedule, the company aims to take a 25% share of the international set-top market within two years.
MSU has recently signed a deal in China to market SlipStream throughout the country -- potentially the world's largest set-top market.
Managing for Growth
In response to revenue projections, the company has also bolstered its management team with three key appointments.
Barry Jordan, Managing Director
Barry's key role is to expand the company's base of operations from the UK to the U.S. and China. He has spent the past 4 1/2 years in New York with the Consumer and Engineered Products Group at International Management Consultants Booz-Allen & Hamilton.
Graduating from MIT in 1983 with a BS in Civil Engineering, he worked for 10 years in project management in the heavy construction field before enrolling and receiving an MBA from the Fuqua School of Business at Duke University (class of 1995).
Steve Wilkinson, Operations Director
Steve Wilkinson brings 20 years of international corporate and retail experience to the company. An ''entrepreneurial manager,'' Steve has joined the team to provide management cohesion among business units in this period of rapid growth.
Steve studied Financial Services at Sheffield Hallamshire University in the UK during the 1980s, before lecturing in economics, international trade and management techniques. More recently, he has successfully adopted roles in financial management and cost control in the construction and IT recruitment industries.
Steve's insights into the strategic issues faced by the industry, coupled with his entrepreneurial zeal and leadership skills made him a natural choice to advance MSU's growth plans.
Malcolm Desborough, Marketing Manager
Malcolm has an exceptional sales and marketing background, being instrumental in the establishment of private label wines for the major UK retailers, and gaining an unprecedented 5% market share. A specialist in the research and development of new markets with a broad understanding of trading in established international consumer markets, he will be pivotal in exploiting the marketing opportunities presented by set-top technology.
MSU -- Condensed Press Briefing
MSU Corporation is based in Milton Keynes, UK, and designs and manufactures low-cost Internet access devices. Their flagship product -- SlipStream -- a sub-$150 (on volume orders) TV set-top box is set for volume production in Q2 1999. Using MSU's proprietary browser, SlipStream offers low-cost Internet access and e-mail to anyone with a television and telephone.
MSU Corporation also designs and manufactures chips and chip sets for use in consumer electronics products. The company specializes in offering high-reliability devices at low cost.
This release contains forward-looking statements which are based on current information available to management and which are subject to other important factors disclosed from time to time in the company Form 10-K and Form 10-Q. Registration Statements and other Securities and Exchange Commission filings, including specifically, among other factors, changing market and economic conditions.
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Contact:
MSU (UK) Limited
Malcolm Desborough, 44 1908 232 100
Facsimile: 44 1908 231 321 |
