MGI Software reaches agreement to purchase assets of Live
Picture
Thursday May 20 1999
Mr. Josef Zankowicz reports
MGI Software has reached an agreement to purchase the assets of Live Picture Inc.,
a private software company specializing in digital and Internet imaging solutions, with
operations in the United States, Japan and Europe. To facilitate the transaction with
MGI Software, Live Picture, Inc. has filed for protection under Chapter 11. At the
same time MGI Software announced that it had received a commitment to finance
this transaction from an U.S.-based fund.
Subject to legal and regulatory approvals in both the U.S. and Canada, MGI Software
plans to offer cash and share consideration to close the deal. It is MGI's intention to
continue to develop the Live Picture market position focused on digital and Internet
imaging opportunities, which complement MGI's strategy to provide customers with
the most sophisticated digital media capabilities available. It is anticipated that this
transaction will be completed on or about June 30, 1999.
Live Picture, the inventor of zoomable images for the Internet, is the leader in digital
and Internet imaging. Live Picture develops and sells a complete suite of Zoom image
servers, Internet and consumer applications. Live Picture products are used for
creating, managing, printing and distributing highly detailed images. Leaders in the
retail, entertainment, travel, real estate and publishing industries are among Live
Picture's enterprise customers. Live Picture also makes it easier to do more with
personal photos with the LivePix brand of photo project software and content for using
photos in creative projects. These products include LivePix 2.0 Deluxe, LivePix
SOHO, Looney Tunes Photo Print Studio, LivePix Album and a new line of innovative
photo kiosk software. |
