MGI.) Perseus, Trans Cosmos and Encompass Invest US $10.5 Million in MGI
Software
(MGI.) Perseus, Trans Cosmos and Encompass Invest US $10.5 Million in
MGI Software
TORONTO, Jul 2, 1999 (BUSINESS WIRE via COMTEX) -- Financing Sets
Momentum for Global Business Expansion & US Listing.
MGI Software Corp. (TSE:MGI) today announced that affiliates of Perseus
Capital, LLC, Washington, DC, Trans Cosmos, Inc., Tokyo, Japan, and
Encompass Group Inc., Bellevue, Washington have subscribed for 4.8
million shares of MGI Software pursuant to a private placement for
aggregate proceeds of US $10.5 million. Today's investment follows the
acquisition by MGI Software this week of Zoran Corporation's software
DVD business and all of the assets of Live Picture, Inc.
"We believe MGI Software's technology portfolio and market position is
unmatched in the digital imaging arena," said Anthony DeCristofaro,
president and CEO, MGI Software. "This investment provides substantial
momentum for MGI Software to extend its leadership in imaging, video
and DVD. In addition, these investors add further recognition of MGI
Software's achievements and business opportunities as we prepare to
have the Company's common stock quoted in the US NASDAQ market."
"We are pleased to be working with MGI Software to realize the
substantial opportunities presented by digital imagery," said Frank H.
Pearl, Chairman, Perseus. "We are confident of management's ability to
build the premiere world class, global digital imaging company."
About Perseus Capital, LLC
Perseus Capital, LLC is a merchant banking venture that invests in
leveraged acquisitions of operating companies and technology-based
companies including information, energy and biotechnology. Perseus is
headquartered in Washington, DC and New York, NY and managed by Perseus
Management, LLC.
About Trans Cosmos, Inc.
Trans Cosmos, Inc., listed on the first edition of Tokyo Stock
Exchange, is an independent information service company which operates
a wide range of businesses such as call management and help desk,
system engineering, CAD/CAM/CAE, database, and Internet multimedia. TCI
recently formed joint ventures with companies that include PointCast
Japan, Inc. and DoubleClick, Japan, Inc. TCI also launched J-Stream
Inc., an Internet broadcasting infrastructure company, with NTT PC
Communications, KDD, and Real Networks, Inc. By developing strategic
partnerships with major Japanese companies and US venture firms, Trans
Cosmos maintains a leadership position in a broad area of the Internet
business.
About Encompass Group Inc.
Encompass Group Inc. is a strategic business development and venture
capital firm specializing in the investments, joint ventures and
localization of US-based emerging technologies in Asian markets.
Encompass Group Inc., is a joint venture between Trans Cosmos, a
leading Japanese IT company, and NikkoSecurities.
Headquartered in Bellevue, Washington, Encompass has offices in New
York City, Washington, DC, San Francisco, Munich, and Tokyo.
About MGI Software Corp.
MGI Software is one of the world's leading digital media companies.
The company's early focus on delivering digital media editing
technology to the mass market has led to leadership in the digital
imaging and video editing market, with more than 19 million units of
its PhotoSuite and VideoWave products shipped in retail and OEM
channels spanning 25 countries. MGI broadened its market to business
and online users of photography by acquiring the assets of Live Picture
and expanded its technological leadership to encompass all digital
entertainment media, including television, movies, and music, with PURE
DIVA and the acquisition of Zoran's SoftDVD business.
Through its ever-growing network of partnerships with major consumer
electronics manufacturers, computer hardware and software vendors,
photo retailers and the entertainment industry, MGI is uniquely
positioned to take advantage of the revolution shaping our digital
lifestyles. MGI Software is headquartered in Richmond Hill, Ontario and
has offices in the US, UK, France, Germany, Netherlands, Australia,
Taiwan and Tokyo. MGI Software is publicly traded on the Toronto Stock
Exchange. For more information visit mgisoft.com.
(c) MGI Software Corp., 1999. MGI, MGI PhotoSuite, and MGI VideoWave,
PURE DIVA, SoftDVD, and Live Picture are trademarks or registered
trademarks of MGI Software Corp.
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