Well, just as we really get started, DVDT makes this announcement, it does not say how, or for how much though?
(Applies to: DVDT)
Digital Video Display Technology Enters Negotiations to Acquire
Software Control Systems
NEW YORK, Nov 11, 1999 (BUSINESS WIRE) -- Digital Video Display
Technology Inc. (OTCBB: DVDT) an interactive audio and video, location
based, entertainment and marketing media channel, designed to replace
traditional jukeboxes, with an innovative revenue generating gateway to
merchandise content & product based on consumer demand or preference,
announced today that it has entered into negotiations to acquire
Software Control Systems International ("SCSI") (ASE: XVN).
In February of 1999, SCSI licensed to DVDT its precedent setting US
patent for a computerized audio/video jukebox using content stored on a
hard-drive utilizing selective devices such as touch-screens to play
audio/video entertainment on television within the location-based
environment. This licensing formed the basis to jointly develop the
location based satellite network with Netune Corporation that is
scheduled to launch in the first quarter of 2000 in the US market.
Mr. Edmondson Chairman & CEO of DVDT explained,"This acquisition will
represent an important strategic position for the company as it will
give DVDT control of the entire intellectual property portfolio of SCSI
along with, industry relationships and precedent setting content
licenses that will help build our position as a premier location-based
provider of entertainment and marketing content. With all of this
within our portfolio, we will be able to provide our shareholders the
maximum opportunity for value as we as we prepare a worldwide launch of
our audio/video entertainment platform." Furthermore, Mr. Edmondson
explained, "Additional issued patents in Canada, an international
patent application under the Patent Corporation Treaty in more than 50
countries for computerized audio/video jukeboxes, an approved patent
application for Europe, and a broad patent disclosure approved for
patent in India -representing more than 100 individual claims of
invention will also be acquired. These, combined with the patent
disclosures currently being made by DVDT, serve to confirm our belief
that our audio/video entertainment platform DVDT System along with our
expanding product line will be well-protected in the global
marketplace."
Mr. Edmondson continued, "The scope of the intellectual property is
significant because the DVDT business initiative is predicated on
replacing disposable content such as CD's DVD's, Video discs and such
with stored digital audio and video data on resident hard drives that
will be refreshed by satellite downloading. Our initiative will give
the market the alternative not to buy hard copy, but rather, use,
erase, then refresh current entertainment content on local storage. Not
only will DVDT offer this alternative to the networks that operate the
1,000,000 mechanical jukeboxes worldwide, additionally, we will expand
our product offerings to the audio/video playback market, the DJ
markets, the Kareoke markets and general retail markets. In each
market, our broad product line will significantly reduce our commercial
hosting customers' costs that are historically associated with disc
purchase, while dramatically enhancing their profit potential. No
longer will the commercial industry hosts have to pay for hard copy
which tends to have a short life cycle within these environments.
Mr. Edmondson elaborated on the distribution benefits of the deal
saying, "This transaction will enable us to access and manage a number
of distribution agreements that can be vertically integrated with DVDT.
It is our intention to become directly involved with the vending
distribution companies and the SCSI/Winfield Group relationship is a
great opportunity for us to expand our business model by bringing
additional resources to the table. These distribution relationships
coupled with the tremendous relationships with top music and
entertainment content companies being initiated under the direction of
the Marshall Firm will enhance the momentum of the network launch
slated for the first quarter of 2000."
About Digital Video Display Technology Building upon patented and
proprietary computer technology, Digital Video Display Technology Corp.
(DVDT) is a "jukebox replacement" system offering a remote media retail
"One Stop Shop" that provides convenience, customized product, and the
"Power of Choice." Unlike other media outlets, DVDT does not "force
feed" consumers, instead, DVDT caters to their impulsive appetite
reaching targeted consumers within the location-based
hospitality/entertainment industries (bars, theme restaurants, etc.)
with desirable customization of demographically formatted music and
video content, coupon distribution, advertising, point-of-purchase
targeted marketing and merchandising content, and on-site e-commerce
transactional opportunities related to artist merchandise or other
consumer products.
About Software Control Systems International Software Control Systems
International is a publicly traded Canadian company that is credited
with inventing the computerized audio/video jukebox.
This press release may contain forward-looking statements. While these
statements reflect the Company's beliefs, they are subject to
uncertainties and risks that could cause actual results to differ
materially.
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
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CONTACT: The Investor Relations Group, New York
212/736-2650
WEB PAGE: businesswire.com
GEOGRAPHY: NEW YORK
INDUSTRY CODE: ADVERTISING/MARKETING
ENTERTAINMENT
INTERNET
COMPUTERS/ELECTRONICS
HARDWARE
RETAIL
MERGERS/ACQ
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