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Technology Stocks : PictureTel (PCTL) -- Ignore unavailable to you. Want to Upgrade?

To: MrBuzz who wrote (885)	1/27/2000 6:07:00 PM
From: MrBuzz	Read Replies (1) \| Respond to of 920

News out.... Thursday January 27, 5:37 pm Eastern Time Company Press Release PictureTel Forms Strategic Alliance With New T&T to Deliver Web-Based Streaming-Video Solutions to Asian Businesses Alliance Enhances Picturetel's Leadership in the Delivery of Global Multimedia Application Services HONG KONG and ANDOVER, Mass.--(BUSINESS WIRE)--Jan. 27, 2000-- PictureTel Corporation (Nasdaq:PCTL - news) today announced that it has formed a strategic alliance with New T&T, a Hong Kong telecommunications company owned by Wharf (Holdings) Limited, a multi-billion dollar communications, infrastructure and property group that also owns i-CABLE, the leading TV station in Hong Kong. The two companies will work together to deliver Web-based application services. New T&T will market PictureTel's multimedia application services with its own iVIDEO brand in Hong Kong and, eventually, throughout Asia. This agreement, which is the largest of its kind in the region, dramatically strengthens PictureTel's presence in Asia and demonstrates the company's global leadership in delivering a full range of multimedia application services to its customers. The companies plan to take advantage of the burgeoning broadband networks in the region to provide all types of business communications as well as consumer offerings such as video on demand for movies and other programming. ``PictureTel is extremely pleased to enter into this strategic alliance with New T&T,' said Dr. Norman E. Gaut, PictureTel's chairman and CEO. ``The worldwide market for streaming video is expected to top $1 billion (U.S.) in 2000, with future annual growth of between 80 and 100 percent. Asia is one of the fastest growing markets for streaming video. By working together, PictureTel and New T&T will be able to take advantage of this lucrative market as we deliver the many benefits of our full range of multimedia application services.' In the future, PictureTel and Wharf (Holdings) Limited plan to collaborate on the development and deployment of multimedia application services across Wharf's i-CABLE broadband service. PictureTel currently provides interactive broadband video services over the Singapore-ONE broadband in Singapore, and the future expansion to the i-CABLE Hong Kong network will enable PictureTel to deploy high-quality rich-media services across these two major Asian business hubs. ``By becoming a strategic partner with PictureTel, New T&T will be the first telecom company to deploy this innovative iVIDEO solution for our customers in Hong Kong and the Asia Pacific region,' said Stephen Ng, chairman and managing director of New T&T. ``We will research and develop broadband applications with PictureTel so that New T&T can continue to set exceptionally high standards in the telecommunications arena - not just in Hong Kong, but across the region and beyond.' About New T&T New T&T is a member of The Wharf Group of companies, which is one of the largest groups of companies in Hong Kong. The group also owns i-CABLE Communications Limited, the number one television station in Hong Kong for news, movies and sports and an Internet access service provider. New T&T, licensed in 1995, was one of the first companies to introduce competition into Hong Kong's fixed line telecommunication market. Since its launch, the company has sought to bring improved service, lower prices and a better product range to Hong Kong business and people. New T&T operates the largest fibre optic network in Hong Kong. For further information on both New T&T and the Wharf Group, please refer to the New T&T Web site: www.newtt.com. About PictureTel PictureTel Corporation (www.picturetel.com) provides innovative multimedia application services, conferencing products, and eVideo(TM) streaming solutions to help people communicate and work together more effectively anywhere in the world. PictureTel solutions bridge distance and time, enabling people to be Anywhere Now(TM). PictureTel is a registered trademark and eVideo and Anywhere Now are trademarks of PictureTel Corporation. Other brands or products are trademarks or registered trademarks of their respective owners.