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

To: StormRider who wrote (814)	11/12/1998 12:12:00 PM
From: ron forgus	Read Replies (1) \| Respond to of 920

PCTL" featured story on CNBC - Video Conferencing PictureTel Completes Acquisition of Starlight Networks, Inc. Business Wire - November 11, 1998 13:06 ANDOVER, Mass.--(BUSINESS WIRE)--Nov. 11, 1998--PictureTel Corporation (Nasdaq:PCTL), the world leader in visual collaboration, today announced it has completed the acquisition of Starlight Networks, Inc., a leading provider of streaming-media solutions for enterprise communications. Starlight, which is based in Mountain View, Calif., was a privately held company with approximately 55 employees. PictureTel announced in July 1998 that it intended to purchase Starlight. "The acquisition of Starlight is an important step in PictureTel's evolution from the leader in videoconferencing to the leader in visual collaboration," said Bruce R. Bond, PictureTel's chairman and CEO. "The streaming media products and services that we will introduce beginning next week will enable our thousands of customers around the world to extend the reach of their videoconferences. Starlight will be a very important part of PictureTel's future. And streaming is just one of the many capabilities that we deliver to help our customers maximize their investment in PictureTel technology." PictureTel purchased Starlight Networks for approximately 1.5 million PictureTel common shares and approximately $3.2 million in cash. PictureTel will account for the transaction under the purchase method of accounting. The transaction is expected to dilute PictureTel earnings per share for the balance of fiscal 1998 and add to earnings per share for fiscal 1999. About Starlight Networks Starlight Networks, a subsidiary of PictureTel Corporation, is a leader in streaming media solutions for the enterprise. Starlight offers fully integrated media solutions for both live, interactive multicast and video-on-demand needs. Starlight offers a full suite of software products and professional services that accelerate critical business practices and communications within the enterprise, including StarLive, for enterprise briefings. StarLive works seamlessly with a variety of streaming media engines, including Microsoft NetShow Services and RealNetworks' RealVideo and RealAudio. Starlight Networks is located at 205 Ravendale Drive, Mountain View, CA 94043. Phone: 650/967-2774. Fax: 650/967-0686. About PictureTel PictureTel Corporation is the world leader in developing, manufacturing and marketing a full range of visual- and audio-collaboration solutions. The company's systems meet customers' collaboration needs from the desktop to the boardroom. PictureTel also markets network conferencing servers and a comprehensive portfolio of enterprise-wide services. Additional PictureTel information is available on the Internet at www.picturetel.com. PictureTel collaboration products and services eliminate the barrier of distance, enabling people to be Anywhere Now(tm). This release includes projections and other forward-looking statements about the company's revenues, earnings, and other measures of economic performance. Actual results could differ materially from forecasts due to many factors such as, for example, competitive pressures, changes in technology and the difficulty of forecasting in overseas markets and indirect channels. Additional information concerning risks that could cause actual results to differ is contained in the company's annual report on Form 10K as filed with the SEC. The company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. PictureTel is a registered trademark and Anywhere Now is a trademark of PictureTel Corporation. Starlight and Starlight Networks are trademarks of Starlight Networks, Inc CONTACT: PictureTel Corporation Kevin Flanagan (978) 292-5178 flanagank@pictel.com