Envoy was still under development on 11/5/98..................
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MSU CORP filed this 10-K/A on 11/05/1998.
competitors have substantially greater financial, technical, manufacturing, marketing, distribution and other resources than the Company as well as substantially larger research and development staffs and facilities. These companies also have greater name recognition and market presence, longer operating histories, lower cost structures and larger customer bases than the Company. The 3DO Company, C-Cube , and other companies are believed by the Company to be engaged in research and development of products with multimedia applications similar to certain of the Company's products. The Company also believes that Motorola, Inc., Sony Corp. and Cirrus Logic Inc., may be developing chips competitive with the Company's chips. Additionally numerous companies such as Web TV, ViewCall, Oracle, Sun Microsys
itive advantage over the Company. SIGNIFICANT CUSTOMERS The Company has no customers to date that frequently and systematically purchase its products. The Company's revenue for the fiscal year ended June 30, 1997 was largely attributable to 4 customers. Such 4 companies were Mitac (Internet Access Device royalties and chip sales), Zilog (product development), AIM (product development), and C-Cube (Envoy -- product development). Revenues from these 4 customers were $706,225, $204,440, $109,250 and $250,000, respectively. The Company has entered into written agreements with each of these customers. Unless the products developed or to be developed in conjunction with the above companies are manufactured, marketed and sold, no future revenue, other than development fees not yet paid, are like
ture, market and sell the ISP Chipset revision 2 and future ping-in replacements for use in the Company's Netbox designs. The agreement also provides for support and development services by the Company to Zilog and its customers. The agreement may be terminated by either party in the event of a bankruptcy, breach, inability to perform, assignment or change in control of the other party. The C-Cube agreement provides for the commercial development by C-Cube of the Standalone Envoy Chip and for milestone payments to the Company at various stages in the development. The agreement may be terminated by either party in the event of a bankruptcy or breach of the agreement by the other party. If the agreement is terminated by C-Cube due to a breach by the Company, milestone payments paid to the Co
ping-in replacements for use in the Company's Netbox designs. The agreement also provides for support and development services by the Company to Zilog and its customers. The agreement may be terminated by either party in the event of a bankruptcy, breach, inability to perform, assignment or change in control of the other party. The C-Cube agreement provides for the commercial development by C-Cube of the Standalone Envoy Chip and for milestone payments to the Company at various stages in the development. The agreement may be terminated by either party in the event of a bankruptcy or breach of the agreement by the other party. If the agreement is terminated by C-Cube due to a breach by the Company, milestone payments paid to the Company under the agreement are refundable to C-Cube. VARIABI
rm, assignment or change in control of the other party. The C-Cube agreement provides for the commercial development by C-Cube of the Standalone Envoy Chip and for milestone payments to the Company at various stages in the development. The agreement may be terminated by either party in the event of a bankruptcy or breach of the agreement by the other party. If the agreement is terminated by C-Cube due to a breach by the Company, milestone payments paid to the Company under the agreement are refundable to C-Cube. VARIABILITY OF OPERATING RESULTS If the Company is able to generate significant revenues, the Company expects that its operating results will fluctuate as a result of changes in composition of its revenues, the occurrence and timing of new product introductions, if any, by t
opment by C-Cube of the Standalone Envoy Chip and for milestone payments to the Company at various stages in the development. The agreement may be terminated by either party in the event of a bankruptcy or breach of the agreement by the other party. If the agreement is terminated by C-Cube due to a breach by the Company, milestone payments paid to the Company under the agreement are refundable to C-Cube . VARIABILITY OF OPERATING RESULTS If the Company is able to generate significant revenues, the Company expects that its operating results will fluctuate as a result of changes in composition of its revenues, the occurrence and timing of new product introductions, if any, by third parties that it develops products with, and the Company's expenditures on research and development. Should the
tter amending such Letter Agreement(5) 10.14 -- License Agreement, dated January 29, 1997, with Zilog Inc. a California corporation. Confidential treatment has been requested for specific portions of the License Agreement(5) 29 10.15 -- License Agreement, dated August 18, 1997, with C-Cube Microsystems Inc., a Delaware corporation. Confidential treatment has been requested for specific portions of the License Agreement.(5) 10.16 -- Service Agreement with Keith Edward Peirson(5) 10.17 -- Service Agreement with Richard Horby Phillips 10.18 -- Service Agreement with Gerald J. Capaci(5) 16 -- Letter re change in certifying accountant from Coope
Still mentioned on 12/31/98......................
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