SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
_____________________________
Date of report (Date of earliest event reported) April 8, 1998
------------------
PRINCETON VIDEO IMAGE, INC.
- -------------------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
New Jersey 000-23415 22-3062052
- -------------------------------------------------------------------
(State or Other Juris- (Commission (I.R.S. Employer
diction of Incorporation) File Number) Identification No.)
15 Princess Road, Lawrenceville, New Jersey 08648
- -------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (609) 912-9400
---------------
- -------------------------------------------------------------------
(Former Name or Former Address, If Changed Since Last Report)
Item 5. Other Events.
On April 8, 1998 the Registrant issued the following press
release relating to Douglas J. Greenlaw stepping down as the
President and Chief Executive Officer of the Registrant by the end
of 1998:
"Princeton Video Image, Inc. Announces Search for New President and
Chief Executive Officer
"-- Brown Williams, Chairman and Co-Founder to Co-Manage Company
With Douglas Greenlaw, Chief Executive Officer, Until Successor is
Chosen --
"LAWRENCEVILLE, N.J.--(BUSINESS WIRE)--April 8, 1998-- Princeton
Video Image, Inc. (Nasdaq: PVII - news) today announced that
Douglas J. Greenlaw, President and Chief Executive Officer, has
informed the Board of Directors that he plans to step down as
President and Chief Executive Officer of the Company by the end of
1998. Brown Williams, Chairman and Co-Founder of Princeton Video
Image, will continue to co-manage the Company with Mr. Greenlaw
until a successor is found. Mr. Williams previously held the
position of chief executive officer of Princeton Video Image from
July 1990 until January 1997. Mr. Greenlaw intends to remain as a
member of the Board of Directors and a consultant to the Company.
"Mr. Greenlaw stated, 'Having helped our Chairman lead the Company
through a series of critical milestones, I have decided at this
point in my life to spend more quality time with my family.
Consequently I have notified the Board of Directors of my desire to
step down as President and Chief Executive Officer of Princeton
Video Image by the end of 1998.'
"Brown Williams commented, 'Doug's leadership during the past year
has been critical to the Company's present success. He has laid
the groundwork for accelerated future progress. I am very pleased
that Doug has agreed to stay on through a transition period and I
look forward to working with him in the selection of a successor.
With his intention to remain active with the Company as a member of
the Board and as a consultant, we will all continue to benefit from
his extensive insight and industry experience.'
"Princeton Video Image, Inc. developed and is marketing a real-time
video insertion system that, through patented pattern recognition
technology places computer-generated electronic images into
television broadcasts of sporting and other events. These
electronic images can range from simple corporate names or logos to
sophisticated, 3-D images and animated effects.
"Any statements contained in this press release that relate to
future plans, events or performance are forward-looking statements
that involve risks and uncertainties including, but not limited to,
those relating to market acceptance, dependence on strategic
partners and third party sales, contractual restraints on use of
the Company's technology, a rapidly changing commercial and
technological environment, competition, possible adverse
regulations, need for additional financing, intellectual property
rights and litigation, and other risks identified in the Company's
filings with the Securities and Exchange Commission. Actual
results, events or performance may differ materially. The company
undertakes no obligation to publicly release the results of any
revisions to these forward-looking statements that may be made to
reflect events or circumstances after the date hereof to reflect
the occurrence of unanticipated events."
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Princeton Video Image, Inc.
By: /s/ Brown F Williams
-------------------------------
Brown F Williams
Chairman of the Board
Date: April 23, 1998
