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EXHIBIT 99.1
INTEL CONTACT: CONVERA CONTACT:
Bill Balder Dan Agan
Intel Corporation Convera
(503) 264-5669 (703) 761-3700
[email protected] [email protected]
Intel and Excalibur Technologies Close Transaction To Form
Convera Corporation
CONVERA CLOSES TRANSACTION WITH NATIONAL BASKETBALL ASSOCIATION TO
PROVIDE END-TO-END VIDEO CONTENT MANAGEMENT AND INTERNET DELIVERY
SERVICES
Santa Clara, CA and Vienna, VA, December 21, 2000 -- Intel and Excalibur
Technologies (NASDAQ: EXCA) announced today that their agreement to combine the
business operations of Excalibur and Intel's Interactive Media Services
division has been completed. The transaction was closed following approval by
Excalibur shareholders at their annual meeting today.
It also was announced today that Convera has closed a related transaction with
the National Basketball Association (NBA). As part of this transaction, an
agreement between Intel and the NBA to develop and distribute interactive NBA
content through NBA.com and other Web sites was assigned to Convera.
As a result of the close, all of Excalibur's outstanding shares have been
converted into shares of Convera Corporation, a new publicly traded company,
and the entirety of Excalibur's business will be folded into the operations of
the new company. Effective December 22, 2000, shares of Convera will be traded
on the NASDAQ National Market under the ticker symbol CNVR.
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Intel and Excalibur announced their agreement to form the new company in May
2000. In September 2000, the National Basketball Association signed a long-term
agreement with Intel to develop and distribute interactive NBA content,
including enhanced broadband programming and interactive game broadcasts.
Convera combines Excalibur's 20-year investment in the creation of
market-leading content management technologies, products and capabilities with
the technologies and expertise that Intel and Intel's Interactive Media Services
division have developed over the past decade in content protection and content
enrichment. Plans for Convera focus on empowering content owners to extract
value from their high-worth digital content by providing advanced technologies,
products and services that allow content to be managed, enhanced and distributed
securely over IP-enabled networks--intranets, the Internet, set top boxes and
wireless devices.
Under the terms of the transaction, Intel contributed its Interactive Media
Services Division and invested $150 million in Convera, as well as provided key
technologies for content protection. Excalibur contributed its entire business
operations to Convera. Ron Whittier, former senior vice president and General
Manager of the Interactive Media Services Division at Intel, is Chairman and
Chief Executive Officer of Convera. Pat Condo, former CEO of Excalibur, is
President and Chief Operating Officer of Convera. The new company has offices
throughout the U.S. and Europe with major offices in Virginia, California,
Maryland and Oregon.
ABOUT INTEL CORPORATION
Intel, the world's largest chip maker, is also a leading manufacturer of
computer, networking and communications products. Additional information about
Intel is available at www.intel.com/pressroom.
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ABOUT EXCALIBUR TECHNOLOGIES
Founded in 1980, Excalibur Technologies Corporation (Nasdaq: EXCA) is a
recognized leader in high-performance, search-powered, multimedia content
management solutions for intelligently capturing, indexing, managing, accessing
and utilizing valuable digital content - including text, images and video.
Excalibur works with Global 2000 corporations, software developers, application
service providers and government agencies to power intranet and Internet
solutions, corporate portals and eCommerce sites. Additional information about
Excalibur is available at www.excalib.com.
Starting December 26, 2000, additional information about Convera will be
available at www.convera.com.
