EXHIBIT 99.1
Pinnacle Systems Acquires Avid Sports, Inc.
MOUNTAIN VIEW, Calif., June 30 /PRNewswire/ -- Pinnacle Systems, Inc. (Nasdaq:
PCLE - news), a leader in Internet, professional and consumer digital video
solutions, today announced the acquisition of Avid Sports, Inc., a leading
provider of sports editing and online sports media management solutions.
Avid Sports' market position and technology, along with Pinnacle Systems'
Totally NetWorked News and Omega Sports solutions, create powerful and
comprehensive media management, editing and streaming solutions for broadcasters
and sports organizations.
About Avid Sports
Avid Sports is a leader in sports editing and information management systems.
The company spun out from Avid Technology approximately four years ago and has
since built a strong franchise supplying editing and media management solutions
to the professional sports market.
Details About the Acquisition
Pinnacle Systems is acquiring all outstanding stock of Avid Sports, and thus is
acquiring all intellectual property, software technology, product rights, and
all other assets, liabilities, and employees of Avid Sports, Inc. The
transaction will be accounted for as a purchase. Pinnacle Systems will issue
approximately 950,000 shares of Pinnacle Systems common stock in exchange for
all outstanding shares of Avid Sports, Inc., an amount that equates to less than
2% of Pinnacle Systems current outstanding shares. This equates to an
approximate purchase price of $24 million, based on yesterday's closing price.
The transaction closed today, June 30, 2000.
About Pinnacle Systems, Inc.
Pinnacle Systems' broadcast, desktop, and consumer products provide video
professionals and consumers cutting-edge digital video tools to create, store,
distribute and view web enabled digital video easier and more affordably than
ever before. Pinnacle Systems may be reached at 650-526-1600 or on the World
Wide Web at www.pinnaclesys.com.
All trademarks and registered trademarks are the property of their owners and
are used for identification or reference purposes only, with no intent to
infringe on copyrights.
SOURCE: Pinnacle Systems, Inc.
