Exhibit 99
FOR IMMEDIATE RELEASE CONTACT: Barb Remley, Coda 612-937-9611
LaVida Dowdell, Net4Music 212-375-6362
David Shein, Ruder Finn 212-593-6487
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Coda and Net4Music Plan Strategic Merger to
Create Leading Internet Music Company
Combined Company to Feature Online Delivery of the World's Largest Catalog of
Digital Print Music, Intelligent Accompaniments, Practice Tools, Music
Instruction and Other Products and Services for Musicians as well as Print Music
Internet Distribution Services for Traditional Music Publishers and Dealers
Eden Prairie, MN, USA and Paris, France, June 21, 2000--Coda Music Technology,
Inc. (NASDAQ: COMT) and Net4Music SA today announced that they have signed a
letter of intent covering a transaction under which Coda will acquire all the
shares of Net4Music in consideration for shares of Coda common stock. Under the
terms of the proposed transaction, Coda's existing shareholders would own on a
fully diluted basis approximately one-third of the combined company. Following
the transaction, the combined company would be called Net4Music, Inc. and would
have over $17,000,000 in cash. It is uncertain at this point whether the
transaction will be treated as a pooling of interests for accounting purposes.
The combined company is expected to continue to trade on The Nasdaq Stock Market
following completion of the transaction.
"The goal of this transaction," stated Net4Music CEO Francois Duliege who will
be CEO of the combined company, "is to match the leader in digital print rights
with the leader in music notation and music education technologies. In doing so,
we intend to create the leading global Internet company providing proprietary
products, services and technologies to a full range of music makers including
students, teachers, professionals and hobbyists. We also intend to offer our
services to print music publishers and music dealers so that they can grow their
businesses via the Internet."
"This transaction creates powerful synergies and important opportunities that
should have great significance for the music industry," stated Coda CEO John
Paulson, who will serve as President of the Coda division of the combined
company. "It matches Coda's Finale(R) notation software technology, SmartMusic
Studio(R) education solutions and our world-class development team with
Net4Music's digital print licenses, capital and stature as an international
Internet leader. Net4Music can already download to consumers over 50,000 music
titles in digital format, more than all other print music sites combined.
Moreover, Net4Music recently acquired the digital print rights to the EMI
catalog, the single largest music catalog in the world."
Coda Music Technology, Inc. develops and markets proprietary music technology
products including Finale, the world's best-selling music notation software
product and SmartMusic Intelligent Accompaniment(R) products, a comprehensive
music practice system that listens to you sing or play and follows your
spontaneous tempo changes. SmartMusic makes practicing music fun, productive and
entertaining and has over 5,000 accompaniment titles. Finale is the standard
development tool for many music publishers, which means most of their titles are
already in the Finale file format, ready to be customized for each consumer and
distributed on the Internet. SmartMusic Accompaniments, assessment and
instruction are natural add-ons to digital print music products.
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Net4Music, using Internet technology, has revolutionized the distribution of
print music by licensing digital distribution rights to create the world's
largest catalog of digital print music titles from all music genres and offering
secure downloads of this print music. Net4Music's innovative services empower
the music end user by providing musicians and composers with immediate access to
one of the largest collections of musical scores along with unparalleled
copyright protection for music publishing. Through Net4Music's web site,
musicians can reference and download print music for faster, easier and safer
distribution than was previously possible. With its cutting-edge services and
growing number of strategic partnerships, Net4Music is fast becoming the premier
online portal for musicians.
Coda Music Technology and/or its officers and directors may be deemed to be
participants in the solicitation of proxies from shareholders of Coda Music
Technology with respect to this transaction. Information regarding such officers
and directors is included in Coda Music Technology's annual report on Form
10-KSB for the year ended December 31, 1999 filed with the SEC on March 27,
2000. This document is available free of charge at the SEC website at
www.sec.gov and from the Coda Music Technology contact listed above.
THIS PRESS RELEASE IS BEING FILED PURSUANT TO RULE 425 UNDER THE SECURITIES ACT
OF 1933 AND IS DEEMED FILED PURSUANT TO RULE 14A-12 UNDER THE SECURITIES
EXCHANGE ACT OF 1934. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL
SECURITIES. SHAREHOLDERS OF CODA MUSIC TECHNOLOGY AND OTHER INVESTORS ARE URGED
TO READ THE PROXY STATEMENT - PROSPECTUS WHICH WILL BE INCLUDED IN THE
REGISTRATION STATEMENT ON FORM S-4 TO BE FILED BY CODA MUSIC TECHNOLOGY IN
CONNECTION WITH THIS TRANSACTION BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION.
AFTER SUCH DOCUMENT IS FILED, IT WILL BE AVAILABLE FREE OF CHARGE ON THE SEC
WEBSITE AT WWW.SEC.GOV AND FROM CODA MUSIC TECHNOLOGY THROUGH THE CONTACT LISTED
ABOVE.
The transaction is subject to customary conditions, including negotiation of
definitive agreements and approvals by shareholders of Coda and Net4Music and
certain governmental authorities. The companies expect the transaction to be
completed before October 2000.
