ADC to Acquire NVISION, Inc.Business Editors & Technology Writers MINNEAPOLIS--(BUSINESS WIRE)--Dec. 20, 1999 Industry Leader in Broadcast Signal Management Signs Agreement to Acquire Technology Leader in Digital Signal Routing and Distribution ADC (1) See A/D converter. (2) (Apple Display Connector) A peripheral connector from Apple that combines digital video display, USB and power in one cable. (Nasdaq:ADCT ADCT Adaptive Discrete Cosine Transform ; www.adc.com) today announced the signing of an agreement to acquire NVISION Inc., a privately held market leader in distribution and switching technology for television production, post-production and broadcasting. Based in Grass Valley, Calif., NVISION has established itself as a technology leader for digital audio signal management and more recently for large-scale digital video routing and distribution for a full range of data rates, including HDTV (High Definition TV) A set of digital television (DTV) standards that offer the highest resolution and sharpest picture. Although some HDTV sets are available in standard (rather square) screen sizes, the overwhelming majority of sets are wide screen, which eliminates at 1.5 Gbps. Under the agreement, ADC will acquire all of the outstanding stock of NVISION for approximately $20 million, consisting of cash, conversion of existing NVISION employee stock options into ADC stock options, and assumed debt. The transaction is subject to customary closing conditions, including compliance with the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. . NVISION has steadily grown to a position of technology and market leadership in the digital broadcasting Digital broadcasting is the practice of using digital data rather than analogue waveforms to carry broadcasts over television channels or assigned radio frequency bands. It is becoming increasingly popular for television usage (especially satellite television) but is having a and video routing industries. This market is expected to see continued growth as television stations make the transition to digital transmission, as mandated by the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. (FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. ). The company's video routing products will be teamed with ADC's existing line of digital connectivity equipment to create advanced and comprehensive digital pre- and post-production and broadcast solutions for customers. "The addition of NVISION's advanced routing and switching technologies to ADC's growing line of digital signal management products provides ADC with a major footprint in the broadcast production and post-production arenas," said Lynn Davis Lynn Davis can refer to:
"ADC's renowned broadcast signal management products combined with NVISION's routing and distribution equipment will make it possible for customers to construct digital systems that will comply with the needs of the new digital television era," said Birney Dayton, president and chief executive officer of NVISION. "The ADC commitment to customer service is totally in line with our own, and the synergy between our companies with regard to product positioning and technical competence technical competence, n the ability of the practitioner, during the treatment phase of dental care and with respect to those procedures combining psychomotor and cognitive skills, consistently to provide services at a professionally acceptable level. is remarkable." NVISION was founded in 1989 and employs 100 people. NVISION engineering has developed and applied technologies that are competitively advanced, and the company holds an impressive number of technology patents. The company produced $11.4 million in revenue in 1998. NVISION's impressive customer list includes the major U.S. television networks as well as all major Hollywood studio and post-production facilities. Internationally, NVISION has managed to help customers around the world incorporate the latest digital technology into new television systems. International clients range from the EEC-funded "High Tech Center" in Babelsburg, Germany, to the newest post-production house in Tokyo, named "Wink Two". The deal is expected to close in January 2000. For more information on NVISION and its products, visit the NVISION Web site at www.NVISION1.com. About ADC ADC Telecommunications, Inc. is a leading global supplier of network equipment, software and integration services for broadband, multiservice networks that deliver data, video and voice communications over telephone, cable television, Internet, broadcast, wireless and enterprise networks. ADC's broadband, multiservice network solutions enable local access, high-speed transmission and software management of communications services from service providers to consumers and businesses over fiber-optic, copper, coaxial and wireless media. Headquartered in Minneapolis, Minnesota, ADC has approximately 13,500 employees around the world and annual sales of $1.9 billion. ADC's stock is included in the Standard and Poor's Noun 1. Standard and Poor's - a broadly based stock market index Standard and Poor's Index 500 Index. For additional information, visit our Web site at www.adc.com. Cautionary statement under the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995 Any forward-looking statements contained herein reflect management's current expectations or beliefs. ADC Telecommunications cautions readers that future actual results could differ materially from those in forward-looking statements depending on the outcome of certain factors, including the risks and uncertainties identified in Exhibit 99 to ADC's Report on Form 10-Q Form 10-Q See 10-Q. for the fiscal quarter ended April 30, 1999. |
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