AVID FILES TO REGISTER COMMON STOCK ISSUED FOR PREVIOUS ACQUISITIONS.TEWKSBURY, Mass.--(BUSINESS WIRE)--June 15, 1995--Avid Technology, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AVID) announced today that on June 14, 1995 the Company filed a Registration Statement on form S-3 with the Securities and Exchange Commission for the registration of 469,341 shares of its common stock. These shares were issued in private placements to former stockholders of SofTECH Systems, Inc. on October 1, 1994, Elastic Reality, Inc. on March 29, 1995 and Parallax Software Parallax Software was a game developer who created the Descent series. Parallax Software was started by Matt Toschlog and Mike Kulas. After the release of Descent II, the company was split in two to form Volition, Inc. , Ltd. and 3 Space Software, Ltd. on March 29, 1995, when these companies were acquired by Avid. Under the terms of the acquisitions, Avid is obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to register certain shares issued as consideration for the acquisitions. Avid will not receive any of the proceeds from the sale of these stockholders' shares. -0- Avid Technology "Avid" redirects here. For the "Advancement Via Individual Determination" educational program, see AVID. Avid Technology, Inc NASDAQ: AVID is an American company specializing in video and audio production technology; specifically, digital non-linear media editing (NLE) , Inc., headquartered in Tewksbury, Massachusetts Tewksbury (pronounced IPA: /ˈtʊksbɛriː, ˈtʊksbriː/) is a town in Middlesex County, Massachusetts, United States. The population was 28,851 at the 2000 census. , is an international supplier of comprehensive solutions for capturing, creating, editing and distributing digital media. Avid is a pioneering developer of nonlinear film, video and audio editing Audio editing is the process of taking recorded sound and changing it directly on the recording medium (analog) or in RAM (digital). Audio editing was a new technology that developed in the middle part of the 20th century with the advent of magnetic tape recording. software and hardware technologies for applications ranging from desktop video to broadcast news. Integrated with the company's storage and networking solutions, Avid's products are used in post-production facilities; production companies; network, independent and cable television stations; advertising agencies; educational institutions and corporate film and video departments worldwide. Avid's products are sold through direct sales offices and a network of distributors and resellers around the world. Avid is a registered trademark of Avid Technology, Inc. All other trademarks contained herein are the property of their respective owners. CONTACT: Avid Technology Inc., Tewksbury Julie O'Brien, 508/640-3071 |
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