Advanced Machine Vision Corporation Corrects Press Release Regarding Investment in SourceNet Corporation.MEDFORD, Ore.--(BUSINESS WIRE)--Dec. 16, 1999-- Advanced Machine Vision Corporation (Nasdaq:AMVC AMVC Atrophia Maculosa Varioliformis Cutis, Familial AMVC Archief en Musem voor het Vlaamse Cultuurleven (Dutch) AMVC Adaptive Multi Variable Controller ) announced today that SourceNet Corporation, 10% owned by AMVC, is in the process of obtaining up to $5 million in several stages from an investment banking firm in exchange for a 25% ownership position. SourceNet has not yet received the majority of these funds, but SourceNet has informed the Company that it expects to complete the transaction in the near future. AMVC purchased its interest in 1997 for approximately $280,000. SourceNet Corporation recently introduced its On Demand Network, a digital broadband internet-based network solution that provides a seamless integration An addition of a new application, routine or device that works smoothly with the existing system. It implies that the new feature or program can be installed and used without problems. Contrast with "transparent," which implies that there is no discernible change after installation. of voice, high-speed internet See broadband. , video on demand and multi-channel broadcast video services over copper cables as currently deployed by telephone companies. William J. Young, the Company's Chairman, President and Chief Executive Officer, stated: "While we have not previously announced our investment in SourceNet, it is appropriate to do so at this time to indicate the current value of this asset as measured by the potential third-party investment. We wish SourceNet and its management every success in bringing its exciting communications and Internet technologies to market." Advanced Machine Vision Corporation is a worldwide leader in the design, manufacture and sale of standard and CE-compliant vision systems used to control manufacturing processes through high-speed product inspection, and to identify and remove defects, resulting in production and quality yield rates superior to other process and control methods. AMV's operations are comprised of two wholly-owned subsidiaries, SRC (SouRCe) Contrast with DST, which is an abbreviation of "destination." VISION, Inc. and Ventek, Inc., both utilizing proprietary image processing image processing Set of computational techniques for analyzing, enhancing, compressing, and reconstructing images. Its main components are importing, in which an image is captured through scanning or digital photography; analysis and manipulation of the image, accomplished technologies. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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. Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties, such as the Company's ability to sustain adequate customer order levels, the impact of economic conditions on our markets, the ability of the Company to successfully introduce new products, the possible negative impact of competitive products and/or pricing, the uncertainty as to whether the relationship with FMC See fixed mobile convergence. will help contribute to revenues, the Company's ability to sustain a positive cash flow, the impact of the strengthening of U. S. currency on the Company's ability to compete effectively in the foreign markets and the effect of these and other factors on the market price of the Company's Common Stock. Investors are encouraged to review a more comprehensive listing of cautionary statements and risk factors contained in the Company's Forms 10-K and 10-Q SEC filings. Visit our web site at www.amvcorp.com |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion