Artel Video Systems Corrects and Replaces Previous Release, BW2455, MA-ARTEL-VIDEO.Business/Technology Editors NOTE: The following news release replaces and corrects the previous Artel Artel (Russian: арте́ль) is a general term for various cooperative associations in Russia, historical and modern. Video Systems news release, which ran earlier Wednesday, Jan. 23, 2002, on Business Wire, BW2455 (MA-ARTEL-VIDEO) MARLBOROUGH, Mass.--(BUSINESS WIRE)--Jan. 23, 2002 Artel Video Systems Closes E Round Financing Blue Chip Investors Support Artel's Development of High-Quality Interactive TV and Video-on-Demand Applications Artel Video Systems, a leading supplier of video networking systems to cable television and telecommunications service providers A Telecommunications Service Provider or TSP is a type of Communications Service Provider that has traditionally provided telephone and similar services. This category includes ILECs, CLECs, and mobile wireless companies. , today announced it closed a new round of financing to drive accelerated development of its industry-leading MPEG (Moving Pictures Experts Group) An ISO/ITU standard for compressing digital video. Pronounced "em-peg," it is the universal standard for digital terrestrial, cable and satellite TV, DVDs and digital video recorders (DVRs). switching and networking technologies for Interactive TV and Video-on-Demand applications. Investors include Cornerstone Equity Investors, BancBoston Capital, Charles River Charles River River, eastern Massachusetts, U.S. The longest river wholly in the state, it flows into Boston Bay after a course of about 80 mi (130 km). Navigable for about 7 mi (11 km), its estuary separates the cities of Boston and Cambridge. Ventures, Commonwealth Capital Ventures, New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. Partners, Massachusetts Capital Resource Co., Liberty Mutual and Boston University's Community Technology Fund. "The round is a great vote of confidence from our investors in a difficult economic climate. We are focused on growing our worldwide business while rapidly developing new next-generation products and technology to drive the introduction of compelling interactive television and video-on-demand services," said Artel President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Hal Charnley. "We see major initiatives coming to market over the next nine to eighteen months as MSO's and ILEC's roll out exciting new interactive services." About Artel Video Systems Artel provides video networking systems to cable TV and telecommunications service providers who need to satisfy the consumer's ever growing appetite for broadband digital entertainment. Artel's products are transforming the world's networking infrastructures by enabling the transmission of broadcast and interactive TV over standards based multi-service networks. Artel is headquartered in Marlborough, Massachusetts Marlborough is a city in Middlesex County, Massachusetts, United States. The population was 36,255 at the 2000 census. The name of this town is sometimes spelled as Marlboro, rather than Marlborough, which is the official spelling. , USA, with sales and service centers worldwide. Further information about the company is available on the World Wide Web at www.artel.com. |
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