Avid Technology, Inc. Repurchases 500,000 Shares From Intel.TEWKSBURY, Mass.--(BUSINESS WIRE)--August 7, 1998--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), the leading provider of computer-based video, film and audio solutions for entertainment and information applications, announced today that it has repurchased from Intel Corporation (company) Intel Corporation - A US microelectronics manufacturer. They produced the Intel 4004, Intel 8080, Intel 8086, Intel 80186, Intel 80286, Intel 80386, Intel 486 and Pentium microprocessor families as well as many other integrated circuits and personal computer networking 500,000 shares of Avid common stock. Intel originally purchased 1,552,632 shares of Avid common stock at $9.50 per share in March 1997. "This privately negotiated transaction allows Avid to accelerate our previously announced program to repurchase 1,500,000 shares of Avid's common stock," said William L. Flaherty, Senior Vice President and CFO See Chief Financial Officer. of Avid. "Our strategic alliance with Intel as an investor continues to be very successful as we execute our business strategy to offer 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. products on the Intel architecture," commented William J. Miller William Jennings Miller (March 12, 1899 - November 22, 1950) was a U.S. Representative from Connecticut. Born in North Andover, Massachusetts, Miller attended the public schools. He was graduated from Cannon's Commercial College, Lawrence, Massachusetts, in 1917. , Avid's Chairman 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. . "We have shown successful results of this alliance by introducing a number of new Windows NT-based products in 1998 and, we continue our commitment to providing digital multi-platform content creation tools that support open environments." Avid Technology, Inc. is an international, industry-leading provider of digital audio and video tools for creating content for information and entertainment applications. The company's products are used by customers ranging from corporate communications professionals to film, television and interactive content producers to broadcast news organizations. For more information, visit Avid's World Wide Web site at www.avid.com. Avid is a registered trademark of Avid Technology, Inc. All other trademarks contained herein are the properties of their respective owners. CONTACT: Avid Technology, Inc. Cheryl Reault, Director, Investor Relations Investor relations The process by which the corporation communicates with its investors. 978/640-3563 or Christine Mann, Director, Corporate Communications 978/640-5495 |
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