Avid Technology Announces Completion of Share Repurchase Program.Business/Technology Editors TEWKSBURY, Mass.--(BUSINESS WIRE)--March 13, 2001 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. (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) today announced the completion of a common share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program originally authorized by its Board of Directors in October 1998. As of December 31, 2000, the Company had approximately 230,000 shares remaining available for repurchase under the 2.0 million-share program. These shares were purchased in the open market at a cost of approximately $4.1 million. The shares will be used for the Company's employee stock plans. About Avid Technology, Inc. Avid Technology, Inc. delivers the solutions that Make, Manage and Move Media(TM). As a recognized digital standard for professionals who Make the world's media -- from video, audio and film to animation, special effects special effects, in motion pictures, cinematographic techniques that create illusions in the audience's minds as well as the illusions created using these techniques. and streaming media See streaming audio, streaming video and digital media hub. -- Avid's products are used to make more television and news shows, commercials, music videos and CDs, corporate/industrial productions and major motion pictures combined than any other nonlinear editing See nonlinear video editing. manufacturer in the world. Now, building on its Oscar(R), Grammy(R) and Emmy(R) award-winning heritage in creating content, Avid is extending its reach by redefining how digital media is shared, stored and distributed. To Manage today's increasingly rich collection of dynamic media, Avid provides powerful servers, networks and media tools to help customers search files, share media and collaborate on new productions, both locally and globally. Avid's solutions also empower users to easily Move media, whether on air, over cable or satellite or through the Internet. Like no other media company today, Avid's end-to-end solutions (jargon) end-to-end solution - (E2ES) A term that suggests that the supplier of an application program or system will provide all the hardware and/or software components and resouces to meet the customer's requirement and no other supplier need be involved. Compare: turn-key solution. span the continuum of media creation, management and distribution. The company's corporate headquarters are located in Tewksbury, MA. More information about the company is available at www.avid.com. (c) 2001 Avid Technology, Inc. All rights reserved. Product specifications are subject to change without notice. Avid is a registered trademark and Make, Manage and Move Media is a trademark of Avid Technology, Inc. Oscar is a trademark and service mark of the Academy of Motion Picture Arts and Sciences. Emmy is a registered trademark of ATAS/NATAS. Grammy is a trademark of The National Academy of Recording Arts & Sciences, Inc. All other trademarks contained herein are the property of their respective owners. |
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