Avid and Intel announce strategic alliance to bring visual computing technology to Desktop Platforms.TEWKSBURY, Mass.--(BUSINESS WIRE)--March 24, 1997-- Intel Supports Avid's Plans to Expand Its Digital Content Creation Business Into New Market Segments 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) and 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 (NASDAQ: INTC INTC Intel (NASDAQ symbol) INTC Intercept INTC Interrupt Controller ) today announced a strategic alliance to support Avid's plans 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. Also, under terms of the agreement, Avid will develop digital content creation The development of newsworthy, educational and entertainment material for distribution over the Internet or other electronic media. See DAMS. products for the Intel architecture. Also under terms of the agreement, Intel will purchase 1,552,632 newly issued shares of Avid common stock for a total investment of $14.75 million. The investment was made at $9.50 per share, the closing price on March 21, 1997 and gives Intel approximately 6.75 percent ownership position in Avid. The agreement supports Avid's overall strategy to provide digital content creation solutions for open environments. The agreement also represents Avid's and Intel's strategic commitment to supporting a range of digital media solutions for users of Intel-based computers. "This agreement marks a significant milestone in Avid's drive to bring powerful digital content creation solutions to the millions of potential users in corporations, government and academic institutions, small businesses and homes," said 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. , 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. of Avid Technology, Inc. at Intel's technology forum on visual computing The use of computers for 3D modeling and animation. See visualization. . "Intel architecture-based computers are the clear volume leaders in these market segments. We look forward to linking Avid's award-winning video and audio technology and the superior price/performance of Intel platforms to develop powerful, affordable desktop digital content creation solutions for these market segments." "Our goal is to bring the best visual computing technologies to the Intel architecture," said Pat Gelsinger, vice president and general manager of Intel's Desktop Products Group. "As technologies continue to converge to enable visual computing, digital content creation - particularly digital video editing and image manipulation - will become a key application. Avid is a recognized leader in this area, one that we believe will deliver superior solutions at all price points, from workstations to volume desktop PCs." Avid already supports the Intel platform with several of its products, including MCXpress for Windows NT, NewsView, and Elastic Reality(R), winner of a 1996 Technical Achievement Award from the Academy of Motion Picture Arts and Sciences. Under the terms of the agreement, Avid and Intel will collaborate to bring a broad range of additional digital content creation products to the Intel architecture. In order to meet customer needs in other market segments, Avid will continue to provide content creation products for multiple computing platforms. The above includes forward looking statements. Actual results may differ materially from those described therein, depending on such factors as are described in Avid's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ending December 31, 1996, filed with the SEC. -0- Avid Technology, Inc. is an international, industry-leading provider of digital audio and video tools for creating content for information and entertainment applications. Avid's products are used by customers ranging from 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 . MCXpress and NewsView are trademarks of Avid Technology, Inc. Elastic Reality is a registered trademark of Elastic Reality, Inc., a division of Avid Technology, Inc. All other trademarks contained herein are the property of their respective owners. CONTACT: Avid Technology, Inc. Scott Higgins, 508/640-3221 Christine Mann, 508/640-5495 or Copithorne & Bellows Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most David Kitchen/Kristen Wiltse, 617/450-4300 or Intel Corporation Chuck Mulloy, 408/765-3483 |
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