BVR Technologies, Inc. and RT-SET Ltd. finalize strategic partnership agreement with Chyron Corporation.TEL AVIV, Israel--(BUSINESS WIRE)--March 5, 1996--BVR Technologies Ltd. (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 :BVRTF) and RT-SET Ltd., a subsidiary of BVR BVR Beyond Visual Range BVR Business Valuation Review (journal) BVR Biliverdin Reductase BVR Bureau of Vocational Rehabilitation BVR Bulletin de Versement (French) , announced today that they have entered into an agreement with Chyron Chyron may refer to:
CHY Cherry-Burrel Corporation :NYSE/CSE) whereby Chyron has purchased a new class of Convertible Preferred Shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. of RT-SET Ltd. Under the terms of the agreement, Chyron has issued 2.4 million shares of Chyron Common Stock to RT-SET (equivalent to approximately 3% of Chyron's outstanding common shares) in exchange for 19% of RT-SET. Chyron has call option rights to increase its holdings to up to 51% in RT-SET. Chyron will assist in marketing, sales and distribution of RT-SET's Virtual Studio Systems alongside RT-SET's own specialized sales teams. Chyron will provide infrastructure for installation, service and support functions on a worldwide basis. RT-SET develops, markets and sells real time virtual studio set software and proprietary hardware. RT-SET's systems were exhibited at the 1995 National Association of Broadcasters Convention (NAB) in Las Vegas and at the 1995 International Broadcasters Convention (IBC IBC International Building Code IBC Iraq Body Count IBC Institutional Biosafety Committee IBC Inflammatory Breast Cancer IBC International Business Company IBC Independence Blue Cross IBC Insurance Bureau of Canada IBC International Broadcasting Convention ) in Amsterdam. In November 1995, RT-SET initiated customer site demonstrations both in the United States and overseas. Aviv Tzidon, chairman of RT-SET and co-chairman of BVR stated: "We are extremely enthusiastic about this agreement with Chyron Corporation, which we see as an optimal choice for a strategic partnership. Chyron has set the standard for high quality video graphic displays, is the market leader in North America and is aggressively expanding its international installed base. Since the virtual studio requires intensive and continuous support and service, Chyron's backing and excellent reputation in these fields will be significant assets to RT-SET in entering the virtual studio market. This agreement is also very important for all parties involved as we approach the April NAB Convention, as it places RT-SET, together with Chyron Corporation at the forefront of virtual studio technology and service. The agreement signifies the success of BVR in creating commercial spin-offs for its technologies which concentrated initially on defense applications." "BVR and RT-SET are looking forward to a long and productive relationship with Chyron Corporation," Tzidon added. BVR Technologies Ltd. is engaged in the development, manufacture and marketing of advanced training and simulation systems for the aircraft and other industries. EVR EVR Enhanced Vapor Recovery EVR Electronic Video Recording EVR Equine Viral Rhinopneumonitis EVR Extravehicular Robotics EVR Expanded Virtual Register EVR Exudative Vitreoretinopathy, Familial, Autosomal Dominant EVR Eläinten Vapautus Rintama , BVR's fully owned subsidiary, is engaged in developing business in the entertainment industry, which will utilize applications of simulation software. RT-SET develops, markets and integrated 3D computerized broadcasting systems technology for the broadcasting, post-production and other video production markets. CONTACT: Aviv Tzidon Chairman of The Board, RT-SET Co-Chairman of BVR Technologies Ltd. 972-3-571-5671 or Shalom Nachsohn 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. , RT-SET 972-9-552236 or Paul Schmidman Managing Director, The Americas 415/775-9657 or Skip Ferderber RT-SET 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 Coordinator 818/981-9291 |
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