Bitstream Inc. Sells Assets Relating to MediaBank and InterSep Product Lines to Inso Corporation.CAMBRIDGE, Mass.--(BUSINESS WIRE)--Aug. 28, 1998--Bitstream 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 :BITS) announced today it has sold substantially all assets, with the exception of approximately $1,500,000 of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc its MediaBank(TM) and InterSep(TM) product lines, previously a part of Bitstream's Archetype archetype (är`kĭtīp') [Gr. arch=first, typos=mold], term whose earlier meaning, "original model," or "prototype," has been enlarged by C. G. Jung and by several contemporary literary critics. Applications Division, to Inso Corporation of Boston, Massachusetts “Boston” redirects here. For other uses, see Boston (disambiguation). Boston is the capital and most populous city of Massachusetts.[3] The largest city in New England, Boston is considered the unofficial economic and cultural center of the entire New for approximately $12,000,000, pretax and prior to deduction of approximately $1,100,000 of payments and expenses incurred in connection with the transaction. In conjunction with the asset sale, Bitstream has also entered into a license agreement with Inso Providence Corporation, a wholly-owned subsidiary of Inso Corporation, under which Inso Providence Corporation will license Bitstream's soon to be launched, dynamic custom publishing client server application, PageFlex(TM), for sale through their value added resellers and direct sales force. Under the license agreement Bitstream is receiving $600,000 as a paid up license fee, to be recognized in the quarter during which certain conditions to the agreement are satisfied. Bitstream will continue to offer MediaBank as an Inso Corporation value added reseller. Bitstream will also retain the rights to offer InterSep to original equipment manufacturers. "This agreement between Bitstream and Inso represents a wonderful opportunity for both companies," said Charles Ying, Chief Executive Officer and Chairman of the Board of Directors of Bitstream Inc. "With the divestiture of our MediaBank business, we believe we are left in a very strong financial position to focus on our OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and business of font licensing, the deployment of our patented TrueDoc(R) font technology in areas such as the Internet, Interactive TV, and Palmtop palmtop or hand-held personal computer, lightweight, small, battery-powered, general-purpose programmable computer. It typically has a miniaturized full-function, typewriterlike keyboard for input and a small, full color, liquid-crystal display devices, as well as developing applications based on our advance composition engine (NuDoc(TM)) and our award-winning on-demand printing See print on demand. solution, PageFlex. I think Inso can provide a better home for MediaBank and we plan to continue to work together with former colleagues from Archetype who we are anticipating will be accepting employment at Inso to provide advance printing solutions using the best technologies from both companies." "The acquisition of the MediaBank and InterSep businesses is a key part of Inso's ongoing strategy to provide the broadest enterprise publishing platform for our customers," said Steven R. Vana-Paxhia, President and Chief Executive Officer of Inso Corporation. "We believe that this new relationship between Inso and Bitstream will allow each company to concentrate on its strengths, and focus on the needs of its core markets." Bitstream Inc. also announced that Paul Trevithick This article is and to meet Wikipedia's , may require a , wikifying and categorization. Please discuss this issue on the talk page or [ replace this tag] with a . This article has been tagged since March 2007. , previously the Vice President, Marketing and Chief Technology Officer, has been named President. Anna M. Chagnon has been named Executive Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. in addition to retaining her positions as Chief Financial Officer and General Counsel. John S. Collins, the Company's Vice President, Engineering has also been named Chief Technology Officer. Charles Ying will retain his position as Chief Executive Officer and Chairman of the Board of Directors of the Company. Susan Robertson, the Vice President and General Manager of the Archetype Applications Division, has resigned and will be joining Inso as part of this transaction. About Bitstream Bitstream Inc., headquartered in Cambridge, Massachusetts This article is about the city of Cambridge in Massachusetts. For the English university town, see Cambridge, England. For other places, see Cambridge (disambiguation). Cambridge, Massachusetts is a city in the Greater Boston area of Massachusetts, United States. , develops, markets and supports software technologies and applications for the graphics communications industry communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. . Bitstream licenses text imaging and page layout :For the Wikipedia policy about articles layout, see Wikipedia:Guide to layout. Page layout is the part of graphic design that deals in the arrangement and style treatment of elements (content) on a page. technologies such as TrueDoc, NuDoc, and Bitstream Jet(TM), to hundreds of industry leading independent software vendors and hardware manufacturers. Bitstream is also the developer of PageFlex, an XML-based publishing application for the dynamic publishing of customized documents. Complementing these products, Bitstream markets a multi-lingual library of over 1,400 typefaces and offers customization services. For more information on Bitstream and its products, please visit the company on the World Wide Web at http://www.bitstream.com This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that forward-looking statements are inherently uncertain. actual performance and results of operations may differ materially from those projected or suggested in the forward-looking statements due to certain risks and uncertainties, including, without limitation, market acceptance of the Company's products, competition and the timely introduction of new products. Additional information concerning certain risks and uncertainties that would cause actual results to differ materially from those projected or suggested in the forward-looking statements is contained in the Company's filings with the Securities and Exchange Commission, including those risks and uncertainties discussed in the Company's final Prospectus Final Prospectus A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. , dated October 30, 1996, included as part of the Company's Registration Statement on Form S-1 (Commission File No. 333-11519), in the section entitled "Risk Factors." The forward-looking statements contained herein represent the Company's judgement as of the date of this press release, and the Company cautions readers not to place undue reliance on such statements. Bitstream is a registered trademark of Bitstream Inc. All other trademarks mentioned are for identification purposes only and may be trademarks of their respective owners. Inso, the Inso logo, Quick View Plus, DynaText, and DynaBase are trademarks or registered trademarks of Inso Corporation in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and/or other countries. All other product or company names are trademarks or registered trademarks of their respective owners. CONTACT: Bitstream Inc. Paul Trevithick, 617/520-8428 (President) ptrevithick@bitstream.com or Anna M. Chagnon, 617/520-8619 (Executive Vice President) achagnon@bitstream.com |
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