Chyron Corporation Reports On Annual Meeting And Takes Steps In Second Quarter To Address The Future Impact Of Digital/HDTV.MELVILLE, N.Y.--(BUSINESS WIRE)--May 16, 1997--Chyron Corporation (NYSE NYSE See: New York Stock Exchange :CHY CHY Commission for Hydrology (WMO) CHY Cherry-Burrel Corporation ) announced that at its Annual Meeting of Shareholders held on May 14, 1997, 20,794,755 shares, representing 64% of the outstanding shares were voted in person or by proxy. With no nominee receiving less than 97% of the shares that were voted, the following persons were re-elected to the Board of Directors: Sheldon D. Camhy, James Coppersmith, Charles M. Diker dike 1 also dyke n. 1. a. An embankment of earth and rock built to prevent floods. b. Chiefly British A low wall, often of sod, dividing or enclosing lands. 2. , Donald P. Greenberg, Ray Hartman, Isaac Hersly, Alan J. Hirschfield, Wesley W. Lang, Jr., Eugene M. Weber, and Michael Wellesly-Wesley. In addition, an Amendment to Chyron's Long-Term Incentive Plan to increase by 1,333,334 shares to an aggregate of 3,000,000 shares adopted on February 12, 1997 by the Board of Directors, subject to shareholder approval, was confirmed by a majority of the 64% of the shares that were voted. At the Board of Directors meeting following the Annual Shareholders Meeting all current officers were re-elected. Michael Wellesley-Wesley, Chyron's Chairman and Chief Executive Officer and other officers of the Company updated the shareholders with regard to the first quarter results and the current and future prospects for Chyron Chyron may refer to:
"I believe that over the next three years our customers in the U.S. and overseas will spend significant sums of money with companies like Chyron in order to upgrade their facilities for digital television and that new content providers and customers will emerge to profit from the shift to the Digital Television Age. Chyron is positioned to be a major beneficiary of this spending. Nonetheless, this period of early transition is an uncomfortable one. "We are examining all options to ensure that the second half of 1997 is one of recovery to profitability and I assure you we will take the steps that are necessary." Mr. Wellesley-Wesley then responded to questions raised by the shareholders. Subsequent to the Board Meeting, the Company's management has taken certain steps in order to restore profitability. As indicated in its first quarter press release/Report to Shareholders, that "increased purchases of Chyron MAX! and MAXINE! Systems to end users presently equipped with Chyron iNFiNiT! Systems is the result of high-end users filling their near-term graphics system requirements To be used efficiently, all computer software needs certain hardware components or other software resources to be present on a computer system. These pre-requisites are known as (computer) system requirements and are often used as a guideline as opposed to an absolute rule. with lower priced Chyron products to conserve their resources in anticipation of heavy expenditures that will likely be necessitated as a result of the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. ("FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. ") ruling to require Digital TV/High Definition Television ("HDTV (High Definition TV) A set of digital television (DTV) standards that offer the highest resolution and sharpest picture. Although some HDTV sets are available in standard (rather square) screen sizes, the overwhelming majority of sets are wide screen, which eliminates ") transmission by some broadcasters for the second half of 1998." Mr. Wellesley-Wesley stated, "It is appropriate for Chyron to re- align its human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. , accelerate its near term and long term new product development programs, and acquisition strategies, to reflect the industry transition that is and will continue to effect Chyron's operating revenues and results for the current quarter and balance of this year. The actions taken include staff reassignments and reductions affecting approximately 5% of personnel and other cost-effective measures that are currently appropriate for which charges in the second quarter are expected to be in the region of $2 million. We will update our shareholders of new developments." The statements contained in this release contain forward looking statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc such matters as anticipated financial performance, business prospects, technological developments, new products, research and development activities, and similar matters. The Private Securities Reform Act of 1995 provides a safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause the Company's actual results to differ materially from the anticipated results or other expenditures expressed in the Company's forward- looking statements. These risks and uncertainties are detailed in the Company's Form 10K for the period ended December 31, 1996 and are incorporated herein by reference. Chyron Corporation Chyron Corporation is a Melville, NY based company founded in 1966. The company develops and manufactures on screen graphics solutions for the broadcast industry. In the United States the graphics (e.g. develops, manufactures, markets and supports a broad range of equipment, software and systems that facilitate the production and enhance the presentation of live and pre-recorded video, audio and other data. Chyron's products enable users to (i) create and manipulate text, logos and other graphic images using 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. such as 3D transforming, compositing and painting, (ii) manage, monitor and distribute video, audio and other data signals; and (iii) control edit processes and automate broadcast equipment. CONTACT: Chyron Corporation Michael Wellesley-Wesley, 516/845-2005 Isaac Hersly, 516/845-2013 or The Equity Group Inc. Devin Sullivan, 212/836-9608 Robert Goldstein, 212/371-8660 |
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