Comcast Completes $10 Million Investment in SeaChange.Business/Technology Editors MAYNARD, Mass.--(BUSINESS WIRE)--March 1, 2001 SeaChange International  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . (Nasdaq: SEAC SEAC Student Environmental Action Coalition SEAC Spongiform Encephalopathy Advisory Committee SEAC Southeast Archeological Center (National Park Service) SEAC South East Asia Command (Allies WWII) ) today announced that it has received $10 million in cash from Comcast Corporation (Nasdaq: CMCSK, CMCSA) in connection with the investment portion of its strategic partnership, which was announced on December 5, 2000. In addition, SeaChange has received an initial order from Comcast Cable Communications, a division of Comcast Corporation and the country's third largest cable operator, for its ITV (1) See interactive TV. (2) (iTV) The code name for Apple's video media hub (see Apple TV). systems as part of a previously announced long-term master purchase agreement. "The launch of video-on-demand this year will be an important next step in our digital strategy to offer customers even more viewing choices than ever," said Steve Burke, president of Comcast Cable Communications, Inc. "SeaChange has established itself as one of the leaders in interactive television technology and our partnership reflects our confidence in their ability to help us achieve our goal of being a new products leader." "Comcast's endorsement of SeaChange is testament to the success we've achieved through our focus on delivering the best digital video server solutions to the television industry," said Bill Styslinger, 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. , SeaChange International. "As one of the most aggressive new products companies in the industry, Comcast is poised to completely change the nature of television and we're very excited to be a partner with them in this evolution." In exchange for the $10 million investment, Comcast received 756,144 shares of SeaChange common stock plus a warrant to purchase 100,000 shares of SeaChange common stock at a price of $13.225 per share. SeaChange and Comcast entered into a revised agreement providing for the immediate closing of the equity purchase. In connection with this investment, SeaChange today is filing with the SEC a registration statement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the shares of SeaChange common stock purchased by Comcast. Comcast may also receive additional shares and warrants at the time the registration statement is declared effective by the SEC. In compliance with a request from the SEC in connection with its review of the Comcast transaction, SeaChange is filing amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. 10-Q's for the year ended January 31, 2001, an amended 10-K for the year ended December 31, 1999, and a 10-Q for the quarter ended April 30, 2000. These filings principally serve to clarify previously reported financial results including the presentation of quarterly financial results after the change made in the Company's fiscal year in April 2000. The Company's previously reported financial results have not changed. About Comcast Comcast Corporation (www.comcast.com) is principally involved in the development, management and operation of broadband cable networks, and in the provision of electronic commerce and programming content. Comcast Cable is the third largest cable company 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, incorporating pending cable transactions, will serve more than 8.4 million subscribers. Comcast's commerce and content businesses include majority ownership of QVC QVC Quality Value Convenience QVC Question Valid Command , Comcast-Spectacor, Comcast SportsNet, and The Golf Channel, a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in E! Entertainment Television, and other programming investments. Comcast's Class A Special and Class A Common Stock are traded on The NASDAQ Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbols CMCSK and CMCSA, respectively. About SeaChange SeaChange International, Inc., headquartered in Maynard, Mass., is a leader in the market for digital video systems for television. SeaChange creates powerful server and software systems that manage, store and distribute professional quality digital video. SeaChange's innovative products are based on a scalable, distributed software architecture and standard technology components to continuously deliver exponential 1. (mathematics) exponential - A function which raises some given constant (the "base") to the power of its argument. I.e. f x = b^x If no base is specified, e, the base of natural logarthims, is assumed. 2. improvements in digital video cost-performance. As a result, SeaChange enables broadband, broadcast, satellite and new media companies to streamline operations and reduce costs, allowing for expanded services, new applications and increased revenues. Visit www.seachangeinternational.com. MediaCluster is a registered trademark of SeaChange International. |
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