Data Broadcasting Corp. signs letter of intent to acquire Broadcast International Inc.MIDVALE, Utah--(BUSINESS WIRE)--Dec. 15, 1994--Data Broadcasting Corp. (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 :DBCC DBCC Daytona Beach Community College (Florida) DBCC District Business Conduct Committee (NASD) DBCC Desert Breeze Community Church (Glendale, AZ, USA) ) and Broadcast International Inc. (NASDAQ/NMS:BRIN) Thursday announced that they have signed a letter of intent for the acquisition of Broadcast International by Data Broadcasting in a merger transaction. In the merger, Data Broadcasting (DBC See dBA. (language, parallel) DBC - A data-parallel bit-serial C based on MPL. SRC, Bowie MD. E-mail: <maya@super.org>. ) will pay for each share of Broadcast International (BI) $2.25 in cash and 1.01408 shares of DBC common stock. The merger will be structured to be tax-free for the common stock portion of the consideration. The letter of intent is an agreement in principle. Consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the transaction is subject to, among other things, the negotiation, execution and delivery by Jan. 15, 1995 of a definitive merger agreement, the obtaining of all necessary governmental approvals and the approval of the transaction by the stockholders of DBC and BI. DBC is a leading provider of real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. financial market data, analytics, news and sports information. BI is a supplier and distributor of business information, real-time financial market data, and communications services to retail, financial and other business customers. Allan Tessler and Alan Hirschfield, co-chief executive officers of DBC, stated that they view this transaction as an important step in achieving the strategic objectives of the company. "The merger of Data Broadcasting and Broadcast International would enable us to expand significantly our market position as a leading provider of financial, sports and other information and services, provide entry into the business satellite arena, and create an enterprise 50 percent larger than our existing base, giving us critical mass as a financial and business information supplier," said Tessler and Hirschfield. BI Chief Executive Officer Dwight Egan and BI 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. Dennis Crockett stated that this transaction would provide an important opportunity for BI shareholders to participate in the growth of a larger and well-positioned combined enterprise. "We look forward to the significant operating efficiencies this combination would provide both our companies and the growth opportunities afforded by an enterprise of this magnitude," said Egan and Crockett. Broadcast International's Bonneville division, an important supplier of real-time financial market data and a leader in agricultural commodities data distribution, offers an opportunity for a significant expansion of DBC's market data business. It utilizes satellite technology and other high-speed data transmission technologies that complement DBC's own services. Broadcast International's Instore Satellite Network and Business Television divisions provide consumer and business information and interactive video conferencing See videoconferencing. (communications) video conferencing - A discussion between two or more groups of people who are in different places but can see and hear each other using electronic communications. to thousands of retail and business locations. Data Broadcasting Corp. is a leading provider of wireless, real-time financial market data, news and sophisticated fixed income portfolio analytics to the individual and professional investment communities. DBC also utilizes TV cable and proprietary telecommunications networks A telecommunications network is a of telecommunications links and nodes arranged so that messages may be passed from one part of the network to another over multiple links and through various nodes. to deliver information to its 27,000 subscribers. Through its DBC West, Shark Information Services See Information Systems. and Capital Management Sciences operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon , the company markets products under the Signal, SignalCard, QuoTrek, Shark, BondEdge, PACE, SportSignal, RaceTrax and SporTrax trademarks. CONTACT: Broadcast International Inc. Nicholas Ruitenberg, 801/562-2252 |
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