Genroco to Spin Off Digital Video Business.SLINGER, Wis.--(BUSINESS WIRE)--Oct. 11, 1999-- VideoPropulsion to Drive Next Generation TV GENROCO, Inc. (GENROCO) (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : GRCI), a world leader in Storage Area Network (SAN) technology, announced that it has created a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. for its fledgling digital video business, which will be spun off to shareholders early next year. VideoPropulsion, Inc. (VideoPropulsion), when distributed When distributed When issued. via a stock dividend to GENROCO shareholders, is expected to begin trading as a separate company on the OTC Bulletin Board in early 2000. GENROCO stockholders will receive one share of VideoPropulsion for each share of GENROCO and any restrictions on original GENROCO shares will pass through to the resulting VideoPropulsion stock. The new firm also plans to sell shares to employees and outside investors. GENROCO will complete a Securities and Exchange Commission Form 10 application prior to spinning off VideoPropulsion. "We believe the formation of VideoPropulsion is a great opportunity for our organizations' customers, shareholders, and employees to reap the benefits of brainpower brain·pow·er n. 1. Intellectual capacity. 2. People of well-developed mental abilities: a country that doesn't value its brainpower. Noun 1. directed into two of the most exciting businesses in the new millennium", said Carl A. Pick, Chairman, 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. of GENROCO, who will also act as Chairman for VideoPropulsion. "The spin-off leaves GENROCO free to concentrate on its core SAN market while creating an entity fully focused on the emerging digital television industry." VideoPropulsion will provide GENROCO's Digital Video Broadcast (DVB (Digital Video Broadcasting) An international digital television (DTV) standard that is the European and Far Eastern counterpart of the North American ATSC standard. ) offerings which have been selected as the technology of choice in UNIX UNIX Operating system for digital computers, developed by Ken Thompson of Bell Laboratories in 1969. It was initially designed for a single user (the name was a pun on the earlier operating system Multics). and Windows NT video servers and digital video systems by firms such as Open (BIB), SGI (SGI, Sunnyvale, CA, www.sgi.com) A manufacturer of workstations and servers, founded in 1982 by Jim Clark. The company was founded as Silicon Graphics, Inc., but changed to its acronym in 1999. , Sun, Compaq, Scientific-Atlanta, Xstreme (Concurrent), and others. The Company will also sell GENROCO's Fibre Channel networking products into the digital video market. Barbara R. Pick, co-founder of GENROCO and VideoPropulsion's President and CEO added, "Our new team, several of whom have worked together for over 20 years, will continue to offer the lowest cost per video stream for high-speed DVB interfaces needed to deliver digital TV content from video servers at satellite or cable company headends. VideoPropulsion and its partners will provide and install digital video infrastructure for Multiprogram Service Organizations (MSOs) such as Time Warner, Cox Communications, and Charter, as well as DVB interface cards and software drivers to video server users employing Oracle, Microsoft, and other applications." Systems using VideoPropulsion DVB hardware and software will soon provide the infrastructure, which will allow consumers to use their TV sets for interactive services such as email, home shopping, web browsing, IP telephony, and other internet applications. Though volumes for DVB have been relatively low to date, the market is expected to soar as tens of millions of digital set top boxes find their way into homes over the next few years and interactive digital television services begin to roll out. Several dozen VideoPropulsion customers have been developing a wide variety of applications, such as video on demand (VOD See video-on-demand. VoD - video on demand ), for the Company's DVB controllers since 1995. Product offerings have grown in sophistication so·phis·ti·cate v. so·phis·ti·cat·ed, so·phis·ti·cat·ing, so·phis·ti·cates v.tr. 1. To cause to become less natural, especially to make less naive and more worldly. 2. and are being repeatedly selected as the highest performance, lowest cost per video stream on the market today. About GENROCO GENROCO, Inc. is a 25 year old, publicly traded engineering and marketing company that specializes in developing I/O (Input/Output) The transfer of data between the CPU and a peripheral device. Every transfer is an output from one device and an input to another. See PC input/output. I/O - Input/Output solutions for users of high performance storage area networks (SANs). By providing cross-platform support for its patented technology, the Company is able to offer unique, extraordinarily high bandwidth, low host overhead products for these markets. GENROCO enjoys a global customer base that includes Compaq, Fujitsu, SGI, Sun, StorageTek, the US Departments of Defense and Energy, CERN CERN or European Organization for Nuclear Research, nuclear and particle physics research center straddling the French-Swiss border W of Geneva, Switzerland. , and other research institutions. Additional information about GENROCO can be found at http://www.genroco.com . About VideoPropulsion VideoPropulsion, Inc. is a new, leading edge digital video technology company with expertise in providing high performance, hardware and software solutions for users of digital video servers. The Company's worldwide customer base includes Tektronix, Concurrent, Oracle, SGI, Compaq, Sun, and other major companies. Additional information about VideoPropulsion can be found at http://www.videopropulsion.com . SOURCE: DigitalWork ( http://www.digitalwork.com ) WHERE SMALL BUSINESS GOES TO WORK |
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