Major Israel-Based Investor Group Acquires 11.7% Equity Interest in RT-SET, the Strategic Partnership of Chyron Corporation and BVR Technologies Ltd.

MELVILLE, N.Y.--(BUSINESS WIRE)--May 23, 1996--Chyron Corporation (NYSE: "CHY") and BVR Technologies Ltd. (NASDAQ: "BVRTF") announced today that the Challenge Fund has entered into an agreement to make a $2 million cash investment in RT-SET (Real-Time Synthesized Entertainment Technology) Ltd., of Herzelia, Israel, in exchange for an approximate 11.7% equity interest in RT-SET. The Investors have an option to convert the shares they acquired in RT-SET into BVR shares, up to approximately 190,000. RT-SET develops, integrates, and markets real-time virtual studio software and proprietary communication hardware that operates on Silicon Graphics systems for the real-time 3D virtual sets and environments used in broadcast and cable television, post-production interactive programming, and other content-intensive video production.

As announced in February, 1996, Chyron acquired a 19% interest in RT-SET in exchange for 2.4 million shares (representing approximately 2.5% of Chyron's outstanding Common Stock), and certain call option rights, which, when exercised, will result in Chyron owning up to a 51% position in RT-SET Common Stock.

Michael Wellesley-Wesley, Chairman of Chyron Corporation, commenting on RT-SET's recent performance, stated:

"As announced in mid-April at the National Association of Broadcasters Convention in Las Vegas, Nevada, the joint marketing, service and support agreement provided for in the Chyron/RT-SET strategic partnership has, since February 1996, resulted in several achievements, the most significant of which are the selection of RT-SET virtual studios by: Bloomberg and CKS Pictures. Customer interest in the system demonstrated at NAB was at a high level and extremely encouraging. The endorsement by The Challenge Fund supports Chyron's positive outlook for capturing a significant share of the virtual studio market."

Aviv Tzidon, Chairman of RT-SET and co-founder and director of BVR Technologies Ltd., stated:

"We see the investment by The Challenge Fund as further endorsement of the RT-SET technology, coupled with Chyron's market credibility. The ability of the strategic alliance of Chyron and RT-SET to bring to the broadcast and post-production markets virtual studio solutions is greatly enhanced by our prestigious new co-investor. The Challenge Fund lists among its principal investors the Bronfman Family of the United States, who have recently acquired controlling interests in MCA and Universal Studios, world recognized leaders in the production of "content" for the film, broadcasting, audio and multimedia entertainment industries. The investment of $2 million cash, plus the management assistance we will receive from our new investor, will accelerate the process of establishing RT-SET as a world leader in the area of advanced virtual studio technology."

The Challenge Fund, managed by Joseph Ciechanover and Yair Shamir, is an investment fund based in Israel. Mr. Ciechanover is also the Chairman of El Al Israel Airlines and former President of PEC Israel Economic Corporation (NYSE: "IEC"), Mr. Shamir was formerly CEO of Elite Industries (TASE: "ELITE") and General Manager of Scitex Israel.

BVR Technologies is engaged in the development, manufacture, and marketing of advanced training and simulation systems for the aircraft and other industries. RT-SET develops, markets, and integrates 3D computerized broadcasting systems technology for the broadcasting, post-production, and other video production markets.

Chyron Corporation designs, manufactures, and serves worldwide markets for digital equipments, software, systems and solutions for graphics creation, signal routing and data management which facilitate television production and post-production processes. Chyron products are used to enhance creativity and add value to live and recorded television "content" delivered to worldwide audience via broadcast, cable, direct broadcast, tape, CD-ROMs and other multimedia and telecommunication display medium formats in use today and planned for the future.

CONTACT: Chyron Corporation

Michael Wellesley-Wesley, 516/845-2005

Isaac Hersly, 516/845-2013

Judy Mauro, 516/845-2015

or

RT-SET/BVR

Aviv Tzidon, 972-3-571-5671

Paul Schmidman, 415/775-9657

or

Chyron's Investor Relations Counsel

The Equity Group

Devin Sullivan, 212/836-9608

Robert Goldstein, 212/371-8660

or

RT-SET/BVR Press Info

Skip Ferderber, 818/981-9291