Philips Communication & Security Systems and Loronix Information Systems, Inc. Sign Memorandum of Understanding.
LANCASTER, Pa.--(BUSINESS WIRE)--Aug. 16, 1999--
Philips Communication and Security Systems (Philips CSS (1) See Cascading Style Sheets.
(2) (Content Scrambling System) The copy protection system applied to DVDs, which uses a 40-bit key to encrypt the movie. ) and Loronix Information Systems, Inc. (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 : LORX) announced today that they have entered into a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. whereby Philips CSS will sell the Loronix CCTVware(R) products on a worldwide basis under the Philips brand.
"We are extremely pleased to be associated with Philips CSS and we view this relationship as an integral part of our worldwide distribution strategy," commented Edward Jankowski, Chief Executive of Loronix. "The Philips CSS marketing, sales and support infrastructure reaches around the world and will provide Loronix access to market opportunities that otherwise would not be available to us."
Mr. Jerry Gabbard, Chief Executive Officer of Philips CSS in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , noted that, "One of Philips' strategies is to seek out technology and products that supplement our goal of providing a full suite of digital video recording products to our comprehensive worldwide distribution channels. We have been following Loronix's success with its CCTVware digital video recording technology that, coupled with integrated networking A network that supports both data and voice and/or different networking protocols. See converged network and new public network. and long-term Long-term
Three or more years. In the context of accounting, more than 1 year.
1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. archiving capabilities, provides the most comprehensive high-end digital video recording products available."
Under the terms of the Memorandum of Understanding, Philips CSS will sell the Loronix CCTVware products under the Philips brand name throughout the Americas, Europe, Africa, the Middle East and Asia.
Loronix Information Systems, Inc. is a publicly held corporation that develops, markets, sells and supports a family of innovative digital video surveillance and identification systems for use in a wide range of applications and industries. Philips CSS is part of Royal Philips Electronics of the Netherlands (NYSE NYSE
See: New York Stock Exchange :PHG), headquartered in Amsterdam.
Royal Philips Electronics of the Netherlands is one of the world's biggest electronics companies and Europe's largest, with sales of over US$33.9 billion in 1998. It is a global leader in color television sets, lighting, electric shavers, color picture tubes for televisions and monitors, and one-chip TV products. Its 233,700 employees in more than 60 countries are active in the areas of lighting, consumer electronics, domestic appliances domestic appliance domestic n → appareil ménager , components, semiconductors, medical systems, business electronics, and IT services (Origin). Philips is quoted on the NYSE, London, Frankfurt, Amsterdam, and other stock exchanges. News from Philips is located at www.news.philips.com