Contents | < Browse | Browse >
VISCORP USA AND ESCOM AG ANNOUNCE LETTER OF UNDERSTANDING FOR ACQUISITION
OF AMIGA TECHNOLOGIES BY VISCORP
Heppenheim, Germany and Chicago, IL, April 12, 1996 -- ESCOM AG, a German
computer manufacturer and reseller and Visual Information Services Corp.
(Nasdaq: VICP, Bulletin Board), a developer of interactive TV (ITV)
set-top-boxes to enhance television use and viewing by providing Internet
access and electronic communications function, today jointly announced that
a binding letter of understanding has been signed between the companies.
The letter states that Chicago-based VIScorp would acquire Amiga
Technologies, including the intellectual properties of the former Commodore
Business Machines, excepted Commodore trademarks. The transaction value is
approximately US $40 million. Terms were not disclosed, and the pending
acquisition would be subject to approval by both companies' boards of
"This intended acquisition is part of VIScorp's strategy to build market
leadership in the fast-growing field of ITV", said William Buck, Chief
Executive Officer. "As a result, we would own Amiga intellectual
properties, including several that are currently used in our set top-box,
Electronic Device (ED(). We would also have control over the supplied chip
sets used in ED as well as Amiga inventories and access to the company's
current sales and distribution channels."
Commenting the proposed acquisition, Helmut Jost, chief executive of ESCOM
AG, said: "VIScorp has a clear vision of the Amiga technology potential for
ITV applications. We are eager to support and work together over the term
of the letter of understanding to ensure a smooth transition between the
two companies. VIScorp anticipates the support of ongoing European sales
of popular models such as the A4000T and the A1200 as well as the current
developments and future releases of Amiga Technologies."
Petro Tyschtschenko, president of Amiga Technologies stated "I am looking
forward to being able to take advantage of the research and development
support potential that an Amiga-related company like VIScorp can provide."
Commenting that the primary objective of the proposed acquisition is to
give VIScorp full access to the Amiga technology to support development of
its ITV device, Mr. Buck noted: "Our intention is to rapidly develop and
begin manufacturing TV set-top interactive boxes -- products that give home
users capabilities such as telephone reception and dial up capabilities,
facsimile, video games, pay-per-view options, electronic mail, and access
to on-line services, including the Internet."
Product names mentioned herein may be trademarks and/or registered
trademarks of their respective companies.
Berliner Ring 89
Tel +49 6252 709 195
Fax +49 6252 709 520