/ CORRECTION - Avid Announces Agreement to Acquire Euphonix
NAB (Booth SU902) In the news release, " Avid Announces Agreement to Acquire Euphonix," issued earlier today by Avid(r) (NASDAQ: AVID), please be advised that "www.EUPHONIX.com (http://www.EUPHONIX.com) " in the last sentence of the fifth paragraph should link to www.EUPHONIX.com (http://www.EUPHONIX.com) rather than www.ELBA.com (http://www.ELBA.com) as originally issued. Complete corrected text follows.
Avid Announces Agreement to Acquire Euphonix
Comprehensive Range of Audio and Video Control Surfaces and Consoles Expands Avid Portfolio to Provide Seamless Interoperability Across Broad Spectrum of Third-Party Solutions for Every Customer
LAS VEGAS, NV -- April 11, 2010 -- NAB (Booth SU902) Avid@ (NASDAQ: AVID) today announced that it has entered into a definitive agreement to acquire Mountain View, CA-based Euphonix, a leader in large-format digital audio consoles, media controllers and peripherals. With the acquisition, Avid will deliver a broad range of audio and video control surfaces and consoles designed to meet the needs of customers ranging from the independent professional to the high-end broadcaster. Avid plans to continue to support and sell both Euphonix control surfaces and Avid's existing ICON solution, enabling customers to leverage existing investments in industry-leading hardware.
"This acquisition greatly expands our portfolio to offer customers a complementary set of workflow solutions -- from independent producers creating music in their home studios to broadcasters preparing segments for national broadcast," said Gary Greenfield, chairman and CEO, Avid. "We remain committed to driving interoperability and modularity across a vast ecosystem of Avid and third-party creative hardware and software solutions. And, as audio and video workflows continue to converge, we are now well positioned to deliver control surfaces that work across both audio and video applications, making the content creation process more cost-effective and efficient for our customers."
Avid plans to further develop an open standard protocol that greatly expands the ecosystem of compatibility between the Euphonix control surfaces and a wide range of Avid and third-party audio and video applications, including Media Composer and Pro Tools. For existing Euphonix customers, Avid will continue to support EuCon --the Euphonix high-speed Ethernet protocol that enables its control surfaces to interface with third-party software.
The transaction is expected to close at the end of April.
About Euphonix Euphonix, a leading manufacturer of professional digital audio consoles and recording equipment has provided customers worldwide with trusted broadcast, post, live sound and music production solutions for over 20 years. Key products include Max Air, System 5 and S5 Fusion consoles as well as the System 5-MC and MC Pro DAW controllers. In January 2008 Euphonix released a revolutionary new line of Ethernet media controllers for the personal studio. Comprised of the MC Control, MC Mix, MC Transport and MC Color, the Artist Series brings the unparalleled resolution and software integration of Euphonix high-end consoles into the hands of the individual. For more information call +1 (650) 855-0400 or visit www.EUPHONIX.com (http://www.EUPHONIX.com) .
About Avid Avid creates the digital audio and video technology used to make the most listened to, most watched and most loved media in the world -- from the most prestigious and award-winning feature films, music recordings, television shows, live concert tours and news broadcasts, to music and movies made at home. Some of Avid's most influential and pioneering solutions include Media Composer, Pro Tools, Avid Unity, Interplay, Oxygen 8, Sibelius(r) and Pinnacle Studio(tm). For more information about Avid solutions and services, visit www.avid.com (http://www.avid.com) , del.icio.us, Flickr, Twitter and YouTube; connect with Avid on Facebook; or subscribe to Avid Industry Buzz.
(c) 2010 Avid Technology, Inc. All rights reserved. Avid, the Avid Logo, Avid Active, Avid Unity, Airspeed, D-Control, Deko, DekoCast, iNEWS, Interplay, ISIS, Media Composer, NewsCutter, Nitris, Pinnacle Studio, Post Deko, Pro Tools, Sibelius and Symphony are trademarks or registered trademarks of Avid Technology, Inc. or its subsidiaries in the United States and/or other countries. The Interplay name is used with the permission of Interplay Entertainment Corp., which bears no responsibility for Avid products. All other trademarks are the property of their respective owners.