VIScorp Moves to Acquire Leading Technology Company
Chicago, IL, April 11,1996 -- 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 functions, announced that it has a binding letter of understanding to acquire the assets of Amiga Technologies from Escom AG.
"We believe the Amiga television interface technology is clearly superior to anything that now exists for ITV boxes," said William Buck, VIScorp's chief executive officer. "Earlier this year, we licensed this technology for our second-generation prototype box. The proposed acquisition of Amiga would enable us to fully apply the proprietary technologies, patents and copyrights that are vital to the appearance, user appeal and functionality of our product."
The proposed acquisition would include the intellectual property of the former Commodore Business Machines, except Commodore trademarks. Terms were not disclosed. The pending acquisition would be subject to the approval of both boards of directors.
Mr. Buck stated: "Aiding our time to market, the proposed acquisition of Amiga would provide us with the installed base of our primary target market for Internet-supported software program distribution, which may ultimately lead to a new type of television network. This intended acquisition is part of VIScorp's strategy to build market leadership in the fast-growing field of ITV."
Mr. Buck explained that the proposed acquisition would give VIScorp ownership of Amiga intellectual properties, including several that are currently used in its set-top Electronic Device (ED), as well as control over the supply of chip sets used in ED, Amiga inventories, and access to the company's sales and distribution channels.
If the acquisition is completed, noted Mr. Buck, VIScorp anticipates continued sales and support of popular Amiga computer models. Commenting that the primary objective of the proposed acquisition is to give VIScorp full access to the Amiga/Commodore technology to support development of its ITV device, Mr. Buck said: "Our TVset-top interactive boxes would give home users capabilities such as telephone reception and dial-up, facsimile, pay-per-view options, electronic mail, access to online services, including the Internet, and more."
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Corporate Information Contact: Florine Radulovic