SAN MATEO, Calif.,
"The NASDAQ Panel's determination is reflective of the activities that are
underway in our business," said
Specific milestones at the Company include: -- significant change in the senior management team that now includes seasoned individuals in the CEO, Global Sales and Chief Marketing Officer executive positions --with all three individuals having been colleagues from a previous "turnaround" success -- significant reduction of corporate-wide costs -- the launch of an expanded product portfolio, engineered to provide unique and patented capabilities that will be fundamental to the emerging Unified Communications market -- the diversification in go-to-market, partnering, technology licensing and distribution strategies -- a financing round in January 2008 of $7 million in convertible debt, led by Leucadia National Corporation -- an appraisal last year by Ocean Tomo, LLC, a leading appraisal and services firm with specialized expertise in valuing patents, providing Avistar with an analysis indicating that, subject to certain assumptions, the potential net present value of monetizing Avistar's intellectual property was between $350 million and $500 million.
"The effect of these and other actions have combined to support Avistar's
value in the marketplace," said
As previously reported, in
In its determination, the Panel noted that if at any time before
Forward Looking Statements
Statements made in this news release that are not purely historical, including but not limited to statements regarding the impact of the Company's recent initiatives on its customer base, its patent portfolio, its costs and the value of the Company, growth in the market for Unified Communications, the importance of the Company's patented capabilities to the emerging Unified Communications market, and the net present value of monetizing Avistar's intellectual property portfolio,, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act. Such statements are subject to risks and uncertainties that could cause actual results to differ materially, including such factors, among others, as Avistar's lengthy sales cycle, volatility associated with Avistar's sales and licensing activities, market acceptance of Avistar's products, increased competition in the market for unified communications, technical challenges associated with product development, ongoing technological developments and changing industry standards, challenges associated with protecting and licensing Avistar's intellectual property, uncertainty associated with the USPTO's review of the Company's U.S. patents, difficulties associated with enforcing or licensing Avistar's patent portfolio, and risks that the assumptions and qualifications upon which the Ocean Tomo report was based do not materialize. These and other risk factors are discussed in Avistar's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission from time to time. Avistar disclaims any intent or obligation to update these forward-looking statements.
About Avistar Communications Corporation
Avistar creates technology that provides the missing critical element in unified communications: bringing people in organizations face-to-face, through enhanced communications, for true collaboration anytime, anyplace. Its latest product, C3, draws on over a decade of market experience to deliver a single- click desktop or room-based videoconferencing and collaboration experience that moves business communications into a new era. Available as a stand-alone solution, or integrated with existing unified communications software from other vendors, Avistar's C3 users gain instant messaging-style ability to initiate video communications and collaborate across and outside the enterprise. Patented bandwidth management enables thousands of users to access desktop videoconferencing, Voice over IP (VoIP), collaboration services, and streaming media without requiring substantial new network investment or impairing network performance.
Avistar's desktop videoconferencing and collaboration installations are among the world's largest, including more than 18,000 seats in more than 40 countries. Clients report as much as a 20 percent reduction in travel expense and carbon emissions, a several percentage point increase in productivity, and immeasurably improved relationship-building within their organizations, as well as with suppliers and customers. Avistar holds a portfolio of 80 patents for inventions in video and network technology and licenses IP to videoconferencing, rich-media services, public networking and related industries. Current licensees include Sony Corporation, Polycom, Inc., Tandberg ASA, Radvision Ltd. and Emblaze-VCON.
For more information, visit www.avistar.com
SOURCE Avistar Communications Corporation