Projectavision to Change Corporate Name To Vidikron Technologies Group, Inc.
Names Key Management Team and Plans to Market Brands Separately Via Existing Channels
Under the proposed name change, which was announced at the 1999 Winter Consumer Electronics Show being held here, the newly-created Vidikron Technologies Group, Inc. will market and sell high-end projection products under both the Projectavision and Vidikron brands. Vidikron Technologies Group, Inc. will encompass Vidikron S.p.A., the European operations based in Milan, Italy, and Vidikron of America, Inc., the combined U.S. business of Vidikron and Projectavision based in Jersey City, NJ. The name change requires the approval of Projectavision shareholders, which the company intends to seek in the first quarter of this year.
Martin J. Holleran will be President and CEO of Vidikron Technologies Group Inc. Reporting to Holleran will be Flavio Peralda, President of Vidikron S.p.A., Giovanni Cozzi, President of Vidikron of America Inc., Sherman Langer, Executive Vice President of Operations/Product Development, and Stuart Barlow, Vice President of Finance. Emilio Baj Macario will be Managing Director of Vidikron S.p.A., reporting to Peralda, and James Wellnitz will be Executive Vice President of Marketing and Sales for Vidikron of America, Inc., reporting to Cozzi.
"I am thrilled to be part of this new company," said Holleran. "We have a world class brand in Vidikron, a seasoned executive team, and a plan to grow the business. This proposed new name and enhanced organization will help us seize global marketplace advantage with the product design and engineering innovations we deliver to consumers and business users." Holleran explained. "With the strength of our worldwide dealer network, enhanced customer service, and our unique portfolio of intellectual property, Vidikron Technologies Group, Inc., is positioned to emerge as the premier developer, marketer and licenser of high-end projection products." Vidikron Technologies Group, Inc. plans to maintain the current channels of distribution for both Vidikron and Projectavision branded products.
"I am also thrilled to be part of this new company," Peralda added. "We can now strengthen the Vidikron brand on a worldwide basis, and help capture the sales and marketing opportunities that abound for our products in the European markets."
Projectavision, Inc. is in the business of developing and marketing technological innovations in the electronics display and information industries, including patented and patent pending technologies for interchangeable front and rear screen home theater television systems. The company recently completed its transaction with Vidikron Industries S.p.A., a $20 million manufacturer and marketer of high-end projection systems for the consumer and commercial markets in over 30 countries worldwide. Copies of Projectavision's press releases, SEC filings, current price quotes and other corporate information may be found on the website: www.Projectavision.com or www.hawkassociates.com.
The foregoing press release contains forward looking statements, including statements regarding, among other things, the companys expectation of its future business. These forward looking statements are based largely on the Companys expectations and subject to a number of risks and uncertainties, certain of which are beyond the Companys control. Actual results could differ materially from these forwarding looking statements as a result of a variety of factors including, among others, the production schedules of unaffiliated third parties, availability of component parts, the ability to secure the balance of the necessary financing to complete the Vidikron acquisition, satisfaction of all other terms and conditions required by the institutional investors, with respect to the proposed Vidikron acquisition, consumer acceptance of the companys product and prevailing economic conditions as they affect the consumer electronics industry in general. In light of these risks and uncertainties there can be no assurance that the forward looking statements contained in this press release will in fact transpire or prove to be accurate.
Martin J. Holleran, CEO, Projectavision (212) 971-3000
Flavio Peralda, Chairman, Vidikron (011)390 296720275