Release Dates: Immediate
Kirsten Witt , MindSpring Enterprises, Inc.
RAVISENT Technologies Inc. Teams with MindSpring to Offer Internet Access via Users Own TV Screen
MindSpring Subsidized Internet Appliance Allows Customers to Surf the Web without a Computer
MALVERN, PA, (December 08, 1999)- RAVISENT Technologies Inc. (NASDAQ: RVST), a leading supplier of software solutions to the personal computer and consumer electronics markets, today announced that it has signed a definitive agreement with MindSpring (NASDAQ: MSPG), to deliver a unique Internet appliance that allows consumers to access the Internet and surf the Web, without a computer. Customers using the RAVISENT Internet Television Appliance (ITV) simply use their television screens as they would a computer screen to surf the Web, read and send E-mail and perform other Internet-based functions. RAVISENT plans to offer the RAVISENT Internet Television Appliance (ITV) featuring the MindSpring Internet access package during first quarter of 2000.
Under the terms of the agreement, RAVISENT will offer its Internet Television (ITV) appliance at a subsidized, competitive price to customers who subscribe to two years of MindSpring's award-winning Internet access service. The appliance will be distributed through a PC and consumer electronics manufacturer and will feature a downloadable version of MindSpring Internet software 4.0. The selection of a manufacturer has not been finalized. The company selected will enter a licensing agreement with RAVISENT for the Internet Appliance intellectual property and will manufacture and distribute these devices under their own brand name. RAVISENT, through existing manufacturing relationships, currently has the ability to deliver the ITV appliance to enable the immediate rollout of the MindSpring agreement.
Frank Wilde, CEO of RAVISENT Technologies, Inc., commented, " The relationship with MindSpring crystallizes our goal of partnering with industry leaders to deliver unique solutions to meet the growing demands of consumers. RAVISENT's low-cost easy-to-use Internet access appliance will empower a broader spectrum of consumers who may not already own a computer, with the information and convenience delivered through the Internet. This partnership will immediately place RAVISENT's technology in the homes of consumers allowing them to experience the future of technology today. In addition, RAVISENT is working on several other initiatives to expand the use of the ITV appliance and the free appliance distribution model through the development of relationships with leading PC and consumer electronics manufacturers, leading financial and educational institutions, and national retailers."
"MindSpring is committed to providing our customers with the latest in Internet access technology," said Melanie Bauzenberger, National Business Development Manager, MindSpring. "The RAVISENT Internet Television appliance provides a low cost and easy-to-use alternative to traditional Internet access with the convenience and familiarity of a television set. Now customers do not need a computer to surf the Net."
Frank Wilde, concluded, " The relationship with MindSpring is a clear indication of the success of our management group in understanding the future of the consumer electronics marketplace. Our recent purchase of Teknema is immediately impacting the future prospects of our business and expanding the opportunities for RAVISENT. The market is moving toward the traditional cable and cellular telephone model of giving away the appliance to gain monthly service revenue. Additional evidence of this shift is the recent development of similar relationships with other ISP's such as High Speed Access Corporation, broadband ISP and Voyager.net; regional ISP's in the U.S., met@box in Germany, and Telecom Italia, in Italy. The benefits that arise from our intellectual property will allow the consumer electronic and personal computer markets to meet the demands of consumers today while at the same time enhancing our growth."
MindSpring Enterprises, Inc. (Nasdaq:MSPG) is a leading Internet service provider focused on delivering outstanding service and support to its customers. By following its Core Values and Beliefs, MindSpring is committed to doing an exceptional job of serving its customers, its employees, its owners and its community. MindSpring's dial-up subscribers can browse the World Wide Web, send electronic mail, participate in informative online chats and access over 20,000 newsgroups. MindSpring offers local Internet access in more than 890 locations throughout the United States. The MindSpring Biz division is a leading provider of Web Hosting services and domain registrations. For more information about MindSpring's services, please visit the Web site: www.mindspring.net or call 1-888-MSPRING.
About RAVISENT Technologies Inc.
RAVISENT is driving the digital entertainment revolution with an integrated suite of innovative digital video and audio products for PC and consumer electronics manufacturers. RAVISENT enables the convergence of personal computer and consumer electronics devices through software and hardware products designed around a unique, modular software architecture that provides a consistent look and feel across technology platforms. Combining outstanding on-screen quality with high overall system performance and integration, RAVISENT provides flexible and cost-effective solutions to a spectrum of partners in the PC-OEM, CE-OEM and semiconductor markets, including Acer, Compaq, Dell Computer, Gateway, Hewlett-Packard, Micron, Fujitsu, , Quantex, Sony, Tottori-Sanyo, Vestel, Yamaha, ATi Technologies, C-Cube, and ST Microelectronics. Founded in 1994, RAVISENT is headquartered in Pennsylvania and has offices in the Silicon Valley, Seattle, Germany and Japan. Information about RAVISENT can be found on the World Wide Web at www.ravisent.com.
All companies and product names mentioned herein are for identification purposes only and may be trademarks and/or registered trademarks of their respective companies.
This press release may contain certain forward-looking statements that relate to RAVISENT's future business and financial performance. Such statements are subject to a number of risks and uncertainties that may cause the actual events of future results to differ from those discussed herein. Such factors include, among others: RAVISENT's recent change in its business model, its limited operating history, fluctuating quarterly operating results, expectation of future losses, anticipated price declines in products, dependence on its CineMaster products, dependence on a small number of customers, lack of long-term commitments with customers, dependence on manufacturers and strategic relationships, product delays, the difficulty of protecting proprietary rights, the ability to manage growth and attract and retain additional personnel, the potential for defects in its products, risks from international operations, its ability to raise capital in the future, its dependence on the personal computer and consumer electronics industries, competition, its ability to manage technological change and respond to evolving industry standards, government regulation and Year 2000 software issues.
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