Pinnacle Systems, Inc. (Nasdaq: PCLE - News), announced today that it completed its acquisition of Steinberg Media Technologies AG based in Hamburg, Germany on January 3, 2003. As previously announced, the companies had entered into a definitive agreement on December 18, 2002. Steinberg specializes in digital audio software solutions for consumers and professionals.
About Steinberg Media Technologies AG
Steinberg Media Technologies AG is known the world over for its professional audio software. The company has been developing, manufacturing and selling software products for professional musicians and producers in the music, video and film industry since 1984. Steinberg products are also enjoying success in the fast-growing consumer market with music creation and other multimedia applications. Steinberg is today one of the world's largest audio software houses.
About Pinnacle Systems, Inc.
Pinnacle Systems provides broadcasters and consumers with cutting-edge digital media creation, storage, and play-back solutions for use at Home, in the Studio and on the Air. Pinnacle Systems' award winning digital media solutions are in use around the world for broadcast, cable and satellite television, video editing, DVD and CDR authoring, and the Internet. A recognized industry leader, the company has received eight prestigious Emmy Awards for its technical innovations and carries this commitment throughout all of its product lines. Pinnacle Systems may be reached at 650-526-1600 or at www.pinnaclesys.com
This press release contains forward-looking statements that involve risk and uncertainties within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 concerning Pinnacle's expected financial performance, as well as Pinnacle's strategic and operational plans. Actual results may differ materially from the forward-looking statements due to certain risks, including among others: general economic conditions, including business conditions in the specific markets for Pinnacle's products; the difficulty of keeping expense growth at modest levels while increasing revenues; increased competition; lack of success in timely development, production, and acceptance of new products, including those acquired in connection with the acquisition of Steinberg; the failure to reduce costs or improve operating efficiencies, including those related to the acquisition of Steinberg; the challenges of achieving anticipated synergies in acquisitions; and the ability to attract, hire and retain key employees. All information set forth in this release and its attachments is made as of December 18, 2002, and the Company undertakes no duty to update this information. More information about potential factors that could affect the Company's business and financial results is included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2002, including (without limitation) under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations," which are on file with the Securities and Exchange Commission (the "SEC") and available at the SEC's website at www.sec.gov.