RT-SET and Peak announce a merger and a new corporate name RTpeak
RTpeak emerges as the dominant force in the Broadcast and Web-cast Graphics market place
New York, NY and Bergen, Norway --(July 5, 2000)-- RT-SET Ltd. and Peak Broadcast Systems Ltd, announced that they have signed an agreement to merge the two companies based on a stock swap transaction.
RT-SET will issue a number of its shares equal to 36.36% of its outstanding shares on the closing date of the transaction, to Peak shareholders. The transaction, which is subject to customary closing conditions, is expected to take place late this summer.
This significant merger of two companies with strong complementary technologies, products, expertise and solid track records creates an industry-leading organisation offering a wide range of broadcast and web-cast graphics solutions.
A privately owned company, Peak Broadcast Systems is a fast growing international supplier of on-air broadcast graphics systems. With offices in Norway, Austria, Ireland and the USA, Peak is established as a key player in the on-air broadcast graphics market. Peak revenues have doubled every year during the last 3 years from $2.8 million in 1998 to $5.5 million in 1999 and year to date in 2000 the company has generated revenues and an order backlog in of approximately $7.0 million. Among Peak's customers are CBS, CNN, NBC, SKY, ORF - Austria, NHK - Japan, NT-V, N24, the Museum of Natural History in the USA and many more. Earlier this year Peak entered into an agreement with Microsoft to support the Microsoft TV Platform and provide interactive web TV tools.
RT-SET is the world leader in virtual studio solutions to the broadcast as well as the web-cast markets with a turnover of $6.5 million in 1999 after $5.8 million in 1998.
During the first quarter of 2000, RT-SET has generated total revenue of $3.4 million which represented 680% increase year-on-year. In March, 2000, RT-SET acquired the Evans & Sutherland Digital Video Division technology and launched the first and only fully featured Windows NT PC-based virtual studio system in the market place today. Since the product launch at NAB and its commercial release in mid-June, sales have exceeded budget and accounted for approximately 30% of 2nd quarter revenues. Among the new customers for this new system are a number of the leading Web-casters in the market place today.
"RTpeak is the fastest growing on-air broadcast graphics company in the industry today with the largest market share. With a strong financial base and superior technology we expect to significantly increase our revenues as well as improve our gross margins, and to maintain our market leadership," explains Shlomo Nimrodi, RTpeak President and CEO.
"The two companies have a great deal of synergies and we intend to leverage the best elements from RT-SET and Peak. Supported by our considerable R&D resources, we intend to lead the industry in new developments and delivery of real time visualization systems to the traditional as well as the new emerging digital convergence markets." added Nimrodi.
Petter Ole Jakobsen, President and CEO, Peak Broadcast Systems, said, "The merger of the two companies makes a perfect match. We are both strong individually but together we are greater than the sum of the parts. We are both dedicated to providing the best possible technology to the industry and with our on-air 3D broadcast graphics solutions and their impressive range of virtual studio systems we are in a very strong position to dominate the market.
"In addition, it is important to underline that we are dedicated to maintaining the customer base of both companies to provide a logical upgrade path for both of our current product lines," added Jakobsen.
Petter Ole Jakobsen will become Executive Chief Technology Officer of RTpeak. RTpeak headquarters will be located in New York where both companies currently have offices.
Yaron Sheinman, chairman of RT-SET, added, "This is a significant transaction, resulting in the most dynamic company in the broadcast graphics market. I am very pleased with the clear synergies and the very positive way the two companies have started their relationship".
Bjarne Berg, chairman of Peak, is a former president of News, Sports and current affairs in TV2, the Biggest Commercial TV Station in Norway.
Berg said upon signing the agreement that he believes that the new company will become the dominant force within the global area of visualisation - leveraging the market leadership in the broadcast market place and towards the new emerging markets.
About RT-SET
RT-SET (Real Time Synthesized Entertainment Technology) Ltd. is a leading provider of fully integrated broadcast graphics solutions, including virtual studio systems, on air graphics, character generators systems, and creative design services. RT-SET (Real Time Synthesized Entertainment Technology) Ltd., is traded on the Neuer Markt (RTZ). RT-SET is a 28% owned affiliate of BVR Technologies Ltd. (NASDAQ: BVRT).
About Peak
Peak Broadcast Systems Ltd, a privately held company, headquartered in Norway, with offices in Austria and New York, develops, markets and supports complete on-air graphics systems and virtual sets to broadcasters and other video professionals on a global basis. The company's products deliver improved productivity, with a consistent on-air look, and feature user-friendly template graphics, asset management and automation for News, Sports and other programs that utilize real-time 2D/3D graphics and/or virtual sets. Peak Broadcast Systems offers its customers complete support services, including the development of custom requirements.
RTpeak emerges as the dominant force in the Broadcast and Web-cast Graphics market place
New York, NY and Bergen, Norway --(July 5, 2000)-- RT-SET Ltd. and Peak Broadcast Systems Ltd, announced that they have signed an agreement to merge the two companies based on a stock swap transaction.
RT-SET will issue a number of its shares equal to 36.36% of its outstanding shares on the closing date of the transaction, to Peak shareholders. The transaction, which is subject to customary closing conditions, is expected to take place late this summer.
This significant merger of two companies with strong complementary technologies, products, expertise and solid track records creates an industry-leading organisation offering a wide range of broadcast and web-cast graphics solutions.
A privately owned company, Peak Broadcast Systems is a fast growing international supplier of on-air broadcast graphics systems. With offices in Norway, Austria, Ireland and the USA, Peak is established as a key player in the on-air broadcast graphics market. Peak revenues have doubled every year during the last 3 years from $2.8 million in 1998 to $5.5 million in 1999 and year to date in 2000 the company has generated revenues and an order backlog in of approximately $7.0 million. Among Peak's customers are CBS, CNN, NBC, SKY, ORF - Austria, NHK - Japan, NT-V, N24, the Museum of Natural History in the USA and many more. Earlier this year Peak entered into an agreement with Microsoft to support the Microsoft TV Platform and provide interactive web TV tools.
RT-SET is the world leader in virtual studio solutions to the broadcast as well as the web-cast markets with a turnover of $6.5 million in 1999 after $5.8 million in 1998.
During the first quarter of 2000, RT-SET has generated total revenue of $3.4 million which represented 680% increase year-on-year. In March, 2000, RT-SET acquired the Evans & Sutherland Digital Video Division technology and launched the first and only fully featured Windows NT PC-based virtual studio system in the market place today. Since the product launch at NAB and its commercial release in mid-June, sales have exceeded budget and accounted for approximately 30% of 2nd quarter revenues. Among the new customers for this new system are a number of the leading Web-casters in the market place today.
"RTpeak is the fastest growing on-air broadcast graphics company in the industry today with the largest market share. With a strong financial base and superior technology we expect to significantly increase our revenues as well as improve our gross margins, and to maintain our market leadership," explains Shlomo Nimrodi, RTpeak President and CEO.
"The two companies have a great deal of synergies and we intend to leverage the best elements from RT-SET and Peak. Supported by our considerable R&D resources, we intend to lead the industry in new developments and delivery of real time visualization systems to the traditional as well as the new emerging digital convergence markets." added Nimrodi.
Petter Ole Jakobsen, President and CEO, Peak Broadcast Systems, said, "The merger of the two companies makes a perfect match. We are both strong individually but together we are greater than the sum of the parts. We are both dedicated to providing the best possible technology to the industry and with our on-air 3D broadcast graphics solutions and their impressive range of virtual studio systems we are in a very strong position to dominate the market.
"In addition, it is important to underline that we are dedicated to maintaining the customer base of both companies to provide a logical upgrade path for both of our current product lines," added Jakobsen.
Petter Ole Jakobsen will become Executive Chief Technology Officer of RTpeak. RTpeak headquarters will be located in New York where both companies currently have offices.
Yaron Sheinman, chairman of RT-SET, added, "This is a significant transaction, resulting in the most dynamic company in the broadcast graphics market. I am very pleased with the clear synergies and the very positive way the two companies have started their relationship".
Bjarne Berg, chairman of Peak, is a former president of News, Sports and current affairs in TV2, the Biggest Commercial TV Station in Norway.
Berg said upon signing the agreement that he believes that the new company will become the dominant force within the global area of visualisation - leveraging the market leadership in the broadcast market place and towards the new emerging markets.
About RT-SET
RT-SET (Real Time Synthesized Entertainment Technology) Ltd. is a leading provider of fully integrated broadcast graphics solutions, including virtual studio systems, on air graphics, character generators systems, and creative design services. RT-SET (Real Time Synthesized Entertainment Technology) Ltd., is traded on the Neuer Markt (RTZ). RT-SET is a 28% owned affiliate of BVR Technologies Ltd. (NASDAQ: BVRT).
About Peak
Peak Broadcast Systems Ltd, a privately held company, headquartered in Norway, with offices in Austria and New York, develops, markets and supports complete on-air graphics systems and virtual sets to broadcasters and other video professionals on a global basis. The company's products deliver improved productivity, with a consistent on-air look, and feature user-friendly template graphics, asset management and automation for News, Sports and other programs that utilize real-time 2D/3D graphics and/or virtual sets. Peak Broadcast Systems offers its customers complete support services, including the development of custom requirements.
