NEW YORK, March 9 /PRNewswire-FirstCall/ -- On March 2, 2006, On2 Technologies, Inc., filed a form 8-K with the Securities and Exchange Commission ("SEC"), which disclosed that the Company had voluntarily reported to the SEC that it had undertaken an internal investigation into facts and circumstances concerning investor and other communications made by the Company's former Chairman, Chief Executive Officer and President (the "Former Executive"). The investigation is ongoing, and the Company disavows any statements made by the Former Executive in any non-public forums and disavows any information posted on any web-based financial message board. The Company is voluntarily working with the SEC to complete the investigation.
The Company continues to believe that the investigation will have no effect on previously filed financial statements and that the final findings of the investigation will not lead to any restatement of reported financial results.
About On2 Technologies, Inc., The Duck Corporation
On2 Technologies is a leading technology firm at the forefront of digital video compression. The company revolutionized digital media delivery with the creation of its advanced full-motion, full-screen On2 Video compression and streaming technologies. On2 Video codecs are widely used in the Internet, video-on-demand, VOIP, and mobile media markets. They operate with On2's Flix and On2 TrueCast software, as well as third-party products. On2's software is used by such leading global companies as Adobe/Macromedia, AOL, Skype, XM Satellite Radio, Sony, VitalStream, and Tencent. The On2 Video decoder has an installation base of millions through its inclusion in Adobe Flash Player, Skype 2, AOL Media Player, Viewpoint, and others. Located in New York City, the company has an office in Clifton Park, NY, and operations in Cambridge, UK. To contact On2, write to
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements regarding the effect of the investigation on previously filed-financial statements and the potential for restatement of reported financial results. These forward-looking statements are subject to the safe harbor provisions of the aforementioned Sections and the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward- looking statements are not guarantees of future performance and involve potential risks and uncertainties including those described in our filings with the SEC, and that the actual results or developments may differ materially from those in the forward-looking statements as a result of various factors. Potential risks and uncertainties include, but are not limited to, general economic conditions, competition in the compression technology industry, the company's history of operating losses and the ability to obtain additional operating funds. We have based these forward-looking statements on information currently available and disclaim any intention or obligation to update or revise any forward-looking statement.
