Bergen, Norway, October 26, 2010 Vizrt Ltd. (Oslo Main List: VIZ)
Vizrt Ltd., a leading provider of content production tools for the digital media industry, today announced that it has formalized its strategic collaboration with Stergen Hi-Tech Ltd., as published at IBC 2010. Stergen is a developer of 2D to stereoscopic 3D video conversion software. Vizrt now offers tight integration between Stergen stereo 3D conversion software tailored to sports TV networks, sports leagues and webcasters and its own stereo 3D graphics portfolio.
With this new agreement, Vizrt will make an equity investment in Stergen of approximately USD 1.86 million, made up both of a cash payment and marketing services, in consideration for preferred shares. In addition, the parties have entered into a teaming agreement with respect to the sale of Stergen's products by Vizrt. Vizrt will hold approximately 20% of Stergen.
Martin Burkhalter, Vizrt CEO, stated, "We like to formalize our partnerships through taking a stake when we see technology that fits our objectives of delivering innovative products that add to our current offering and more importantly, provide an advantage to our customers in view of future market developments."
"With more than 28 million 3D capable TVs forecasted to be in homes by 2012, demand for technology that enhances broadcasters' ability to tell their stories through this new technology is already increasing and is set to accelerate. What also makes the Stergen software so attractive is its ability to convert existing 2D footage to 3D specs, thereby allowing content owners to increase the value of their media assets, which links very well with our content management philosophy."
Dr. Miky Tamir, founder of Stergen, also co-founder of Orad, SportVu, Seambi and Vumii, stated, "We produce high-fidelity, broadcast-quality 3D with even better depth perception than video captured by stereo 3D cameras and rigs. Unlike real 3D shooting, we have almost infinite capability to dynamically change the stereoscopic setting."
Martin Burkhalter added, "Stergen's 2D to 3D stereo conversion tools can complement live stereo 3D production, as well as offer a compelling alternative to expensive, logistically complex, live stereo 3D production. It cuts costs without compromising superior, broadcast quality, which matches Vizrt's strategy of offering superior products that address the economic realities of our customers."
Early next year, Stergen plans to introduce a live version of its Highlights software that converts 2D video to stereo 3D in real-time for delivery to stereo 3D cinemas, mobile devices and home entertainment centers. Stergen's real-time conversion software includes Stergen Arena, which connects to a single, live 2D camera output to produce live stereo 3D video from sports arenas and mobile video units; and Stergen Studio, for use in broadcast studios or cable head-ends to convert live, 2D video programs to stereo 3D in real-time.
About Stergen:
Stergen is an Israeli startup company founded on January 2010 by Miky Tamir, Avi Klinger, Itzik Wilf and TheTime Investment Company. Stergen develops 2D to 3D video conversion technologies for the TV sports market. Its biggest shareholder, TheTime, headed by Ilan Shiloach, Nir Tarlovsky and Uri Weinheber, focuses on investments in Israeli companies in the fields of Telecom, Internet, Media and Entertainment. TheTime manages a portfolio of more than 20 companies.
About Vizrt:
Vizrt provides real-time 3D graphics and asset management tools for the broadcast industry - from award-winning animations & maps to online publishing tools.
Vizrt's products are used by the world's leading broadcasters and publishing houses, including: CNN, CBS, Fox, the BBC, BSkyB, ITN, Tele5, laSexta, ETB, TV3, Antena3 and FC Barcelona, The Globe and Mail, Times Online, The Telegraph, and Welt Online. Furthermore, many world-class production houses and corporate institutions such as the Stock Exchanges in New York and London use Vizrt systems.
Vizrt is a public company traded on the Oslo Main List: VIZ, ISIN: IL0010838154.
Investors and media contacts:
Martin Burkhalter
CEO
+41 22 365 7501
mburkhalter@vizrt.com
Ofra Brown
CFO
+47 5351 8040
Schwarz Financial Communication
Frank Schwarz
+49 611 1745 3980
schwarz@schwarzfinancial.com
HUG#1455391
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Source: Vizrt Ltd. via Thomson Reuters ONE