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Convera Closes Transaction With National Basketball
Association To Provide End-To-End Video Content Management
and Internet Delivery Services ~
Santa Clara, CA and Vienna, VA, December 21, 2000 —
Intel and Excalibur Technologies (NASDAQ: EXCA) announced
today that their agreement to combine the business operations
of Excalibur and Intel's Interactive Media Services
division has been completed. The transaction was closed
following approval by Excalibur shareholders at their
annual meeting today.
It
also was announced today that Convera has closed a related
transaction with the National Basketball Association
(NBA). As part of this transaction, an agreement between
Intel and the NBA to develop and distribute interactive
NBA through NBA.com and other Web sites was assigned
to Convera.
As
a result of the close, all of Excalibur's outstanding
shares have been converted into shares of Convera Corporation,
a new publicly traded company, and the entirety of Excalibur's
business will be folded into the operations of the new
company. Effective December 22, 2000, shares of Convera
will be traded on the NASDAQ National Market under the
ticker symbol CNVR.
Intel
and Excalibur announced their agreement to form the
new company in May 2000. In September 2000, the National
Basketball Association signed a long-term agreement
with Intel to develop and distribute interactive NBA
content, including enhanced broadband programming and
interactive game broadcasts.
Convera
combines Excalibur's 20-year investment in the creation
of market-leading content management technologies, products
and capabilities with the technologies and expertise
that Intel and Intel's Interactive Media Services division
have developed over the past decade in content protection
and content enrichment. Plans for Convera focus on empowering
content owners to extract value from their high-worth
digital content by providing advanced technologies,
products and services that allow content to be managed,
enhanced and distributed securely over IP-enabled networks—intranets,
the Internet, set top boxes and wireless devices.
Under
the terms of the transaction, Intel contributed its
Interactive Media Services Division and invested $150
million in Convera, as well as provided key technologies
for content protection. Excalibur contributed its entire
business operations to Convera. Ron Whittier, former
senior vice president and General Manager of the Interactive
Media Services Division at Intel, is Chairman and Chief
Executive Officer of Convera. Pat Condo, former CEO
of Excalibur, is President and Chief Operating Officer
of Convera. The new company has offices throughout the
U.S. and Europe with major offices in Virginia, California,
Maryland and Oregon.
About
Intel Corporation
Intel, the world's largest chip maker, is also a leading
manufacturer of computer, networking and communications
products. Additional information about Intel is available
at www.intel.com/pressroom.
About
Excalibur Technologies
Founded in 1980, Excalibur Technologies Corporation
(Nasdaq: EXCA) is a recognized leader in high-performance,
search-powered, multimedia content management solutions
for intelligently capturing, indexing, managing, accessing
and utilizing valuable digital content - including text,
images and video. Excalibur works with Global 2000 corporations,
software developers, application service providers and
government agencies to power intranet and Internet solutions,
corporate portals and eCommerce sites. Additional information
about Excalibur is available at www.excalib.com.
Starting
December 26, 2000, additional information about Convera
will be available at www.convera.com.
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About
Fujitsu Australia Software Technology
Fujitsu
Australia Software Technology (FAST) is a wholly
owned subsidiary of Fujitsu Limited (TSE: 6702), a leading
provider of Internet-focused information technology
solutions for the global marketplace.
FAST
was established in 1989 by Fujitsu, one of the world's
leading e-Services organisation. As the first Fujitsu
software development organisation located outside of
Japan, we offer a unique combination of flexibility
that only mid-size companies offer, with the security
that comes with partnering with one of the largest IT
& T company in the world.
Being part of the Fujitsu global group of companies,
FAST offers our customers access to some of the world's
best people, processes, intellectual property and technology.
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