Channelmatic Inc. to emerge from chapter 11
Channelmatic Inc. to emerge from chapter 11 The United States Bankruptcy Court for the Southern District of California ruled that it would confirm Channelmatic's plan of reorganization following a hearing on confirmation held by the Court on September 22, 1999. An appropriate confirmation order will be submitted to the Court in the next few days, and Channelmatic should be ready to emerge from bankruptcy in the next 2-3 weeks. According to the Courts decision, a settlement has been made concerning the future of the company, which means that the Swedish based Limt AB will control 100% of the re-organized Channelmatic Inc. The Swedish TV-technology company Limt AB has previously held 2/3 of the equity in Channelmatic Inc. Limt AB has been financing the "chapter 11" process, and the reorganization plan for Channelmatic Inc. The Board of Directors in Channelmatic Inc, decided in February this year to seek protection under chapter 11. The decision was made after the shareholders had not been able to agree on the future financing for Channelmatic Inc. During the recent years Channelmatic Inc. has been focusing on developing an advanced system for Television Master Control Automation. The first systems, providing program origination, ad insertion and NVOD applications, are currently being installed at 3 operators in Israel. This Automation system named "Multi-Caster" is now being introduced to the US and European markets. Tom Walsh, President of Channelmatic stated, "the restructuring of Channelmatic and the launch of the new TV-Automation system, will enable the company to capitalize on the expanding Television Automation market.The Multi- Caster is specifically designed to meet the multi-channel digital television requirements of the future". Limt in brief Limt is developing, manufacturing and marketing products and services for the TV industry, including TV-Automation and Remote ad insertion systems for distribution of spots in national or regional TV broadcasts. Limt supplies total system solutions with its own developed hard- and software. Limt is active in the market for Cable, Broadcast and Information Providers with a primary focus in USA and selected countries in Europe. For additional information, please visit our home page at www.cml.com. For further information please contact: Tom Walsh, President Channelmatic Inc. Phone 619-596-8968 Michael Watson, President Limt Inc. Phone 619-596-8968 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/09/27/19990927BIT00070/bit0001.doc http://www.bit.se/bitonline/1999/09/27/19990927BIT00070/bit0002.pdf