Vizrt completes the sale of 75.5% of Escenic’s outstanding share capital
Bergen, Norway, January 7, 2014, Vizrt Ltd. (Oslo Main List: VIZ).
Further to its November 13, 2013 press release, Vizrt Ltd. today announced that it has completed the first two tranches of the sale of Escenic to CCI Europe A/S. The first two tranches represent 75.5% of the shares outstanding in Escenic. The consideration for tranche 1 is USD 2 million. The consideration for the second tranche is up to USD 1 million, depending on Escenic’s turnover for financial year 2013.
Under the terms of the definitive purchase agreement, CCI will acquire the final tranche of 24.5% on December 31, 2014 for a consideration of up to USD 1 million, depending on Escenic’s turnover for financial year 2014.
Investor and media contact:
Martin Burkhalter / CEO / 41 22 365 75 01 / MBurkhalter@vizrt.com
Tomer Wald / CFO / 47 5351 8040 / TWald@vizrt.com
Frank Schwarz / Schwarz Financial Communication / 49 611 1745 398 11 schwarz@schwarzfinancial.com
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, Al Jazeera, ITN, ZDF, Star TV, Network 18, TV Today, CCTV, NHK, 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. For further information please refer to www.vizrt.com
Copyright © Vizrt. All rights reserved. This press release contains forward-looking statements with respect to the business, financial condition and results of operations of Vizrt and its affiliates. These statements are based on the current expectations or beliefs of Vizrt's management and are subject to a number of risks and uncertainties that could cause actual results or performance of the Company to differ materially from those contemplated in such forward-looking statements. These risks and uncertainties relate to changes in technology and market requirements, the company’s concentration on one industry, decline in demand for the company’s products and those of its affiliates, inability to timely develop and introduce new technologies, products and applications, and loss of market share and pressure on pricing resulting from competition, which could cause the actual results or performance of the company to differ materially from those contemplated in such forward-looking statements. Vizrt undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.