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Weekly UpdatesPinnacle Systems, Inc. (NASDAQ:PCLE), Mountain View, Calif., has completed the acquisition of the Dazzle home video editing business from SCM Microsystems (Nasdaq: SCMM; Prime Standard: SMY). As previously announced, the companies had entered into a definitive agreement on June 29, 2003 to acquire selected assets and liabilities, including all intellectual property rights, inventory, trade names and other rights related to the business for a total purchase price of approximately $21.5 million of Pinnacle Systems common stock. Pinnacle will account for this transaction as a purchase during the September quarter.
About Dazzle Digital Video Products
Dazzle's home video editing products have been designed to capture, edit and share digital video for use with both analog and digital camcorders. The Dazzle family of innovative products includes the highly successful DVC Series and Hollywood Bridge Series. Pinnacle plans to continue to sell and support the Dazzle consumer video products through its worldwide network of retailers and resellers.
About Pinnacle Systems, Inc.
Pinnacle Systems provides broadcasters and consumers with cutting-edge digital media creation, storage, and play-back solutions for use at Home, at Work and on the Air. Pinnacle Systems' award winning digital media solutions are in use around the world for broadcast, cable and satellite television, video editing, DVD and CDR authoring and on the Internet. A recognized industry leader, the company has received eight prestigious Emmy Awards for its technical innovations and carries this commitment throughout all of its product lines.
For more information, call 650/526-1600 or visit http://www.pinnaclesys.com.
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