SANTA CLARA, Calif.--(BUSINESS WIRE)--May 28,
2003--Macrovision Corporation the world's
leading provider of digital rights management ("DRM") and copy protection
technologies, announced today that it has completed the previously announced
purchase of the copy protection and DRM assets of TTR Technologies, Inc. (OTC
BB: TTRE). Completion of this purchase provides Macrovision and its customers in
the music industry with a comprehensive suite of technology and intellectual
property to support Macrovision's music copy protection and DRM products and
services. Completion of the transaction also terminates an alliance agreement
previously signed between Macrovision and TTR, thereby eliminating any revenue
sharing between the two companies.
The assets purchased include three issued and eight
pending U.S. patents, and a number of international patent applications, in the
areas of optical media copy protection and controlled burning (making copies of
CDs such that the copies made cannot in turn be copied). The purchase price was
$5.05 million and included the return to TTR by Macrovision of 1,880,937 shares
of TTR's common stock that Macrovision purchased in January 2000. The terms of
the definitive agreement signed by the two companies in November, 2002, called
for Macrovision to pay between $4.85 million and $5.25 million, depending on
whether TTR obtained various consents and releases with respect to certain of
the assets to be sold. Macrovision and TTR have mutually agreed that based on
the consents and releases TTR has obtained to date, that the cash payment would
be $5.05 million.
"We are pleased to have completed this important
transaction," commented Macrovision president and CEO Bill Krepick. "A strong
intellectual property portfolio is an important component of an effective music
CD copy protection and DRM solution, sustaining its commercial viability over
the long term. The intellectual property we have acquired from TTR supports our
'best of breed' optical disc and Internet-oriented digital delivery solutions
which benefit music labels, artists, and consumers alike."
Macrovision's integrated copy control and DRM
solutions for music content are designed to protect the music labels' content
while enabling consumers to enjoy a broad entertainment experience on a variety
of consumer CD devices, PCs and secure portable devices.
For the past 15 years, Macrovision has been the
trusted partner in copy protection and rights management for the entertainment
industry. Macrovision has worked in partnership with the leading content
companies worldwide to develop and deploy technologies that serve the interests
of both rights holders and consumers, delivering solutions which provide an
optimum balance between effectiveness and playability. Macrovision's copy
protection and rights management technologies have been utilized on over 5
billion CDs, DVDs and VHS cassettes.
Source: Yahoo.com
