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Princeton Video Image Forms Venture with Pineapplehead Ltd.

(July 10, 2001)
Princeton Video Image, Inc. have signed a letter of intent to establish a joint venture with Pineapplehead Ltd. of Australia
Under the terms of the agreement, the joint venture will be Princeton Video Image's exclusive licensee for Australia and New Zealand. The arrangement is expected to take effect immediately upon the signing of a definitive agreement.

Dennis Wilkinson, President and CEO of Princeton Video Image, said, "This joint venture marks our entry into the Australia/New Zealand market and represents our strategy of continued international expansion. We are pleased to join forces with Pineapplehead, an established leader in providing innovative graphical enhancements to the Sports TV business, covering rugby, cricket, golf and horse racing, among others."

Evan Karoumbas, Managing Director of Pineapplehead, said, "We are pleased to introduce this exciting new advertising and sports enhancement medium to the $2 billion Australia and New Zealand television markets. PVI's proprietary, patented technology will benefit broadcasters, programmers and viewers across the board."

PNH and PVI are demonstrating the technology to TV Broadcasters and Post Production Houses in New Zealand and Australia, at this week's Society of Motion Picture & Television Engineers (SMPTE) Convention in Sydney, Australia (July 9 - 13th).

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