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eMotion, Inc. and AudioBasket.com to Merge(October 19, 2001)
?eMotions market focus and strategy, strong management team and customer base, revenue momentum, and path to profitability significantly enhance the value of AudioBasket for its shareholders said Steve Hyndman, CEO of AudioBasket. The deal is clearly a win for both companies, eMotion will gain valuable transformation and rich media format support from AudioBasket, and AudioBaskets leading edge technology will continue to proliferate through the integration into eMotions flagship product MediaPartner.
?AudioBaskets technology and expertise in rich media particularly its suitability for managing digital audio and video files in a corporate enterprise environment combine with its capital resources to provide eMotion a broader technology platform with greater capabilities to process and deliver rich media files over the Internet and wireless networks, said eMotion CEO, Bob Griffin, who will continue as CEO of the combined company. Equally important, the deal provides the working capital to solidify eMotions position as the market leader in Digital Media Management, and supports the continuing research and development through the time that eMotion is projected to achieve sustainable profitability.
As a combined company, eMotion will continue to be headquartered in Washington, D.C., with offices in Los Angeles, Chicago, New York, and London. The company will also consolidate its California offices in the former AudioBasket headquarters in San Francisco. eMotion expects to begin including elements of the integrated technology as early as the 4.1 release of MediaPartner, scheduled for December of this year. In addition to the technology and financial benefits of the deal, the combined shareholder group consisting of an impressive mix of institutional, strategic, domestic, and international investors represents significant additional value that increases the likelihood of success for the combined company.
For more information, go to www.emotion.com
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