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MillimeterConvera and NBA Terminate Services Agreement
Sep 26, 2001 12:00 PM
VIENNA, VA, September 20, 2001 — Convera (Nasdaq: CNVR) and the National Basketball Association today announced that the interactive services agreement entered into last September has been terminated by the parties. That agreement called for the two companies to work together in developing online interactive content. Convera and the NBA are in discussions regarding the implementation of Convera's Screening Room® technology in the NBA's broadcast operations based in Secaucus, New Jersey, and the NBA will continue to work with other interactive service providers to create new media platforms and distribution opportunities for its content.
"As we announced last May, in response to weaker than anticipated the broadband penetration and consumer demand for interactive services, Convera is no longer focusing on the interactive services business and successfully shifted our emphasis to the development, marketing and sales of software products to access unstructured information for the enterprise and government markets," said Pat Condo, president and CEO, Convera. "As a result of the termination and our shift in business strategy, Convera expects to save in excess of $10 million in costs in the coming year. In addition, we did not expect any material revenues this year from the NBA agreement."
Current Convera board director and NBA Commissioner David J. Stern, who recently was elected chair of the Board of Columbia University's Board of Trustees, will not stand for reelection to Convera's board of directors at Convera's annual meeting of stockholders on October 12, 2001. Last month, Convera appointed two new directors, Professor Robert A. Burgelman and Stephen D. Greenberg, to its board.
About Convera
Convera, the new company formed when Excalibur Technologies combined
with Intel's Interactive Media Services division, is a leading provider
of innovative software products that manage multimedia digital content.
Convera's advanced technologies, products, services and solutions
empower content owners to extract value from their high-worth digital
content-text, images and video-over the Internet, intranets, set top
boxes and wireless devices. Convera serves over 700 customers in 29
countries from its offices throughout the U.S. and Europe. For more
information, contact Convera at 800-788-7758, via e-mail at
info@convera.com or on the Web at www.convera.com.
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