Even Technologies signs major contract with IP Media
- From: "Dr Who" <nospam@xxxxxxxxxx>
- Date: Wed, 28 Sep 2005 13:49:22 GMT
FOR IMMEDIATE RELEASE
Even Technologies signs major contract with IP Media
Services to launch revolutionary online media service using
PSI_VT smart compression
Vancouver, BC - September 23, 2005 - Even Technologies ("Even" TSX: ETI) has
signed a
contract with IP Media Services to deliver full screen global TV on demand
through
Bestfrontseat.com. The website will use Even's PSIT video compression to
deliver full
screen video entertainment over the Internet. IP Media Services plans to
launch this new
service in November 2005. The market for these services is estimated by
Informa to be
US$10 billion by 2007.
Stephen John, Managing Director of IP Media Services, comments "thanks to
the
development of Even Technologies' advanced compression process, we
anticipate first year
revenues to be a significant entry into the USD$10 billion streaming video
market". Under the
terms of the agreement, Even holds a 25% equity in IP Media Services and
will also earn a
10% license royalty on IP Media Services' gross revenues. The licenses have
been granted
in four renewable terms of three years.
The completion of this contract is made possible by Even's extensive line of
robust decoder
applications, including plug-ins for Real, Windows Media (Direct Show) and
QuickTime. The
contract calls for multiple seat licenses for the PSI_VT software decoders
and encoders and
includes the sale of multiple dmeT Real Time Hardware Encoders for live
streaming. The
hardware encoders will allow IP Media Services to provide pristine video
quality for live
streaming of concerts, sports and special interest events. IP Media Services
expects live
streamed events to generate the bulk of revenue from the website.
This contract marks an important step in Even's strategic commercialization
of advanced
compression products. Mr. John adds, "Our deployment of the Even
Technologies system is
about to change the way TV is presented, watched and enjoyed and we are
doing it globally;
for the first time, viewers will enjoy the picture quality of fullscreen
television combined with
the interaction of the World Wide Web".
Using PSIT compression from Even Technologies, Bestfrontseat.com can
instantly deliver
program catalogues and convert any regional TV station into a global
network.
Bestfrontseat.com will deliver always on demand, fully interactive TV over
the world's largest
Internet network. The programming is delivered to over 15,000 edge servers
around the
world, allowing access to the programming at a rate of 160,000 new viewers
per second.
Even is thrilled to have made this exciting new service possible and looks
forward to the
launch of Bestfrontseat.com in November of this year.
Even also advises that it will not be proceeding with the private placement
announced on
July 22, 2005.
Press/Analyst Contact
Nick Ringma
nringma@xxxxxxxxxxxxxxxxxxxxxxx
t: 604-689-1858
Even Technologies Inc. Press Release - September 23, 2005 Page 2 of 3
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE
Instead, Even has arranged a brokered private placement of up to 2,333,333
units and a
non-brokered private placement of up to 4,333,333 units at $0.30 per Unit
for gross proceeds
of approximately $2 million. Each Unit is comprised of one common share of
Even and one
transferable share purchase warrant. Each warrant entitles the holder to
purchase one
additional common share of Even for a period of 24 months from the closing
date at a price of
$0.55.
In terms of the brokered private placement, Even has agreed to pay a
finder's fee consisting
of a corporate finance fee of $10,000, a cash commission equal to 8% of the
gross proceeds
raised, and share purchase warrants (the "Agent's Warrants") to acquire that
number of
common shares as is equal to 10% of the number of Units sold pursuant to
this private
placement. Each Agent's Warrant entitles the Agent to acquire one common
share of Even
for a term of 24 months from the date of closing at a price of $0.35 per
common share.
Proceeds from the private placement will be used to fund product development
of the Even
technology and for general corporate purposes and operating expenses.
The private placements are subject to regulatory approval.
About IP Media Services Ltd.
IP Media Services Ltd. of Kingston upon Hull, England specializes in the
delivery of media
content over the Internet. They have developed a specialist database to
handle the control
and delivery of video content from the website to the end user. In November
of 2005, IP
Media Services will launch "Bestfrontseat.com", the only truly complete
solution able to
provide the long awaited global TV on demand.
The company currently operates a demonstration website and has extensive
access to
expertise in content distribution, encryption and databases.
Bestfrontseat.com has also
developed talking browsers and programmable key-press navigation designed to
assist
partially sighted visitors in finding and enjoying high quality, full screen
video experiences.
Their unique global server development is a first in the United Kingdom,
giving
Bestfrontseat.com the capacity to handle near record levels of visitor
acceptance per second.
About Even Technologies Inc.
Even Technologies Inc. (EVEN) is a Vancouver-based company specializing in
advanced
digital image and video coding techniques and in the development and
integration of highperformance
systems for media content production and dissemination over broadband
networks. Since its inception in 1997, EVEN has developed its next
generation generalpurpose
still image (PSI_XT) and video (PSI_VT) coding engines as well as a number
of
commercial systems including a facial image coding system, a digital media
coding studio
and an IP-network television content dissemination system.
Even has implemented this technology in a family of products designed for
peak performance
and flexibility. The PSI_VT codec is the most technologically advanced video
compression
engine on the market, capable of visual DVD quality at 700kbps. The
technology also allows
Video on Demand and Video Streaming over existing telco wire line. Even's
sustainable
competitive advantage lies in the patent protected technologies developed
for use in their
revolutionary line of compression products. This technology enables file
savings of 30-40%
over the competition, while producing images of much higher quality. The
technology has
evolved, and will continue to evolve, to maintain Even's position at the
forefront of
compression technology.
Even Technologies Inc. Press Release - September 23, 2005 Page 3 of 3
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE
Any content, anywhere, anytime.
For more information, visit www.eventechnologiesinc.com.
On Behalf of the Board of Directors:
(signed) "Nick Ringma"
Nick Ringma
.
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