Pinnacle Systems Agrees To Acquire Steinberg Media Technologies
PINNACLE SYSTEMS AGREES TO ACQUIRE STEINBERG MEDIA TECHNOLOGIES
MOUNTAIN VIEW, CA and HAMBURG, GERMANY, December 18, 2002?-Pinnacle Systems, Inc. (NASDAQ: PCLE), announced today that it has entered into a definitive agreement to acquire all of the stock of Steinberg Media Technologies AG based in Hamburg, Germany. Steinberg specializes in digital audio software solutions for consumers and professionals. The companies expect to close the transaction in early January 2003 and have agreed on a total purchase price of approximately $24 million, consisting of $8.2 million in cash and $15.8 million of Pinnacle Systems common stock. At closing, Pinnacle Systems will acquire all products, software, and intellectual property rights, along with all other assets and liabilities of the company. Pinnacle will account for this transaction as a purchase in Pinnacle Systems' fiscal Q3, ending March 31, 2003. The Company will host a conference call at 2:00 p.m. (Pacific Time) on December 18, 2002. The call in number is 800-634-1569, no password required.
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