LIBERATE TECHNOLOGIES TO ACQUIRE MORECOM, INC.
Further Strengthens Access to Satellite, Digital Terrestrial, and Cable Markets
Adds Two Network Operators to Liberate's Expanding European and International Customer Base
San Carlos, California - Liberate Technologies (Nasdaq: LBRT) has announced that it has signed a definitive agreement to acquire privately-held MoreCom, Inc., a leading provider of standards based interactive television infrastructure based in Horsham, PA. Under terms of the acquisition, Liberate will issue common stock valued at 561 million US dollars to existing MoreCom shareholders. The all-stock transaction will be accounted for using purchase accounting and closing is anticipated to occur in the second calendar quarter of 2000. The acquisition is subject to customary closing conditions and regulatory approval.
The acquisition extends Liberate's technology leadership by adopting MoreCom's significant digital television, DVB, MHP and MPEG expertise and technologies, which are essential for serving the satellite and digital terrestrial marketplace. MoreCom offers cable, satellite and digital terrestrial operators a complete end-to-end software solution to merge digital video with Internet content for television applications using existing broadband networks and digital set-top boxes. As part of the transaction, Liberate also obtains MoreCom's patent portfolio addressing various aspects of digital television and Internet integration.
The acquisition also brings two influential network operators to Liberate's expanding European and international customer base. In Germany, the acquisition brings the d-box network™ operator BetaResearch, a KirchGruppe company, with access to over 4 million subscribers in one of the world's largest cable and satellite marketplaces. Deployments of MoreCom products should begin with the satellite properties later this year. In addition, the acquisition also delivers the Israeli based Golden Channels with over 600,000 cable subscribers who will have access to the combined Liberate and MoreCom solutions.
"With the MoreCom acquisition, Liberate strengthens its solution for network operators to deliver compelling interactive TV services across any kind of network," said Mitchell Kertzman, president and CEO, Liberate Technologies. "By combining the strength of MoreCom's talent and technologies with Liberate's leading interactive TV platform, we can achieve the same dominant position in satellite and digital terrestrial that we now hold in the cable marketplace."
"This acquisition brings the power of MoreCom's innovative technology and products for satellite, digital terrestrial, and cable to Liberate's market leading interactive TV platform," said Ami Miron, Chairman and CEO of MoreCom, Inc. "I am very proud of our talented team and their accomplishments. We look forward to becoming part of Liberate's world class organisation and providing the state-of-the-art family of products for broadband operators and subscribers."
MoreCom's client and server products provide a complete end-to-end solution for merging digital television with Internet content. Like the Liberate product family, all MoreCom products are designed to Internet and broadcast industry standards such as HTML, TCP/IP, MPEG, ATSC, DVB, ATVEF, DAVIC and OpenCable. This adherence ensures that MoreCom products have the flexibility to deploy on the current and future generations of broadband digital TV networks in markets worldwide. In addition, the companies' standards-based products guarantee easy integration with broadband digital set-tops, headends, and network products from various vendors, and allows content generation using standard tools. Liberate intends to integrate the MoreCom technologies so the Liberate's client and server suite will support the range of MoreCom client and server software.
About MoreCom, Inc.
MoreCom, Inc., a privately held company based in Horsham, Pa., was founded in 1997 by pioneers in television and digital cable from General Instrument and Philips Electronics. MoreCom's technology offers network operators a complete end-to-end software solution for seamless integration of digital video and Internet-based services for television. The company's standards-based technology uses existing set-top boxes to deliver a wide range of Internet-based applications such as enhanced TV, Internet access, Web-based video-on-demand, e-mail, chat, and e-commerce. MoreCom's technology enables advanced interactive services on existing set-top boxes using DVB or DOCSIS modems. Information on MoreCom's products and services is available at http://www.morecom.com
About Liberate Technologies
Liberate Technologies is a leading provider of a complete software platform for delivering Internet-enhanced content and applications to information appliances, such as television set-top boxes and game consoles. Liberate's Internet-based client and server software allows network operators, such as telecommunications companies, cable and satellite television operators and Internet service providers to give consumers access to network operator- branded applications and services. Headquartered in San Carlos, California, the Company has sales offices in the U.S. and the U.K. Information on Liberate Technologies' products and services is available at http://www.liberate.com
"Safe Harbor" Statement under the Private Securities Litigation Reform Act 1995
Information in this release that involves Liberate Technologies' expectations, beliefs, hopes, plans, intentions or strategies regarding the future are forward-looking statements that involve risks and uncertainties. All forward-looking statements included in this release are based upon information available to Liberate Technologies as of the date of the release, and Liberate assumes no obligation to update any such forward-looking statement. These statements are not guarantees of future performance, and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences or risks associated with our business are discussed in the Company's registration statement on Form S-1 declared effective by the Securities and Exchange Commission ("SEC") on February 17, 2000, and in the other reports filed from time to time with the SEC.
NOTE: Liberate, Liberate TV Navigator and Liberate Connect are trademarks of Liberate Technologies. All other trademarks are the property of their respective owners.
SOURCE Liberate Technologies
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