Press release BoxID: 146380 (ORAD Hi Tec Systems GmbH)
  • ORAD Hi Tec Systems GmbH
  • Takustraße 1-3
  • 50825 Köln
  • Contact person
  • Ehud Ben-Yair
  • +972 (9) 7676862

Global TV and Orad signed a US$2.5 million LOI for a sale of virtual studios solution. First order of US$1 million has already been deployed

(PresseBox) (Köln, ) Orad Hi-Tec Systems Limited (Symbol: OHT) announces that Canadian Global TV has signed a Letter Of Intent ("LOI") for the purchase of multiple ProSet virtual studio systems ("ProSet") which will be deployed across Global TV's 14 production facilities during 2008. Orad received the first order with a value of US$1 million and expects to generate aggregate revenue of US2.5 million.

Global TV, a wholly owned subsidiary of CanWest Global Communication ("CanWest"), Canada’s largest communication company, selected Orad’s ProSet virtual studio to centralize the network's production facilities, seamlessly integrate to Global TV's existing workflow and assist in achieving the cost saving plan that was announced by CanWest a few months ago.

Orad’s ProSet will enable Global TV to implement a hub and spoke architecture which will allow the remote production of virtual studios. In addition, Orad's solutions will provide Global TV with substantial savings on operating costs and improve the overall look and capabilities of local and national news telecasts enabling them to strengthen their corporate brand.

Going forward, Orad’s ProSet solution will facilitate a smooth upgrade path to High Definition, as well as the ability to integrate multiple live video streams and video clips. The system will be integrated with Global TV's ENPS newsroom system.

Mr. Avi Sharir, President and CEO of Orad commented: "We are pleased that Global TV chose Orad’s virtual studio technologies to be part of the network’s unique and innovative solution. It is a further demonstration of the increase in demand for Orad's virtual studios by major broadcasters which are seeking to reduce operational costs and improve channel identity"

ORAD Hi Tec Systems GmbH

Founded in 1993, Orad is a world leader in TV production technology and is rapidly increasing its position in the real time 3D graphic market. Orad’s product line includes virtual sets, on-air graphics systems, channel branding, virtual advertising, sports production solutions and hardware for the Virtual Reality industry. Orad is a publicly traded company in the Prime Standard on Frankfurt’s Wertpapierbörse Prime Standard and AIM Market of the London Stock Exchange (symbol: OHT)