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Vizrt Formalizes Collaboration with 2D to 3D Conversion Developer Stergen
With this new agreement, Vizrt will make an equity investment in Stergen of approximately USD 1.86 million, made up both of a cash payment and marketing services, in consideration for preferred shares. In addition, the parties have entered into a teaming agreement with respect to the sale of Stergen's products by Vizrt. Vizrt will hold approximately 20% of Stergen.
Martin Burkhalter, Vizrt CEO, stated, "We like to formalize our partnerships through taking a stake when we see technology that fits our objectives of delivering innovative products that add to our current offering and more importantly, provide an advantage to our customers in view of future market developments."
"With more than 28 million 3D capable TVs forecasted to be in homes by 2012, demand for technology that enhances broadcasters' ability to tell their stories through this new technology is already increasing and is set to accelerate. What also makes the Stergen software so attractive is its ability to convert existing 2D footage to 3D specs, thereby allowing content owners to increase the value of their media assets, which links very well with our content management philosophy."
Dr. Miky Tamir, founder of Stergen, also co-founder of Orad, SportVu, Seambi and Vumii, stated, "We produce high-fidelity, broadcast-quality 3D with even better depth perception than video captured by stereo 3D cameras and rigs. Unlike real 3D shooting, we have almost infinite capability to dynamically change the stereoscopic setting."
Martin Burkhalter added, "Stergen's 2D to 3D stereo conversion tools can complement live stereo 3D production, as well as offer a compelling alternative to expensive, logistically complex, live stereo 3D production. It cuts costs without compromising superior, broadcast quality, which matches Vizrt's strategy of offering superior products that address the economic realities of our customers."
Early next year, Stergen plans to introduce a live version of its Highlights software that converts 2D video to stereo 3D in real-time for delivery to stereo 3D cinemas, mobile devices and home entertainment centers. Stergen's real-time conversion software includes Stergen Arena, which connects to a single, live 2D camera output to produce live stereo 3D video from sports arenas and mobile video units; and Stergen Studio, for use in broadcast studios or cable head-ends to convert live, 2D video programs to stereo 3D in real-time.
Stergen is an Israeli startup company founded on January 2010 by Miky Tamir, Avi Klinger, Itzik Wilf and TheTime Investment Company. Stergen develops 2D to 3D video conversion technologies for the TV sports market. Its biggest shareholder, TheTime, headed by Ilan Shiloach, Nir Tarlovsky and Uri Weinheber, focuses on investments in Israeli companies in the fields of Telecom, Internet, Media and Entertainment. TheTime manages a portfolio of more than 20 companies.
This press release contains forward-looking statements with respect to the business, financial condition and results of operations of Vizrt and its affiliates. These statements are based on the current expectations or beliefs of Vizrt's management and are subject to a number of risks and uncertainties that could cause actual results or performance of the Company to differ materially from those contemplated in such forward-looking statements. These risks and uncertainties relate to changes in technology and market requirements, the company's concentration on one industry, decline in demand for the company's products and those of its affiliates, inability to timely develop and introduce new technologies, products and applications, and loss of market share and pressure on pricing resulting from competition, which could cause the actual results or performance of the company to differ materially from those contemplated in such forward-looking statements. Vizrt undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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