LOS ANGELES , Feb. 3, 2004 (PRIMEZONE) -- MB Tech, Inc. (OTCBB:MBTT) announced today that it has entered into an agreement to acquire i-Plus Technologies Co. Ltd. (i-Plus) in a combination stock and cash transaction. i-Plus is a Korean Company pioneering new technologies in next generation multimedia platforms for DBS, Telco's and ISP's.
Late last year, DirecTV decided to begin using the Mediahighway middleware product as their next generation set-top box solution beginning in November of 2004. NDS (owned by News Corp, NYSE:NWS) acquired Mediahighway from Thomson in December 2003. i-Plus partnered with Canal Plus Technology (CPT, now NDS France) to develop the application for Mediahighway middleware, which is quite possibly the best solution for both next generation interactive and MHP, PVR based two-way communication and anti-piracy in a set-top box application.
i-Plus has also developed, and currently supplies, complete set-top boxes based on a Device Layer Interface (DLI) for interactive digital TV. DirecTV's new middleware has a similar DLI to the application i-Plus has already developed. Currently, i-Plus is one of the leading manufacturers, besides Thomson, to have developed a new middleware application for DirecTV on schedule to meet the launch date of November, 2004. i-Plus's silicon partners include IBM (NYSE:IBM), Conexant (NASDAQ:CNXT) and LSI Logic (NYSE:LSI).
Applications of this technology include; the blackbox for Canal Holland, Tele+ Italy, G2 for Canal Satellite, the largest Pay TV broadcaster in France, a digital terrestrial box for Telemedium St Petersburg, Russia (first terrestrial operator). i-Plus also has a core technology for developing IP video set top boxes, which represent the next generation multimedia terminal for global Telcos and ISPs and G2 based H/w platforms.
The agreement encompasses the following: Strong collaboration for marketing of any and all i-Plus's products in North America (including United States, Canada and Mexico); Development of new products based on i-Plus's technology, such as set-top box applications for DBS and financing in domestic and overseas markets for manufacturing and operations.
Hanwook Bae, President of MB Tech commented, "The acquisition of i-Plus Technologies completes our paradigm shift to becoming a manufacturer and distributor of higher margin digital multimedia consumer electronics products and solutions." Bae continued, "Both Microline and i-Plus synergistically complement MB Tech's focus on the high-end, proprietary DBS consumer market. We are extremely enthusiastic about the direction of the Company and its future prospects."
About i-Plus
i-Plus Technologies goal is to be one of the leading companies in the field of intelligent electric home appliances, manufacturing and services focused on Digital Satellite, Digital Cable, and Digital TV.
i-Plus Technologies creates unique Software and Hardware Technologies based on its own Real Time Operating System in the field of Integrated Receiver Decoders (hereunder IRD's). The Company's technologies have been certified by one of the leading satellite operators in Europe, a certification which only a few global companies in the world have received.
In addition to their superior technology background, i-Plus Technologies operates a marketing arm and R&D lap in Europe (i-Plus Technologies Europe) which forms strategic alliances with manufacturing partners to ensure a leadership role in the technologies and marketing of Major Conditional Access Systems and Open Solution STB's. In addition, the Company aims to deliver easy and convenient service to users together with an advanced terminal for the home network market focused on Internet and home automation.
More information on i-Plus and the products they develop can be found at: http://www.iplustech.com/ine.htm.
About MB Tech, Inc.
MB Tech is a global manufacturer and distributor of electronic components. MB Tech and its subsidiaries produce products for the DBS satellite industry and state of the art RF microwave and communications technologies with consumer and military applications.
MB Tech serves the satellite television market as a provider of hardware and bundled solutions, and is expanding to serve the satellite radio and military hardware and solutions sectors. MB Tech manufactures several proprietary solutions that differentiate it from competitors, including active and non-active auto-tracking (portable and stationary) flat antennas.
MB Tech pioneered advancements like the dual-horn LNB, which allows multiple set-top boxes to be connected to a single satellite dish, enabling viewing of multiple channels simultaneously on different television monitors, and a tri-horn LNB, which provides the ability to download signals from multiple satellites over a single dish.
For more information refer to the company's website at: http://www.mbtech.co.kr
Note: Mediahighway(tm) is a registered Trademark of NDS, owned by News Corp.
Safe Harbor Act Disclaimer
The statements contained in this release and statements that the Company(s) may make orally in connection with this release are not historical fact and are forward-looking statements within the meaning of the private securities Litigation Reform Act of 1995. Actual results may differ materially from those forward-looking statements, as such statements involve risks and uncertainties that could significantly impact the company's business and the actual outcome and results may differ materially.