San Diego, Calif., June 30, 1999 (PRIMEZONE) -- PacketVideo Corporation, a developer and supplier of leading-edge multimedia communication software designed to provide efficient transmission over many different networks, announced today that Intel Corporation (Nasdaq: INTC) has made an investment in the company.
PacketVideo will use the funding to continue development of its new generation of embedded software to enable transmission of video over packet-based wireless and wired networks. Financial details of the transaction were not disclosed.
"We believe the Intel(r) StrongARM(r) processor family will be a very attractive choice for OEMs in handsets and PDAs," states PacketVideo's CEO James Z. Carol. "PacketVideo will optimize its multimedia communication software for those OEMs and Intel(r) StrongARM(r) processors."
"Intel(r) StrongARM(r) processors deliver very high performance at very low power levels, enabling new classes of Internet appliances and communication products that implement exciting capabilities for consumers," said Mark Casey, director of marketing for Intel's StrongARM division. "Scalable video technologies such as PacketVideo's can enable these new devices to deliver a multimedia experience for wireless and wired devices."
PacketVideo has also established contracts with communications giants from Japan and Europe, NTT DoCoMo and Siemens.
"We believe PacketVideo's standards compliant, multimedia compression software is the best solution available today for compression and bandwidth challenges over a variety of networks," said Dr. James Brailean, PacketVideo's chief technology officer. "In addition to investment and development agreements with market leaders, such as Intel, Siemens, and NTT DoCoMo, PacketVideo plans to form key alliances with other leading marquee corporations that will benefit from deploying this new packet multimedia communications technology."
PacketVideo, a software company, was established in 1998 to develop the next generation of multimedia software for communications. The Company is devoted to defining and setting the standard for multimedia transmission over wireless and wired networks. PacketVideo is located at 10350 Science Center Drive, San Diego, Calif. 92121. Telephone: (619) 455-2500. Website: www.packetvideo.com.
StrongARM is a registered trademark of ARM Ltd.