NEW YORK --(May 4, 2000)-- Orad Hi-Tec Systems announced that NextStudio
Corporation has purchased five CyberSet Virtual Studios for use with
its flash media division in a deal valued at over $2.5 million. Orad
plans to collaborate with the Seattle-based Corporation to develop software
tools able to extend the capabilities of Orad's Virtual Set systems
in new media and traditional media productions.
NextStudio, a digital design and distribution house, uses flash and
Internet technology to create content, animations and full-motion video
for distribution via the Internet and traditional media platforms. The
company plans to use Orad's CyberSet system to create virtual sets for
webcasts, broadcasts and business communications.
Paul St. Onge, Chairman and CEO of NextStudio said, "The Orad
contract and development agreement extends our capabilities into the
broadcast world. We will be able to do innovative development for our
customers interested in creating an active virtual community. This is
a mutually beneficial, exclusive agreement. Orad's CyberSet enhances
the solutions we can offer our customers and our expertise in software
design enhances the capabilities of CyberSet. This is a dynamite combination
with the potential to produce incredible design and e-commerce solutions."
"Orad's CyberSet virtual studio allows us to virtually replace all
the costs associated with doing traditional TV advertising production,"
continued St. Onge. "Instead of outsourcing, we can do it all here."
Matthew Straeb, President of Orad Inc., USA agreed and furthermore
stated: "This is a major advancement for Orad in terms of the size
of contract as well as the opportunities which will arise out of the
joint development co-operation."
Orad's CyberSet systems are used by broadcasters worldwide to create
virtual studios and are also enabled for direct Internet, webcasting
and interactive streaming video with a simple plug-in.
Initial projects combining Orad's CyberSet and NextStudio design expertise
will focus on business-to-business customers where combined capabilities
of the two companies allow the development of full-motion, web-based
communications set in virtual environments.
About NextStudio
NextStudio Corporation is a new media design and development company
headquartered in Seattle, Washington. Founded in June 1999, NextStudio
is in the business of conceptualising and designing interactive product
and presentations for portals, e-tailers and destination online public
and private networks. The company also streams full motion content for
their clients as well as for small to mid-size companies with domain
hosting, dedicated servers, co-location, domain registration and systems
integration. Additional information about NextStudio can be found at:
http://www.nextstudio.com.
About Orad
Orad is a publicly traded company recently listed on the Neuer Markt,
the segment of the Frankfurt stock exchange for high technology companies.
Orad's principal investors are ISL, the world's largest sports sponsorship
organisation; Intel Atlantic Inc., a subsidiary of Intel Corporation;
and the ORMAT Group, a publicly traded conglomerate of companies engaged
in high-tech investments, optical inspection, alternative energy and
sophisticated medical diagnostics.
Established in 1993, Orad Hi-Tec Systems is a world leader in virtual
set technologies, virtual advertising, sports broadcasting tools and
immersive sports webcasting technologies. Orad specialises in the development
and manufacture of video and real-time image processing technologies
for the TV broadcast and postproduction markets. Additional information
on Orad can be found at: www.orad-ny.com.
SOURCE Orad Hi-Tec Systems
CO: Orad Hi-Tec Systems; NextStudio Corporation
Post a message in the Digital Post Production World Wide User Group!
