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Unedited press release follows:
SENSIO Technologies Acquires Algolith’s Intellectual Property and Secures Integration of Key Employees
SENSIO augments its IP portfolio and qualified personnel, strengthening its offering in 3D image-processing solutions
MONTREAL, QUEBEC–(Dec. 1, 2010) – SENSIO Technologies Inc. (SENSIO) (TSX VENTURE:SIO) today announced the execution of an asset purchase agreement whereby SENSIO acquires Algolith’s video-processing IP portfolio, consisting mainly of four patents and nine patents pending, as well as Algolith’s image-processing technologies, source code and know-how. The addition of Algolith’s 100%-compatible and -complementary technologies enables SENSIO to boost development of current and future projects, and extend its range of solutions for 3D delivery.
The total cost of the transaction, including the assets and expenses comes to less than seven figures. The transaction will be closed during the course of the day and includes Algolith’s technologies and the adjunct of key personnel, bringing significant expertise in the field of image and video processing as well as their in-depth knowledge of the purchased IP. Immediate opportunities for SENSIO are evident with the newly-purchased portfolio:
“Algolith’s noise-reduction and compression artefact reduction algorithms are among the best in the industry,” said Étienne Fortin, Chief Technology Officer at SENSIO. “With the advent of connected TVs, low bitrate, noisy video will be widespread and we foresee a high demand for this capability from our current customers in the consumer electronics market.”
“Combining Algolith’s video format conversion and noise reduction technologies with SENSIO® 3D will uniquely position us to service the broadcast market as well,” added Nicholas Routhier, President and CEO. “Other key technologies will come into play further down the line, enhancing our state-of-the-art offering to all markets.”
SENSIO intends to fully support the entire combined IP and software portfolio of the two companies and develop it over time. The accelerated innovation promised by the complete compatibility and complementarity between technologies and the increase in research and development staff should enable SENSIO customers around the world to remain at the cutting edge of the industry.
More information about SENSIO, its products, and its technologies is available at www.sensio.tv.
About SENSIO Technologies Inc. (SENSIO):
SENSIO Technologies Inc. (TSX VENTURE:SIO) — With its significant expertise in the field of 3D video, SENSIO develops and markets stereoscopic 3D digital compression, decompression, and display-formatting technologies. Its solutions are deployed on a global scale by content creators, games developers, broadcasters, specialty channels, and digital cinemas, allowing customers to generate substantial additional value-added revenue streams.
Its flagship technology, SENSIO® 3D, allows the high-quality distribution of 3D content through conventional 2D broadcast networks (cable, satellite, IP) and playback on any 3D display device, as well as home theatre and digital cinema projectors. This technology and the SENSIO® 3D Live Network of over 700 cinemas in 33 countries have allowed SENSIO to make its mark by enabling broadcast of high-profile live 3D events in cinemas worldwide. SENSIO is listed on the Toronto TSX Venture Exchange.