Wednesday, 06 October 1999
MYSTIC, CONNECTICUT—October 6, 1999 – USA Video Interactive Corp. (NASD: USVO; ASE: US; www.usvo.com) announced today it has signed a contract to supply servers and web broadcasting services for use in Investor Angels' (www.investorangels.com) revolutionary, Internet-based process of selecting, capitalizing and managing Internet innovation.
David Cook, the CEO of Investor Angels, said Investor Angels chose USA Video Interactive's technology because it outperforms all other current technologies for live video streaming over the Internet. In addition to the successful Investor Angels website, Cook operates PoloMania.com, the equestrian polo website for which USA Video Interactive was chosen last week to provide high-quality, real-time streaming video of international polo matches.
"USA Video is clearly superior to other offerings," said Cook, whose entrepreneurial innovation on the Internet has earned him accolades from Wall Street to financial districts overseas. "On the one hand, we expect to be covering polo matches on the Internet from stadiums around the globe while on the other hand we need to serve a very high volume of investors. Both these applications demand and deserve the best technology available."
Investor Angels has been operating its website since December 1998, registering visionaries who have novel Internet business concepts but who need assistance and capital. Shareholders of Investor Angels use Investor Angels' proprietary technology to interact and communicate with visionaries to facilitate understanding of their technically advanced Internet concepts. Part of this "due diligence" exchange of information will utilize USA Video Interactive to stream visionaries' own descriptions and explanations of their ideas over the Investor Angels website. Investor Angels proprietary algorithms identify visionary proposals with the best potential to succeed. These become subsidiary corporations and are organized according to Investor Angels' proprietary system. With seed capital to take them through business planning, organizational and administrative tasks, the subsidiaries are taken public and Investor Angels shareholders are given the first right of refusal to purchase their initial public offerings.
"It is gratifying to be chosen to provide the highest quality, most realistic streaming video for the Investor Angels process which itself identifies other leading-edge Internet ideas and concepts," said Edwin Molina, president of USA Video Interactive. "Our being selected for this on top of the PoloMania! streaming video project indicates that USA Video Interactive uniquely offers the level of quality and flexibility in streaming video that the market is looking for worldwide."
Investor Angels is an "Internet Community" revolutionizing the selection, capitalization, and management of Internet innovation. Shareholders of Investor Angels use proprietary, patent-pending technologies to evaluate and score business ideas submitted by Internet "Visionaries." Promising business opportunities are then packaged to allow investment by Investor Angels shareholders. The visionaries gain by obtaining guidance and financing at Internet speed and Investor Angels shareholders gain through pre-IPO purchase of shares of the packaged ideas. Visit www.investorangels.com for more information. Investor Angels is profiled in an upcoming issue of Entrepreneur Magazine's Business Start-Ups (www.entrepreneurmag.com/bizstarts.hts) and is planning a December IPO. Cook pioneered IP telephony in 1994 and recently sold the domain www.cook.net to Idealab's www.cooking.com. The Cook family recently sold the Internet service provider (ISP) www.denver.net to undisclosed parties.
USA Video Interactive is an international designer and supplier of high-tech Video-on-Demand systems, services and solutions. The USA Video Interactive technology allows users to view streaming video or to access digitized video libraries, including movies, sports, other entertainment, educational resources, corporate training seminars and other archives. The USA Video Interactive technology gives users full-motion video; the unique flexibility of standard, VCR-like controls of play, fast forward, reverse and pause; and the convenience of a standard internet-browser format for access. USA Video Interactive can utilize MPEG-1, MPEG-2 or MPEG-4 compression techniques but prefers its Wavelet compression technology. The USA Video Interactive Wavelet technology allows direct streaming and download and play options; provides video images significantly faster and at a higher degree of resolution than with previously available methods; significantly overcomes bandwidth restrictions; and eliminates the blockiness and slowness of current technologies, all at a lower cost. An essential feature of the USA Video Interactive technology is that it allows extremely high compression ratios while retaining the highest available quality.
Video-On-Demand™ and Video Yellow Pages™ are trademarks of USA Video.
CONTACTS
Tony Castagno
Media Relations
(800) 625-2200
(860) 572-1560
Kevin Yorio
Investor Relations
(800) 625-2200
(860) 572-1560
The Alberta Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Last Updated ( Tuesday, 12 December 2006 )
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