New Visual and Adaptive Networks Inc. Sign Technology Development Agreement; Adaptive Networks Co-Founder to Join New Visual Advisory Board
SAN DIEGO, Aug 13, 2001 (BUSINESS WIRE) -- New Visual Corporation (OTCBB: NVEI)
announced today that the company has entered into an agreement with Adaptive
Networks, Inc. to collaborate with the New Visual engineering consultants to
expedite the design and commercialization efforts of New Visual's broadband
transmission technology over telephone wire. In addition, Dr. Michael Propp,
co-founder and president of Adaptive Networks has been named to the New Visual
advisory board.
Adaptive Networks is the leading developer of high-speed power line networking
technology and is currently developing high-speed communications technology and
silicon for residential home networking. Adaptive's technology wins include
becoming the ISO standard for power line communications aboard refrigerated
container ships and an IEC standard for automated meter reading. Under the
direction of Dr. Michael Propp, Adaptive's proven ability to commercialize
high-speed data transmission products will facilitate the efforts of New
Visual's engineers. According to Ray Willenberg Jr., CEO of New Visual, "With
this agreement, we multiply the efforts of our staff and experience in this
field many times over. It is our privilege to be teamed up with such a proven
and innovative team."
In addition, Dr. Michael Propp has been named to the New Visual advisory board.
In that capacity he will advise the board of directors, management and the
technical advisors on commercialization strategy and technology development
issues. As co-founder and president of Adaptive Networks, Dr. Propp holds five
key patents and several patents pending in technology for power line
communications and communications over noisy and distorted media. He is also
author of several papers in the field of complex dynamic systems. Dr. Propp
holds an SB/SM EE and Ph.D. EE from the Massachusetts Institute of Technology.
Dr. Propp stated, "We are pleased to be a part of this intriguing development.
New Visual has assembled quite a team of expert advisors and consultants to
collaborate towards commercializing a novel broadband transmission achievement.
I view this opportunity to work with the New Visual engineers and technical
advisors as an important extension of our previous efforts in broadband
transmission."
About New Visual
New Visual Corporation is pioneering the development of a proprietary broadband
transmission technology with the mission to utilize existing copper
telecommunications infrastructure to deliver data and content to the office or
home at fiber optic transfer rates. Through its NV Technology, Inc. subsidiary,
New Visual is developing technology that will allow the bundling of voice,
video, and data over existing copper telephone wires, potentially eliminating
the need for fiber optic cable to the home or office. New Visual's common stock
is traded on the Over-The-Counter Bulletin Board under the symbol NVEI.
With the exception of historical information contained in this press release,
this press release includes forward-looking statements made under the "Safe
Harbor" provisions of the Private Securities Litigation Reform Act of 1995.
These statements involve risks and uncertainties that could cause actual results
to differ materially from those in the forward-looking statements, including but
not limited to the following: product development difficulties; market demand
and acceptance of products; the impact of changing economic conditions; business
conditions in the Internet and telecommunications industries; reliance on third
parties, including potential suppliers, licensors, and licensees; the impact of
competitors and their products; risks concerning future technology; and other
factors detailed in this press release and in the company's Securities and
Exchange Commission filings.
CONTACT: New Visual
Rich Wilson, 619/692-0333 (Media)
John Howell, 619/692-0333 (Investor)
or
Fleishman-Hillard for New Visual
Bridget Stachowski, 619/237-7717 (Media)
Excel - Greg
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