Business Weekly - Cambridge, UK
Archive Electronics Archive China electronics lift from On2 | China electronics lift from On2 |
| Written by Business Weekly | |
| Tuesday, 29 July 2003 | |
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On2 Technologies Inc, based in Cambridge UK and New York, has confirmed a major investment into the business by Beijing E-world Technology Co. Ltd, a consortium of China’s top electronics companies.
On2 Technologies Inc, based in Cambridge UK and New York, has confirmed a major investment into the business by Beijing E-world Technology Co. Ltd, a consortium of China’s top electronics companies. On2 has agreed to sell an affiliate of E-world 1.8 million shares of common stock for $1.215m and to issue to an affiliate of E-world a three-year warrant to purchase 700,000 shares of the company’s common stock at an exercise price of $0.67 per share. “The closing of this substantial investment will make Beijing E-world one of our largest shareholders,” said Doug McIntyre, On2’s chairman, president and CEO. On2 Technologies is at the forefront of video compression. The company is credited with revolutionising video encoding with the creation of its advanced full-motion, full-screen, video compression and streaming technology, True-Motion. Its video codecs are used in set-top boxes, consumer electronics devices and wireless applications.
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