Pinnacle Systems complete acquisition of Dazzle

Pinnacle Systems have completed the acquisition of the Dazzle home video editing business from SCM Microsystems.
As previously announced, the companies had entered into a definitive agreement on June 29, 2003 to acquire selected assets and liabilities, including all intellectual property rights, inventory, trade names and other rights related to the business for a total purchase price of approximately $21.5 million of Pinnacle Systems common stock.
Pinnacle will account for this transaction as a purchase during the September quarter.
Dazzle's home video editing products have been designed to capture, edit and share digital video for use with both analogue and digital camcorders.
The Dazzle family of innovative products includes the highly successful DVC Series and Hollywood Bridge Series.
Pinnacle plans to continue to sell and support the Dazzle consumer video products through its worldwide network of retailers and resellers.
(GB)