VIScorp and Emerson Radio Sign Distribution Agreement
FOR IMMEDIATE RELEASE
Chicago, IL
June 27, 1996
VISCORP AND EMERSON RADIO CORP. SIGN LETTER OF INTENT
FOR EXCLUSIVE
DISTRIBUTION BY EMERSON RADIO OF INTERACTIVE SET-TOP DEVICE
AND "SMART" TV
Visual Information Service Corp. (NASDAQ: VICP, Bulletin Board)
("VIScorp") and Emerson Radio Corp. (AMEX:MSN), announced today
that they have entered into a letter of intent granting Emerson the
North
and South American exclusive distribution and sales rights to
VIScorp's interactive Internet television set-top device, the
Universal Internet-Television Interface(R) (UITI(R)), and the
UITI(R)-TV interactive "smart" television set. Terms have not been
disclosed, pending a definitive agreement. However, pursuant to the
letter of intent, VIScorp would be granted warrants to purchase up
to a maximum of one million shares of Emerson common stock at an
exercise price of $6 per share. "The UITI(R) provides new and
exciting entertainment, information and telecommunications
capabilities using any standard television set, including easy
access to the Internet, World Wide Web and on-line services,"" said
William Buck, Chief Executive Officer of VIScorp. "The Emerson
Radio branded set-top device will dramatically expand the
capabilities of the family TV set by providing TV viewers a host of
services like e-mail, on-line chat and Net surfing that have, until
now, been available only to those who own personal computers. "The
UITI(R) is
more than a network computer (NC) as it turns the TV set into a
sophisticated communications center, offering an on-screen menu, a
speaker phone, the ability to send and receive fax messages,
on-screen caller identification (Caller ID) where available,
calendar, telephone and address storage, and other services. In
addition, it comes with a series of "in-ROM" interactive multimedia
games so that it provides greater value to the whole family," Mr.
Buck continued.
VIScorp explains that the UITI(R) runs on an enhanced Amiga+
operating system which, VIScorp says, is internationally recognized
as one of the finest multitasking multimedia systems, as well as
one of the most cost effective systems. The UITI(R) comes equipped
with a built-in modem; includes special fonts and graphics so that
networked text, data and images can easily be read at normal
viewing distance; contains random access memory (RAM) to enable
users to download text, messages and other information; and, comes
with a sleek, easy-to-use remote control with an imbedded keyboard
for convenient information input.
"We are extremely excited about the prospect of our product
carrying the Emerson Radio name," said Mr. Buck. "Emerson is an
internationally recognized leader in consumer electronics, with a
reputation for quality and value."
Eugene I. Davis, President of Emerson, stated: "We are very
optimistic about the inclusion of UITI(R) technology into our
product mix going forward.
We believe that convergence products will be a major emphasis in
the consumer electronics business over the next several years and
we believe that Emerson will be a value product to the mass market
in this area. We believe the Emerson Radio brand name, which is
recognized as one of the top brands in consumer electronics, will
help drive not only the Internet-television interface products, but
also the second and third generation units which VIScorp has
already demonstrated to us. We are currently a major supplier to
some of the largest retailers in the U.S., such as Wal-Mart, Target
and Kmart and believe these retailers will be looking forward to
getting into interactive TV products with the Emerson Radio brand
name, a brand
name that has always sold well in their stores."
For more information on Emerson Radio Corp. and its products,
interested persons may contact Eugene I. Davis, President, at
(201)428-2000, or Adam Friedman at KCSA Public and Investor
Relations at (212)682-6300, ext.215.
Product names mentioned herein may be trademarks and/or
registered trademarks of their respective companies.
Contact: Florine Radulovic, Director of Communications,
VIScorp
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