ChyronHego Closes ZXY Sport Tracking AS and WeatherOne AS Acquisitions
(Marketwire Via Acquire Media NewsEdge) MELVILLE, NY -- (Marketwired) -- 07/15/14 --
ChyronHego (NASDAQ: CHYR) today announced that the company has finalized the acquisition of Norweigan-based companies ZXY Sport Tracking AS and WeatherOne AS. ChyronHego has acquired the majority stake in ZXY Sport Tracking AS, along with WeatherOne's Metacast® weather technology and service offerings. Acquisition plans were announced earlier this year at NAB Show 2014.
"We are very pleased to announce the close of these strategic acquisitions that bring our customers more options for a complete state-of-the-art ChyronHego graphics workflow," said Johan Apel, chief executive officer at ChyronHego. "The acquisitions will strengthen our position in the sports analysis market across both the sports broadcast and professional sports markets, as well as open a new market segment for us in the weather graphics space that bridges a general gap in news production workflow. We anticipate tremendous growth and opportunity and are excited to welcome ZXY and WeatherOne to the ChyronHego team."
ZXY's proprietary technology for transponder-based tracking detects the exact position of all objects within a stadium or training facility in true real-time. Players wear a data chip that transmits positions and other essential data such as heart rates, speeds and the impact from collisions. The system has been used in soccer, American football and ice hockey, and is now being adapted for many other indoor and outdoor sports. This technology expands ChyronHego's award-winning TRACAB� player tracking product portfolio. The company is located in Trondheim, Norway.
WeatherOne's comprehensive Metacast solution serves the broadcast and digital media sectors and includes a high-performance, live-to-air weather graphics and broadcast production system, and a complete weather and climate data managing service. The company is headquartered in Oslo, Norway.
For more information on ChyronHego products and services, please visit www.chyronhego.com.
About ChyronHego ChyronHego (NASDAQ: CHYR) is a global leader in broadcast graphics creation, playout and real-time data visualization with a wide range of products and services for live television, news and sports production. Joining forces in 2013, with over 80 years of combined industry expertise, Chyron and Hego Group offer award-winning solutions -- such as the TRACAB� player tracking system and end-to-end BlueNet� graphics workflow -- under the collective ChyronHego brand. Headquartered in Melville, N.Y., the Company also has offices in the Czech Republic, Denmark, Finland, Germany, Mexico, Norway, Singapore, Slovak Republic, Sweden, and the United Kingdom. For more information on ChyronHego, visit www.chyronhego.com.
Special Note Regarding Forward-looking StatementsThis press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to (i) our belief that our business is more balanced and predictable in terms of geographies and products and services; (ii) our belief that as a result of the merger we have an exceptionally strong product offering backed up by extensive product development and engineering resources and strong global service and support capability; and, (iii) our belief that we are assuming a normalized level of operating expenses and anticipate that our future results should show growth in operating profitability at current gross profit margin levels. These forward-looking statements are based on management's current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: current and future economic conditions that may adversely affect our business and customers; potential fluctuation of our revenues and profitability from period to period which could result in our failure to meet expectations; our ability to integrate the operations of Chyron and Hego successfully and in a timely manner; our ability to maintain adequate levels of working capital; our ability to successfully maintain the level of operating costs; our ability to obtain financing for our future needs should there be a need; our ability to incentivize and retain our current senior management team and continue to attract and retain qualified scientific, technical and business personnel; our ability to expand our Axis online graphics creation solution or to develop other new products and services; our ability to generate sales and profits from our Axis online graphics services, workflow and asset management solutions; rapid technological changes and new technologies that could render certain of our products and services to be obsolete; competitors with significantly greater financial resources; introduction of new products and services by competitors; challenges associated with expansion into new markets; failure to stay in compliance with all applicable NASDAQ requirements that could result in NASDAQ delisting our common stock; and, other factors discussed under the heading "Risk Factors" contained in Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2013 which has been filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time. All information in this press release is as of the date of the release and we undertake no duty to update this information unless required by law.
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