Forgent Announces Sale of ALLIANCE
AUSTIN, TX, Nov. 29, 2004 (MARKET WIRE via COMTEX) -- Forgent Networks, Inc. (NASDAQ: FORG) today announced the sale of patents and other intellectual property related to video scheduling software to Tandberg Telecom AS -- a wholly owned subsidiary of Tandberg ASA (OSLO: TAA.OL) -- a global leader in visual communication, for approximately $3.75 million in cash. These patents support the planning and execution of audio, video or web conferencing. The ALLIANCE software suite, designed for advanced scheduling and management, is included in the purchase.
"Earlier this year we announced plans to focus on our core business," said Richard Snyder, chairman and CEO of Forgent. "The sale of ALLIANCE is an important step towards implementation of that strategy."
Customers affected by the transaction will be notified by Forgent of their options for ongoing support and maintenance and for transitioning to the TANDBERG Management Suite (TMS), TANDBERG's video-management software. Forgent remains committed to its customers and intends to complete its underlying maintenance agreements.
Forgent develops and licenses intellectual property and provides scheduling software to a wide variety of customers. Forgent's intellectual property licensing program is related to communication technologies developed from a diverse and growing patent portfolio. Forgent's software division, NetSimplicity, provides a spectrum of scheduling software that enables all sizes of organizations to streamline the scheduling of people, places and things. For additional information please visit www.forgent.com.
This release may include projections and other forward-looking statements that involve a number of risks and uncertainties and as such, actual results in future periods may differ materially from those currently expected or desired. Some of the factors that could cause actual results to differ materially include changes in the general economy and the technology industry, rapid changes in technology, sales cycle and product implementations, risks associated with transitioning to a new business model and the subsequent limited operating history, the possibility of new entrants into the collaboration management market, the possibility that the market for the sale of certain software and services may not develop as expected; that development of these software and services may not proceed as planned, risks associated with the company's license program, including risks of litigation involving intellectual property, patents and trademarks, acquisition integration, and the ability to consummate certain divestiture transactions. Additional discussion of these and other risk factors affecting the company's business and prospects is contained in the company's period filings with the SEC.
SOURCE: Forgent Networks