DivX Names Dan L. Halvorson as Senior Vice President and Chief Financial Officer
June 11 2007 - 8:30AM
Business Wire
DivX, Inc. (NASDAQ:DIVX) today announced that it has named Dan L.
Halvorson as the Company�s Senior Vice President and�Chief
Financial Officer. Mr. Halvorson�brings nearly 20 years of
experience,�joining DivX from Novatel Wireless (NASDAQ:NVTL) where
he was Chief Financial Officer as that company�diversified
and�experienced rapid revenue growth. �We are very pleased to
welcome Dan to the DivX team,� said Jordan Greenhall, CEO and
co-Founder of DivX. �With his strong mix of public company,
finance�and accounting experience, Dan will play an important role
helping to guide us through our next growth wave as we seek to
expand our business and penetrate new product categories. I am
confident that Dan will be a strong fit with our mission to
innovate, execute and deliver new products and services designed to
improve the experience of media.� Mr. Halvorson added, "The DivX
organization demonstrated a tremendous level of optimism, energy
and passion for their community that motivated me to take on this
opportunity. I believe the company is in the early stages of a
tremendous market opportunity and I am energized to join the team
at this important time.� During�his 19-year career,�Mr. Halvorson
has served many senior finance and�accounting roles at�a�number of
public�companies. Mr. Halvorson was named Chief Financial Officer
and Chief Accounting Officer at Novatel Wireless in early 2004 and
served those roles during a time when the company grew its annual
revenue from $33 million to a current run rate of nearly $400
million. He joined Novatel Wireless�in 2000�prior to its IPO,
serving in a variety of financial roles including Vice President of
Finance, Chief Accounting Officer and Treasurer. From 1998 to 2000,
he was Director of Finance at Dura Pharmaceuticals, which was
acquired by Elan in 2000. He was also Director of Finance at
Alliance Pharmaceuticals from 1996�to 1998. Previous to his public
company roles, Mr. Halvorson spent eight years in public accounting
at Deloitte & Touche and PriceWaterhouseCoopers, serving both
public and private client companies. Mr. Halvorson is a Certified
Public Accountant and holds a Bachelor of Science from San Diego
State University. Mr. Halvorson will officially join the company on
June 18 in a transitional role, and will assume full time duties on
July 16. About DivX, Inc. DivX creates products and services
designed to improve the experience of media. Our first product
offering was a video compression-decompression software library, or
codec, which has been actively sought out and downloaded over 220
million times since January 2003, including over 70 million times
during the last twelve months. We have since built on the success
of our codec with other consumer software, including the DivX
Player application, which is distributed from our website,
www.divx.com. We also license our technologies to consumer hardware
device manufacturers and certify their products to ensure the
interoperable support of DivX-encoded content. In addition to
technology licensing to consumer hardware device manufacturers, we
currently generate revenue from software licensing, advertising and
content distribution. Forward-Looking Statements Statements in this
press release that are not strictly historical in nature constitute
"forward-looking statements." Such statements include, but are not
limited to, statements regarding DivX's opportunities to expand its
business. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause DivX's
actual results to be materially different from historical results
or from any results expressed or implied by such forward-looking
statements. These factors include, but are not limited to, the risk
that customer use of DivX technology may not grow as anticipated,
the risk that anticipated market opportunities may not materialize
at expected levels, or at all, the risk that the Company's
activities may not result in the growth of profitable revenue,
risks and uncertainties related to the maintenance and strength of
the DivX brand; DivX's ability to penetrate existing and new
markets; the effects of competition; DivX's dependence on its
licensees and partners; the effect of intellectual property rights
claims; and other factors discussed in the "Risk Factors" section
of DivX's quarterly report on Form 10-Q filed with the SEC on May
15, 2007. All forward-looking statements are qualified in their
entirety by this cautionary statement. DivX is providing this
information as of the date of this release and does not undertake
any obligation to update any forward-looking statements contained
in this release as a result of new information, future events or
otherwise.
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