DivX Announces Resignation of R. Jordan Greenhall from Its Board of Directors
December 20 2007 - 5:03PM
Business Wire
DivX, Inc. (NASDAQ:DIVX), a digital media company, today announced
that R. Jordan Greenhall has resigned from the Board of Directors
of the Company, effective immediately. Mr. Greenhall served as the
Company�s Chairman of the Board since August 2000, and previously
served as CEO of the Company until July 2007. The Board will
discuss the vacancy and the appointment of a new Chairman at its
next scheduled meeting. �Jordan built a strong company that is
redefining the digital media experience for consumers around the
world,� said Kevin Hell, Chief Executive Officer for DivX. �His
guidance has made a lasting impact on the Company and has helped
establish DivX as a strong force in the global digital media
market. We want to thank Jordan for his leadership of the Board and
wish him the best in his future endeavors.� The Company also
announced that it expects to take additional time to consider the
alternatives available to the Company related to the future of the
Stage6 service. The Company had previously expected the process
would be completed by the end of 2007. �We want to fully consider
all options and determine the best next steps for this asset,�
commented Dan Halvorson, Executive Vice President and Chief
Financial Officer. �Consequently, additional time is required to
complete our analysis and obtain appropriate input from our
committee of independent directors which is leading this process.
We anticipate updating our stockholders during the first quarter of
2008.� About DivX, Inc. DivX, Inc. is a digital media company that
enables consumers to enjoy a high-quality video experience across
any kind of device. DivX creates, distributes and licenses digital
video technologies that span the �three screens� comprising today�s
consumer media environment�the PC, the television and mobile
devices. Over 100 million DivX Certified devices have shipped into
the market from leading consumer electronics manufacturers. DivX
also offers content providers and publishers a complete solution
for the distribution of secure, high-quality digital video content.
Driven by a globally recognized brand and a passionate community of
hundreds of millions of consumers, DivX is simplifying the video
experience to enable the digital home. 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 the Company�s
plans regarding Stage6, the anticipated timing and benefits of any
potential transaction regarding Stage6, and the Company's position
in the digital media space. 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 any transaction involving Stage6 may not
be completed when expected, or at all; the risk that definitive
documentation for any such transaction may not contain terms and
conditions as favorable to DivX as anticipated; risks related to
the inability to obtain, or meet conditions imposed for, any
approvals required for any potential transaction; risks related to
the implementation of any potential transaction; risks related to
any uncertainty surrounding any potential transaction; risks that
the anticipated benefits of any potential transaction may not
materialize to the extent expected, or at all; 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 November 14,
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, other than as required under applicable securities laws.
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