TMM, Inc. TRUDEF(TM) Fractal Codec Team
July 24 2012 - 4:00PM
Marketwired
TMM, Inc. (PINKSHEETS:TMMI) ("TMMI" or "the Company") is pleased to
announce that the Company has made significant progress in updating
the TRUDEF(TM) codec, raising funds, acquiring Digital Focus Inc.,
preparing Financial Statements and adopting bylaws changes.
TRUDEF(TM) Codec Advancement
The Company has made significant strides in updating the
TRUDEF(TM) codec over the last nine months. The programming work
has focused on updating and enhancing the Company's proprietary VDK
1.0 to 1.4 codec that Iterated Systems Inc. transferred to the
Company in 1993. The Board of Directors has instructed the lead
programmers to enlarge the team to speed up the progress towards a
commercial product. The programming team will be expanded by up to
an additional ten (10) programmers to further advance the
TRUDEF(TM) codec. The majority of the proceeds raised through the
latest private subscription offering will be used to fund an
aggressive program to speed development of its TRUDEF(TM) fractal
compression codec technology.
Private Subscription Offerings
The Company has successfully completed a private subscription
offering initiated in April of 2012 which raised USD $1,206,500.
The $0.10 per unit offering consisted of one share of TMMI common
stock and one warrant to purchase one additional share of TMMI
common stock at USD $0.15 per share for three (3) years. The
proceeds of the offering will go toward the continuing development
of TMMI's TRUDEF(TM) fractal compression codec technology and
general working capital associated with gathering and organizing
the Company's corporate governance documents and intellectual
property records.
Acquisition of Digital Focus, Inc.
On June 8, 2012 the Company completed the strategic acquisition
of the outstanding shares of Digital Focus, Inc., a California
corporation. Digital Focus, Inc.'s sole asset is an exclusive
worldwide license agreement to the PVS/SGI source code from
Iterated Systems, Inc. acquired in March 2000. All fees and taxes
were paid on behalf of Digital Focus, Inc. to reinstate the
corporation into good standing with the State of California. TMMI
had also applied and received approval to change Digital Focus,
Inc. from an S Corporation to a standard C Corporation. The Company
will not be using the PVI/SGI codec and will only use the more
robust VKD 1.0 to VDK 1.4 versions of the Fractal Codec for
TRUDEF(TM) development.
Financial Statements
The Company has prepared Financial Statements for year end 2010
and 2011 and the second quarter ending June 30, 2012. The Financial
Statements have been compiled using historical data from reports
prepared by the previous management of the Company along with the
recent activity of the Company and the Shareholder Group which
initiated the change in the Company's Board and management. These
Financial Statements are preliminary and are based on the best
information available at this time. As the discovery and review of
certain historical documents continues any revisions will be
updated in the next fiscal quarter. These Financial Statements have
not been audited or reviewed and accordingly, no opinion or any
other form of assurance is expressed on them.
By-Laws Modification & Shareholder Rights Plan
A majority of TMM, Inc.'s shareholders have recently approved
the adoption of the Shareholder Rights Plan and a staggered
("Classified") Board. The Company's Board of Directors recommended
adoption of these proposals to maximize shareholder value of the
Company's common stock in the face of a hostile takeover threat to
the Company that could arise sometime in the future.
Adoption of Shareholder Rights Plan
The terms of the Shareholder Rights Plan which are detailed in
the Summary (www.tmmi.us) are designed to encourage any entity
attempting a hostile takeover of the Company to negotiate with the
Company's Board to achieve a fair and full price of the Company's
common stock for all of its shareholders.
Classified Board
The Company's By-Laws now provide for a staggered or Classified
Board by which its three Board members are elected in sequential
years to hold office for staggered, three-year terms. This
provision is intended to encourage any potential hostile takeover
entity to negotiate with the Board to achieve a full and fair stock
price for all shares. If such hostile takeover entity is not
willing to negotiate a stock price with the Board, such entity will
have to go through several years of election cycles in order to
elect a majority of the three-person Board after acquiring a
majority of the Company's common stock.
ON BEHALF OF THE TMMI BOARD OF DIRECTORS OF TMM, INC.:
GERARD V. CAVANAUGH, CHAIRMAN AND PRESIDENT
For more information, please visit the Company's Website at
http://www.tmmi.us.
Safe Harbor Statement
The information in this release contains forward-looking
statements which involve risks and uncertainties, including
statements regarding the Company's capital needs, business strategy
and expectations. Any statements contained herein that are not
statements of historical fact may be deemed to be forward-looking
statements, which may be identified by terminology such as "may",
"should", "will", "expect", "plan", "intend", "anticipate",
"believe", "estimate", "predict", "potential", "forecast",
"project", or "continue", the negative of such terms or other
comparable terminology. Readers should not rely on forward-looking
statements as predictions of future events or results. Any or all
of the Company's forward-looking statements may turn out to be
wrong. They can be affected by inaccurate assumptions, risks and
uncertainties and other factors which could cause actual events or
results to be materially different from those expressed or implied
in the forward-looking statements. Factors may cause the Company's
actual results to differ materially from any forward-looking
statement. In addition, new factors emerge from time to time and it
is not possible for the Company to predict all factors that may
cause actual results to differ materially from those contained in
any forward- looking statements. The Company disclaims any
obligation to publicly update any forward-looking statements to
reflect events or circumstances after the date of this document,
except as required by applicable law.
Contacts: Via Mail: TMM, Inc. 118 School Road Wilmington, DE
19803 TMM, Inc. Gerard V. Cavanaugh Chairman and President
1-302-476-2288 or Toll Free: 1-800-821-9877info@tmmi.us
www.tmmi.us
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