AGM Statement
January 18 2002 - 6:30AM
UK Regulatory
RNS Number:1804Q
Indigo Vision Group PLC
18 January 2002
Embargoed for release until 11.30am Friday 18 January 2002
IndigoVision Group plc
AGM Statement
18th January 2002
At the company's Annual General Meeting held in Edinburgh today, Hamish
Grossart, the Chairman of IndigoVision Group plc, stated:
I would like to take this opportunity to bring you up to date on progress
since the end of the 1st quarter of our financial year.
In my statement on the results for the 1st quarter we reported that revenue
had been adversely impacted by a slow down in capital spending commitments
arising from poorer economic conditions and from the consequences of the
events in New York of 11th September. However, we also reported that these
conditions were abating and indications were that we would experience
accelerating growth in the 2nd quarter. This has in fact been the case and 2nd
quarter revenues will show substantial growth over revenues achieved in the
1st quarter.
In the current quarter, product shipments to the security sector have again
been strong and will establish a new record level over that set in the 1st
quarter. Our programme to expand the number of integrators and distributors of
IndigoVision products in our targeted geographic territories is progressing
well and should result in continuing growth in product shipments.
Royalty revenues commenced in the 1st quarter of the current financial year
and are growing in the current quarter. It is anticipated that, in the current
quarter, the number of VideoBridge-enabled product units shipped by licensed
customers and subject to royalty payments will for the first time exceed
IndigoVision's own product unit shipments. Further growth in product royalties
is anticipated when Panasonic, IndigoVision's first licensed partner, begins
volume manufacture of its licensed product in February 2002.
We have continued to see strong growth in interest from new potential
licensees. We have also been greatly encouraged to see a number of existing
customers completing new licenses with us, thereby endorsing our offering.
* At silicon level, Cirrus Logic and IndigoVision are completing a new
licence agreement to incorporate IndigoVision's recently announced
Mainstream technology into a range of Cirrus Logic chips. Using
Mainstream, the Cirrus Logic chips will support the latest MPEG4 standard.
* Baxall, also an existing licensee, have completed a further license to
incorporate IndigoVision's web-server technology to enable their CCTV and
VideoBridge enabled IP video products to be accessed via any web browser.
* In addition, development work to extend further Ultrak's
VideoBridge-enabled licensed product suite will complete in January.
We can also announce today that Texas Instruments (TI) have joined the
IndigoVision Strategic Partner Programme. Under this agreement TI and
IndigoVision will jointly promote IndigoVision's reference platform for next
generation Live Networked Video products, including cameras, which will use
TI's 6000 series of Digital Signal Processors (DSP's). TI in return will gain
access to IndigoVision's VideoBridge technology.
On 9th January 2002 Gartner, a leading technology research organisation,
included in their top ten predictions for 2002 their forecast that
safeguarding people, knowledge, systems and nations will take priority in
shaping investment in information technology. IndigoVision is in exactly the
right place to benefit from increasing emphasis on security and the
convergence of the IT and security functions in business and from other
emerging growth markets for live networked video.
We continue to view with confidence the prospects for the remainder of the
year and beyond.
For further information, please contact:
IndigoVision 0131 475 7200
Oliver Vellacott, CEO
Financial Dynamics 0207 831 3113
James Melville-Ross
Olivia Cundy
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