eMotion Announces Corporate Restructuring, Addition of New Management Team and Closes $2.5 Million on the First Series of its Latest Financing Round
Funds will Help Further Development and Expansion of its Leading Digital Media Management Product Line
VIENNA, VA – October 29, 2002 – eMotion, Inc., a global provider of digital media management software and services, announced today the completion of a strategic reorganization and generation of $2.5 million in additional financing from its existing investors. The restructured eMotion led by CEO and media industry veteran, Richard Fisher, will continue to focus on its core business of developing web based digital media management software solutions and hosting services, while expanding its offerings to demanding markets. Mr. Fisher plans to establish an eMotion West Coast office in the Bay area by end of 2002.
eMotion received the new financing from private equity firms Wasserstein & Co, Constellation Ventures, Chartwell Capital and Crossbow Ventures. eMotion is also in the process of raising additional capital from outside investors to further accelerate its growth. The company plans to use the new financing to enhance its family of media management products, add capacity to its fast-growing hosted services offering, further expand the company's sales organization in North America, and continue generating momentum in its quest to achieve profitability in the second half of 2003.
"This reorganization is the successful culmination of our plan to re-build the company around its most valuable asset - its patented media management technology," said Reg Murphy, eMotion's Chairman. "We look forward to expanding our services to our current clients while continuing to address the growing needs of future customers to archive, protect and move media assets quickly and inexpensively."
"The long-anticipated surge in demand for digital media management is here," said Richard Fisher, CEO of eMotion. "As companies around the world are reaching a critical mass of digital video, audio, graphics and photograph files, eMotion's powerful management solution uniquely serves that scenario and supports their vital business promotion and communication needs," Mr. Fisher added.
About the New Management Team
Mr. Fisher joins eMotion with 25 years of media industry experience. He was the founder
and first CEO of cable channel Tech TV (formerly ZDTV) and served most recently as the
President of Interactive Television solutions provider RespondTV. In addition to the
appointment of Mr. Fisher to CEO, Chuck Hurst was also named as Vice President of Engineering
and Operations and Jon Schupp as Vice President of Sales and Business Development.
Both Mr. Hurst and Mr. Schupp are long-time eMotion employees with considerable experience
in the digital media industry.
About eMotion, Inc.
eMotion, Inc. is a global provider of digital media management software and services,
with a wide range of customers that include Global 2000 companies, advertising agencies,
entertainment and broadcast companies and government agencies. eMotion's Customers include
CBS King World, ABC Television, Exxon Mobil, Coors Brewing Company, Diageo, Discovery
Communications, Bechtel, Doner, Lowe & Partners. The eMotion family of products,
which includes MediaPartner Enterprise, CreativePartner and ArchivePartner, helps companies
realize the value of their digital media by providing mature software solutions designed
to suit their specific business needs. The technology is available either as a product license
or in a hosted environment. The company is headquartered outside of Washington, D.C. in Vienna, VA.
Additional information about the company can be found at www.emotion.com.
Press contact:
Heather Cabral
For eMotion
phone: 415-652-9899
email: hcabral@directvinternet.com
