Missile In Partenza Fvcx
- Creatore Discussione Mr China Investiment
- Data di inizio
Dicevo al plurale perche gli altri mi hanno detto di averle, non sono certo io a dire loro cosa fare, siamo grandi e vaccinati.
Ognuno esprime un parere, ma poi ognuno deve prendere le proprie decisioni.
altolivello
Nuovo Utente
- Registrato
- 5/4/02
- Messaggi
- 6.512
- Punti reazioni
- 341
okkio,,,strani movimenti in book,,,
a class action lawsuit was filed today on behalf of purchasers of the securities of First Virtual Communications, Inc. ("First Virtual" or the "Company") (PNK:FVCC) between March 29, 2004 and August 23, 2004, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
The action, Case No. 04-CV-3585, is pending before the Honorable Fern M. Smith, in the United States District Court for the Northern District of California, against defendants First Virtual, Jonathan Morgan (President and CEO), and Truman Cole (CFO and VP). According to the complaint, defendants violated sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5, by issuing a series of material misrepresentations to the market during the Class Period.
The complaint alleges that defendants engaged in a "pump and dump" scheme that enabled Company insiders to profit at the expense of class members by selling over a million shares of their personally held First Virtual securities at artificially inflated prices. Specifically, defendants issued materially false and misleading statements about the Company's financial condition and sales of its real-time rich media communications software and services and specialized networking hardware equipment worldwide, and a contract to provide the United States Air Force with the Company's proprietary Click to MeetTM web communications infrastructure and solutions. In reaction to these statements, the price of First Virtual stock skyrocketed 161% between February 5, 2004 and April 6, 2004, allowing certain Company insiders to sell over 1.98 million shares of their personally held First Virtual stock for proceeds of more than $8.5 million.
On April 30, 2004, the truth about the Company's financial condition began to emerge. On that day, defendants announced that the Company's audit committee had commenced an investigation into certain irregular sales transactions, and that until the review was completed, the Company would not be able to release its first-quarter earnings or file its Form 10-Q with the SEC. In reaction to this news, the price of First Virtual stock fell 37% from its previous day's closing price. As a result of its failure to comply with the SEC's filing requirements, First Virtual's securities were subject to delistment from the Nasdaq SmallCap market. On August 5, 2004, defendants announced that the Company had received a letter from Nasdaq which granted the Company a conditional temporary extension to file its first quarter 2004 report. On August 17, 2004, defendants disclosed that (i) the Company could not meet the conditions of its temporary filing extension; (ii) the Company had incurred $2.1 million in expenses directly related to the investigation; (iii) the Company was in danger of defaulting on a $3.0 million credit facility agreement; and (iv) based on the Company's profit and loss projections for the remainder of 2004, its stockholder equity would fall below Nasdaq's listing requirements. On August 24, 2004, before the market opened, defendants disclosed that the Company's request for an extension to comply with Nasdaq's listing and filing requirements had been denied, and that the Company's securities would be delisted from the Nasdaq SmallCap at the commencement of trading on August 25, 2004. In reaction to that news, the price of First Virtual stock fell 47 percent from its previous trading day's closing price, to close at $0.37 per share.
If you bought the securities of First Virtual between March 29, 2004 and August 23, 2004, inclusive, and sustained damages, you may, no later than October 25, 2004, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
============
A disposizione.
Pietro66
The action, Case No. 04-CV-3585, is pending before the Honorable Fern M. Smith, in the United States District Court for the Northern District of California, against defendants First Virtual, Jonathan Morgan (President and CEO), and Truman Cole (CFO and VP). According to the complaint, defendants violated sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5, by issuing a series of material misrepresentations to the market during the Class Period.
The complaint alleges that defendants engaged in a "pump and dump" scheme that enabled Company insiders to profit at the expense of class members by selling over a million shares of their personally held First Virtual securities at artificially inflated prices. Specifically, defendants issued materially false and misleading statements about the Company's financial condition and sales of its real-time rich media communications software and services and specialized networking hardware equipment worldwide, and a contract to provide the United States Air Force with the Company's proprietary Click to MeetTM web communications infrastructure and solutions. In reaction to these statements, the price of First Virtual stock skyrocketed 161% between February 5, 2004 and April 6, 2004, allowing certain Company insiders to sell over 1.98 million shares of their personally held First Virtual stock for proceeds of more than $8.5 million.
On April 30, 2004, the truth about the Company's financial condition began to emerge. On that day, defendants announced that the Company's audit committee had commenced an investigation into certain irregular sales transactions, and that until the review was completed, the Company would not be able to release its first-quarter earnings or file its Form 10-Q with the SEC. In reaction to this news, the price of First Virtual stock fell 37% from its previous day's closing price. As a result of its failure to comply with the SEC's filing requirements, First Virtual's securities were subject to delistment from the Nasdaq SmallCap market. On August 5, 2004, defendants announced that the Company had received a letter from Nasdaq which granted the Company a conditional temporary extension to file its first quarter 2004 report. On August 17, 2004, defendants disclosed that (i) the Company could not meet the conditions of its temporary filing extension; (ii) the Company had incurred $2.1 million in expenses directly related to the investigation; (iii) the Company was in danger of defaulting on a $3.0 million credit facility agreement; and (iv) based on the Company's profit and loss projections for the remainder of 2004, its stockholder equity would fall below Nasdaq's listing requirements. On August 24, 2004, before the market opened, defendants disclosed that the Company's request for an extension to comply with Nasdaq's listing and filing requirements had been denied, and that the Company's securities would be delisted from the Nasdaq SmallCap at the commencement of trading on August 25, 2004. In reaction to that news, the price of First Virtual stock fell 47 percent from its previous trading day's closing price, to close at $0.37 per share.
If you bought the securities of First Virtual between March 29, 2004 and August 23, 2004, inclusive, and sustained damages, you may, no later than October 25, 2004, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
============
A disposizione.
Pietro66
Solo per ricordare a chi ha subito perdite con questo titolo (sia che abbia rivenduto sia che detenga ancora il titolo) che se qualche investitore italiano partecipa alla class action tutti gli investitori stranieri possono sperare in un risarcimento.
Ovviamente, se volete sapere chi/come/cosa/ ecc. ecc. .... sono a disposizione.
Pietro66
Ovviamente, se volete sapere chi/come/cosa/ ecc. ecc. .... sono a disposizione.
Pietro66
pivello nasd400
Nuovo Utente
- Registrato
- 6/11/03
- Messaggi
- 1.839
- Punti reazioni
- 73
Il superciofegone in chapter 11
First Virtual Communications, Inc. Files Chapter 11 to Implement Restructuring Transaction
REDWOOD CITY, Calif.
First Virtual Communications, Inc.
Jonathan Morgan, 650-801-6500
CEO
or
Gordian Group, LLC
Peter S. Kaufman, 212-486-3600
Principal
First Virtual Communications, Inc. (Pink Sheets: FVCC) announced that on January 20, 2005, it, along with its wholly-owned subsidiary, CUseeMe Networks, Inc., filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code. The Company expects to utilize the bankruptcy process to maximize value and to implement a restructuring transaction that may or may not include a sale of certain assets.
"We have received widespread interest from a variety of sources for the rights to invest in or acquire assets of the Company, including its flagship product, Click to Meet(TM)," Jonathan Morgan, Chief Executive Officer of the Company, reported. "Our solution is the only one of its kind that provides a complete framework for delivering a new generation of standards-based video- and audio-enabled web collaboration applications that address the real-time communications needs of companies worldwide."
The Company filed its petitions early Thursday morning in the United States Bankruptcy Court for the Northern District of California, San Francisco Division, before the Honorable Thomas E. Carlson, United States Bankruptcy Judge. The Company has filed a series of motions with the Bankruptcy Court requesting, among other things, permission to honor certain employee obligations and benefits, approval of the Company's agreement with its bank lender regarding continued access to working capital, approval of procedures to ensure uninterrupted utility services to the Company as well as joint administration of the Cases for procedural purposes only. The Bankruptcy Court has set a hearing to consider these matters and other business coming before it for January 26, 2005 at 9:30 a.m.
In addition, the Company intends to request that the Bankruptcy Court establish procedures for other interested parties to submit proposals in connection with its restructuring efforts. In that regard, the Company has executed a preliminary letter of intent with Radvision Ltd. providing for the sale of substantially all of the Company's assets to Radvision Ltd. or a designated affiliate or subsidiary for $5 million, subject to due diligence and Bankruptcy Court approval, among other conditions. At this time, the Company cannot predict what values will be ascribed in the Cases to claims against or interests in the Company as there are a variety of factors that may impact such value, including, but not limited to, the terms of restructuring proposals that the Company receives and the terms of any reorganization plan that may ultimately be confirmed. Accordingly, the Company urges that appropriate caution be exercised with respect to existing and future investments in any of its liabilities and/or securities.
The Company is a world leader in providing easy-to-use, scalable, integrated real-time rich media communications solutions to enterprises, service providers and portals. Among other things, FVC's software products enable interactive voice, video and data collaboration over IP-based networks. Through its products, FVC thus provides cost-effective, integrated end-to-end solutions for large-scale deployments to enterprise desktops
First Virtual Communications, Inc. Files Chapter 11 to Implement Restructuring Transaction
REDWOOD CITY, Calif.
First Virtual Communications, Inc.
Jonathan Morgan, 650-801-6500
CEO
or
Gordian Group, LLC
Peter S. Kaufman, 212-486-3600
Principal
First Virtual Communications, Inc. (Pink Sheets: FVCC) announced that on January 20, 2005, it, along with its wholly-owned subsidiary, CUseeMe Networks, Inc., filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code. The Company expects to utilize the bankruptcy process to maximize value and to implement a restructuring transaction that may or may not include a sale of certain assets.
"We have received widespread interest from a variety of sources for the rights to invest in or acquire assets of the Company, including its flagship product, Click to Meet(TM)," Jonathan Morgan, Chief Executive Officer of the Company, reported. "Our solution is the only one of its kind that provides a complete framework for delivering a new generation of standards-based video- and audio-enabled web collaboration applications that address the real-time communications needs of companies worldwide."
The Company filed its petitions early Thursday morning in the United States Bankruptcy Court for the Northern District of California, San Francisco Division, before the Honorable Thomas E. Carlson, United States Bankruptcy Judge. The Company has filed a series of motions with the Bankruptcy Court requesting, among other things, permission to honor certain employee obligations and benefits, approval of the Company's agreement with its bank lender regarding continued access to working capital, approval of procedures to ensure uninterrupted utility services to the Company as well as joint administration of the Cases for procedural purposes only. The Bankruptcy Court has set a hearing to consider these matters and other business coming before it for January 26, 2005 at 9:30 a.m.
In addition, the Company intends to request that the Bankruptcy Court establish procedures for other interested parties to submit proposals in connection with its restructuring efforts. In that regard, the Company has executed a preliminary letter of intent with Radvision Ltd. providing for the sale of substantially all of the Company's assets to Radvision Ltd. or a designated affiliate or subsidiary for $5 million, subject to due diligence and Bankruptcy Court approval, among other conditions. At this time, the Company cannot predict what values will be ascribed in the Cases to claims against or interests in the Company as there are a variety of factors that may impact such value, including, but not limited to, the terms of restructuring proposals that the Company receives and the terms of any reorganization plan that may ultimately be confirmed. Accordingly, the Company urges that appropriate caution be exercised with respect to existing and future investments in any of its liabilities and/or securities.
The Company is a world leader in providing easy-to-use, scalable, integrated real-time rich media communications solutions to enterprises, service providers and portals. Among other things, FVC's software products enable interactive voice, video and data collaboration over IP-based networks. Through its products, FVC thus provides cost-effective, integrated end-to-end solutions for large-scale deployments to enterprise desktops
taba
Nuovo Utente
- Registrato
- 27/4/04
- Messaggi
- 1.990
- Punti reazioni
- 75
questa mer,dac,,cia oggi quota 0,045 dollari 
venerdi +50% con la notizia che di seguito riporto,, azzo un anno fà era a 3 dollari,,
First Virtual Communications, Inc. Receives $5.2 Million Stalking Horse Bid Led by Millennium Technology Value Partners
Friday February 18, 1:33 pm ET
Bankruptcy Court Finalizes Process For Additional Proposals For Chapter 11; Company Obtains Final Approval on $2 Million DIP Financing
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Feb. 18, 2005-- At a hearing on February 14, 2005, the United States Bankruptcy Court for the Northern District of California granted First Virtual Communications, Inc. (Pink Sheets: FVCCQ.PK) the following relief:
Final approval of the procedures and timing for interested parties to submit competing proposals in connection with the Company's restructuring efforts based on an improved "stalking horse" bid of approximately $5.2 million for the company from Millennium Technology Value Partners, L.P. and First Virtual's secured lenders, and;
Final approval for a $2 million Debtor in Possession (DIP) credit facility to stabilize business during Chapter 11 reorganization.
"The Company has made great strides to date in its reorganization. First Virtual entered Chapter 11 with a letter of intent for the sale of its assets for $5 million, and the Company is now launching a competitive bidding process for restructuring proposals with a definitive agreement for more than $5.2 million in consideration," reported CEO Jonathan Morgan. Pursuant to an asset purchase agreement executed on February 12, 2005, an investment partnership led by Millennium Technology Value Partners, L.P. a New York-based private equity fund, and the Company's other secured lenders made a proposal for substantially all of the Company's assets through a credit-bid of $5.2 million, $250,000 in cash and assumption of costs payable at closing.
"We recognize the value in the world-class product solutions that First Virtual develops, markets, and supports and we are prepared to assist the company through the DIP period as well as once First Virtual emerges from Chapter 11 reorganization," said Tom Todaro, a Senior Advisor of Millennium Technology Value Partners, L.P.
"The Company expects a robust competitive process." Morgan also confirmed. The order approved by the Bankruptcy Court requires that competing proposals for the company be submitted by February 21, 2005. A final determination will be made on February 28, 2005. The initial proposal by the Company's secured lenders sets the baseline for the bidding process. Any subsequent offers must satisfy the conditions set forth in the Bankruptcy Court's order in order to qualify for the auction.
Following interim approval of the DIP credit facility on January 26, 2005, the Company recalled 56 employees that had been furloughed at the beginning of January. Final approval allows the company to continue resumed operations as planned. CEO Jonathan Morgan commented, "The Company and its employees are committed to the business and it's restructuring. We now have the appropriate resources and will continue to provide our next generation products and support to our installed-based customers, partners, and new prospects."
venerdi +50% con la notizia che di seguito riporto,, azzo un anno fà era a 3 dollari,,
First Virtual Communications, Inc. Receives $5.2 Million Stalking Horse Bid Led by Millennium Technology Value Partners
Friday February 18, 1:33 pm ET
Bankruptcy Court Finalizes Process For Additional Proposals For Chapter 11; Company Obtains Final Approval on $2 Million DIP Financing
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Feb. 18, 2005-- At a hearing on February 14, 2005, the United States Bankruptcy Court for the Northern District of California granted First Virtual Communications, Inc. (Pink Sheets: FVCCQ.PK) the following relief:
Final approval of the procedures and timing for interested parties to submit competing proposals in connection with the Company's restructuring efforts based on an improved "stalking horse" bid of approximately $5.2 million for the company from Millennium Technology Value Partners, L.P. and First Virtual's secured lenders, and;
Final approval for a $2 million Debtor in Possession (DIP) credit facility to stabilize business during Chapter 11 reorganization.
"The Company has made great strides to date in its reorganization. First Virtual entered Chapter 11 with a letter of intent for the sale of its assets for $5 million, and the Company is now launching a competitive bidding process for restructuring proposals with a definitive agreement for more than $5.2 million in consideration," reported CEO Jonathan Morgan. Pursuant to an asset purchase agreement executed on February 12, 2005, an investment partnership led by Millennium Technology Value Partners, L.P. a New York-based private equity fund, and the Company's other secured lenders made a proposal for substantially all of the Company's assets through a credit-bid of $5.2 million, $250,000 in cash and assumption of costs payable at closing.
"We recognize the value in the world-class product solutions that First Virtual develops, markets, and supports and we are prepared to assist the company through the DIP period as well as once First Virtual emerges from Chapter 11 reorganization," said Tom Todaro, a Senior Advisor of Millennium Technology Value Partners, L.P.
"The Company expects a robust competitive process." Morgan also confirmed. The order approved by the Bankruptcy Court requires that competing proposals for the company be submitted by February 21, 2005. A final determination will be made on February 28, 2005. The initial proposal by the Company's secured lenders sets the baseline for the bidding process. Any subsequent offers must satisfy the conditions set forth in the Bankruptcy Court's order in order to qualify for the auction.
Following interim approval of the DIP credit facility on January 26, 2005, the Company recalled 56 employees that had been furloughed at the beginning of January. Final approval allows the company to continue resumed operations as planned. CEO Jonathan Morgan commented, "The Company and its employees are committed to the business and it's restructuring. We now have the appropriate resources and will continue to provide our next generation products and support to our installed-based customers, partners, and new prospects."
pivello nasd400
Nuovo Utente
- Registrato
- 6/11/03
- Messaggi
- 1.839
- Punti reazioni
- 73
Fine di una ciofega ?
RADVISION Agrees to Purchase Substantially All Assets of First Virtual Communications, Inc. and is Designated as Successful Bidder at Conclusion of Competitive Bidding Process
FAIR LAWN, N.J. & REDWOOD CITY, Calif.
RADVISION
Tsipi Kagan, 201-689-6340
cfo@radvision.com
or
Peter Benedict, 201-689-6311
pr@radvision.com
or
First Virtual Communications
Jonathan Morgan, 650-801-6500
jmorgan@fvc.com
RADVISION (Nasdaq: RVSN):
-- FVC Desktop Communications Architecture Complements RADVISION Solution
-- Transaction Includes Contracts with Government, Military, and Enterprise Customers
RADVISION (Nasdaq: RVSN) and First Virtual Communications, Inc. (Pink Sheets: FVCCQ.PK) announced today that RADVISION has agreed to acquire substantially all the operating assets, intellectual property and customer contracts of FVC and its wholly-owned subsidiary CUseeMe Networks, Inc. for approximately $7.15 million in cash. Following a competitive bidding process concluded February 28, 2005 under the supervision of the United States Bankruptcy Court for the Northern District of California in FVC's Chapter 11 reorganization, FVC selected the offer from RADVISION as the best offer for FVC's assets. The transaction, which has been approved by the Boards of Directors of both companies as well as the Official Committee of Unsecured Creditors of FVC, is subject to the approval of the Bankruptcy Court at a hearing scheduled for March 11, 2005. The transaction is expected to close on March 15, 2005.
"We believe that the visual communications market is poised for significant growth as it expands out of the meeting room and onto the employee desktop and into the home," said Gadi Tamari, CEO of RADVISION. "RADVISION has taken a market leading role in making this vision a reality and this acquisition supports our efforts in providing new technology and customer solutions. FVC has been a pioneer in the software desktop space - delivering an award-winning software-based solution to enterprises and government/military users around the world - and we are confident that the combination of the two companies' technologies and expertise will move the visual communications market forward."
"We feel that this sale of FVC assets to RADVISION is truly in the best interests of all of our constituents including our creditors, customers and employees," said FVC CEO Jonathan Morgan. "Consummation of the transaction will allow FVC to retire all of its outstanding secured indebtedness, will enable FVC to compensate employees who contributed to this process, and hopefully yield a material dividend to unsecured creditors. We are committed to working with RADVISION to provide our customers, who depend on FVC for their mission-critical communications, with a smooth transition through the consummation of the transaction." FVC will continue normal operations through the completion of the proposed sale.
The assets of First Virtual Communication and its wholly-owned subsidiary CUseeMe Networks, Inc. include contracts and technologies related to providing integrated real-time voice, video, and Web collaboration/communication solutions to enterprises, service providers, and portals. FVC's flagship product, Click to Meet(TM), provides a distributed software-based rich media communications platform and downloadable Web browser-based communications software client that transparently passes through firewalls - making it ideal for consumer, video call centers, and extranet applications. Click to Meet also features tight integration with commonly used enterprise desktop applications and network solutions including Microsoft Outlook, Microsoft Active Directory, Microsoft Office Live Communications Server 2005, IBM Lotus Instant Messaging, and IBM Domino directory.
This acquisition complements RADVISION's existing desktop products and strategy, overseen by Killko Caballero, RADVISION's Senior Vice President of Enterprise Strategy. Mr. Caballero has a long and deep history with FVC, where he was the Company's president and CEO. He came to FVC when it acquired CUseeMe where he was the Chief Technology Officer and later the Chairman, CEO and President. At both companies Mr. Caballero played a leading role in formulating and addressing the enterprise market's communications needs by defining and delivering powerful, industry breakthrough solutions for desktop multimedia conferencing and collaboration.
"FVC has been providing solutions to the desktop market for well over seven years and, through this acquisition, RADVISION is in a position to leverage their substantial market penetration and significant installed base of desktop conferencing users - including the U.S. Department of Defense through its DISA (Defense Information Systems Agency) certification," said Mr. Caballero. "We are committed to working closely with FVC customers and partners to continue delivering a powerful multimedia communications experience."
About RADVISION
RADVISION Ltd. (Nasdaq: RVSN) is the industry's leading provider of high quality, scalable and easy-to-use products and technologies for videoconferencing, video telephony, and the development of converged voice, video and data over IP and 3G networks. For more information please visit our website at www.radvision.com.
RADVISION Agrees to Purchase Substantially All Assets of First Virtual Communications, Inc. and is Designated as Successful Bidder at Conclusion of Competitive Bidding Process
FAIR LAWN, N.J. & REDWOOD CITY, Calif.
RADVISION
Tsipi Kagan, 201-689-6340
cfo@radvision.com
or
Peter Benedict, 201-689-6311
pr@radvision.com
or
First Virtual Communications
Jonathan Morgan, 650-801-6500
jmorgan@fvc.com
RADVISION (Nasdaq: RVSN):
-- FVC Desktop Communications Architecture Complements RADVISION Solution
-- Transaction Includes Contracts with Government, Military, and Enterprise Customers
RADVISION (Nasdaq: RVSN) and First Virtual Communications, Inc. (Pink Sheets: FVCCQ.PK) announced today that RADVISION has agreed to acquire substantially all the operating assets, intellectual property and customer contracts of FVC and its wholly-owned subsidiary CUseeMe Networks, Inc. for approximately $7.15 million in cash. Following a competitive bidding process concluded February 28, 2005 under the supervision of the United States Bankruptcy Court for the Northern District of California in FVC's Chapter 11 reorganization, FVC selected the offer from RADVISION as the best offer for FVC's assets. The transaction, which has been approved by the Boards of Directors of both companies as well as the Official Committee of Unsecured Creditors of FVC, is subject to the approval of the Bankruptcy Court at a hearing scheduled for March 11, 2005. The transaction is expected to close on March 15, 2005.
"We believe that the visual communications market is poised for significant growth as it expands out of the meeting room and onto the employee desktop and into the home," said Gadi Tamari, CEO of RADVISION. "RADVISION has taken a market leading role in making this vision a reality and this acquisition supports our efforts in providing new technology and customer solutions. FVC has been a pioneer in the software desktop space - delivering an award-winning software-based solution to enterprises and government/military users around the world - and we are confident that the combination of the two companies' technologies and expertise will move the visual communications market forward."
"We feel that this sale of FVC assets to RADVISION is truly in the best interests of all of our constituents including our creditors, customers and employees," said FVC CEO Jonathan Morgan. "Consummation of the transaction will allow FVC to retire all of its outstanding secured indebtedness, will enable FVC to compensate employees who contributed to this process, and hopefully yield a material dividend to unsecured creditors. We are committed to working with RADVISION to provide our customers, who depend on FVC for their mission-critical communications, with a smooth transition through the consummation of the transaction." FVC will continue normal operations through the completion of the proposed sale.
The assets of First Virtual Communication and its wholly-owned subsidiary CUseeMe Networks, Inc. include contracts and technologies related to providing integrated real-time voice, video, and Web collaboration/communication solutions to enterprises, service providers, and portals. FVC's flagship product, Click to Meet(TM), provides a distributed software-based rich media communications platform and downloadable Web browser-based communications software client that transparently passes through firewalls - making it ideal for consumer, video call centers, and extranet applications. Click to Meet also features tight integration with commonly used enterprise desktop applications and network solutions including Microsoft Outlook, Microsoft Active Directory, Microsoft Office Live Communications Server 2005, IBM Lotus Instant Messaging, and IBM Domino directory.
This acquisition complements RADVISION's existing desktop products and strategy, overseen by Killko Caballero, RADVISION's Senior Vice President of Enterprise Strategy. Mr. Caballero has a long and deep history with FVC, where he was the Company's president and CEO. He came to FVC when it acquired CUseeMe where he was the Chief Technology Officer and later the Chairman, CEO and President. At both companies Mr. Caballero played a leading role in formulating and addressing the enterprise market's communications needs by defining and delivering powerful, industry breakthrough solutions for desktop multimedia conferencing and collaboration.
"FVC has been providing solutions to the desktop market for well over seven years and, through this acquisition, RADVISION is in a position to leverage their substantial market penetration and significant installed base of desktop conferencing users - including the U.S. Department of Defense through its DISA (Defense Information Systems Agency) certification," said Mr. Caballero. "We are committed to working closely with FVC customers and partners to continue delivering a powerful multimedia communications experience."
About RADVISION
RADVISION Ltd. (Nasdaq: RVSN) is the industry's leading provider of high quality, scalable and easy-to-use products and technologies for videoconferencing, video telephony, and the development of converged voice, video and data over IP and 3G networks. For more information please visit our website at www.radvision.com.