Adaptec's Roxio Subsidiary Files Form 10 With the SEC
Filing Positions Adaptec to Spin-Off Roxio to Its Shareholders
Milpitas, Calif., February 21, 2001 - Adaptec, Inc. (Nasdaq: ADPT), the global leader in data storage access solutions, announced its wholly owned subsidiary, Roxio, Inc., has filed a Form 10 with the Securities and Exchange Commission (SEC), today, in order to proceed with its planned spin-out from Adaptec.
As previously announced, Adaptec has decided to spin its software business out so each company can concentrate on its unique growth objectives: Adaptec concentrating on improving access to and protection of information stored on servers, networks and desktops, and Roxio focusing on digital media.
Upon acceptance of the filing by the SEC, and formal approval by the Adaptec board of directors, Adaptec plans to distribute all of the shares of Roxio to the existing Adaptec shareholders in one distribution, which is contemplated to take place in April. Adaptec's goal is for the distribution to be tax-free.
Adaptec initially had proposed a two-step spin, including an Initial Public Offering for its software division. Adaptec withdrew its IPO plans for Roxio in January when tech sector market conditions proved unfavorable. The one-step spin now planned for Roxio will get public shares on the market without an IPO. Upon the distribution of the Roxio shares to Adaptec shareholders, Roxio's securities will then be traded on NASDAQ under the symbol "ROXI."
Adaptec Inc. provides broad-markets with highly available storage access solutions that reliably move, manage and protect critical data and digital content. Adaptec's storage solutions are found in high-performance networks, servers, workstations and desktops from the world's leading manufacturers, and are sold through distribution channels to ISPs, enterprises, medium and small businesses and consumers. Adaptec is an S&P 500 member. More information is available at www.adaptec.com.
Roxio, a division of Sonic Solutions, develops and markets the best-selling digital media software in the world. Roxio offers
award-winning software products for CD/DVD burning, photo editing and video editing and has an installed base of over 150 million
users. Roxio distributes its products globally through strategic partnerships with major hardware manufacturers, through leading
retailers, through Internet partnerships and through direct sales at www.roxio.com. Roxio's
parent company, Sonic Solutions (NASDAQ: SNIC;
http://www.sonic.com) is the leader in digital media software and provides a broad range of software
tools and applications for creative professionals, business and home users and technology partners. Sonic's products range from professional
DVD authoring systems and interactive content delivery technologies that are used to produce the majority of Hollywood movies released on DVD,
to the award-winning Roxio- and Sonic-branded CD and DVD creation, playback and backup applications that have become the premiere solutions
for consumers and business users worldwide. Sonic's AuthorScript® is the de facto standard for CD and DVD burning and formatting and has
been licensed by major software and hardware manufacturers, including Adobe, Broadcom, Microsoft, Scientific-Atlanta, Sony, and many others.
Sonic Solutions is headquartered in Marin County, California.
Sonic, the Sonic logo, Sonic Solutions, Roxio, MyDVD, CineMagic, Plug & Burn, LiveShare, Roxio Easy Media Creator, and
AuthorScript are trademarks or registered trademarks of Sonic Solutions or its subsidiaries in the United States and/or other
countries. Dolby is a trademark of Dolby Laboratories. All other company or product names are trademarks of their respective
owners and, in some cases, are used by Sonic Solutions under license. Specifications, pricing and delivery schedules are subject
to change without notice.