Roxio Announces $15 Million Line of Credit
Santa Clara, California - (March 14, 2004) -
Roxio®, a division of Sonic Solutions® (NASDAQ: SNIC
), the leader in digital media software, today announced a new two year, $15 million revolving line of credit with Silicon Valley Bank. The new line of credit replaces its previous credit facility with Comerica Bank and will provide working capital to support the company's growth initiatives.
Nand Gangwani, Chief Financial Officer of Roxio, commented, "We are pleased to further bolster our financial position as we continue to capitalize on the burgeoning market for online music in both the U.S. and abroad."
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.
Except for historical information, the matters discussed in this press release, in particular matters related to Roxio's working capital balances and the growth of the Napster service and the online music distribution industry are forward-looking statements that are subject to certain risks and uncertainties such as fluctuations in revenue from the company's software and online music distribution divisions, decreased demand for our products; failure of the online digital music industry to grow; flaws inherent in our products or services; intense competition; failure to obtain content licenses in domestic and international markets; failure to maintain relationships with strategic partners and content providers; general economic conditions and third party claims, that could cause actual results to differ materially from those projected. Additional information on these and other factors are contained in Roxio's reports filed with the Securities and Exchange Commission (SEC), including the Company's Quarterly Report on Form 10-Q as filed with the SEC on February 17, 2004, copies of which are available at the website maintained by the SEC at http://www.sec.gov. Roxio assumes no obligation to update the forward-looking statements included in this press release.
Safe Harbor Statement
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.