Please replace the release dated August 1, 2010 with the following version due to multiple additions.
The corrected release reads:
DOCOMO TO ACQUIRE SHARES IN PACKETVIDEO FROM NEXT WAVE WIRELESS
Corporation, a pioneer in multimedia services, today announced that NTT DOCOMO, INC. (TOKYO:9437) (LSE:NDCM) (NYSE:DCM), one of the world’s largest and most advanced mobile operators, will acquire the remaining shares of PacketVideo held by Next
Wireless Inc. (OTCQB: WAVE).
The transaction follows DOCOMO’s acquisition of 35 percent of PacketVideo in July 2009. Under the terms of the agreement, DOCOMO will acquire Next
remaining interest in PacketVideo for $111.6 million (USD). PacketVideo will become a wholly-owned subsidiary of NTT DOCOMO and will operate as an autonomous operation with its own board of directors under the leadership of founder and longtime President and CEO, Dr. James Brailean. PacketVideo will continue to support all of its worldwide customers, with the majority of its business coming from outside of Japan.
“DOCOMO has been a strong partner and customer of PacketVideo since the very beginning of the company,” said Brailean. “We are pleased that DOCOMO, which is known throughout the world for innovation, has provided such a strong endorsement of our products, our strategy and our technology. PacketVideo sits at the center of the media convergence revolution, and we plan to use this transaction to further accelerate our business.”
“We are delighted to have the opportunity to extend our longstanding partnership with PacketVideo,” said Kiyohito Nagata, Senior Vice President, NTT DOCOMO. “We have enjoyed a productive partnership since 1998, with the company’s industry-leading multimedia software solutions shipping in more than 100 DOCOMO handset models. Our strategic relationship with PacketVideo further strengthens DOCOMO’s position in music and video services in Japan, including the creation of an all-new domain of services that allow users to easily link their mobile handsets with home electronic devices to enjoy and share content.”