Exhibit 99.1
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Discreet Logic and MGI Software Annul Arrangement Agreement
MONTREAL, Quebec and TORONTO, Ontario - 08 June 1998 - Discreet Logic (Nasdaq:
DSLGF) and MGI Software Corp. (TSE: MGI) today announced a mutual termination of
their Arrangement Agreement entered into on March 9, 1998. Both Discreet and
MGI have determined that, in light of current conditions which could result in
significant delays in the realization of previously discussed anticipated
benefits and synergies of the merger, it is in the best interests of both
companies to terminate the agreement and remain independent companies. Discreet
Logic will assume US $450,000 of MGI's costs in connection with the Arrangement
Agreement.
"We are pleased that the situation was resolved constructively," said Xxxxxxx
Xxxxxxxxxx, president and CEO, Discreet Logic. "We remain committed to growing
our current businesses, advanced systems and new media, and exploring new market
opportunities."
"We have worked to address investors' concerns while keeping focus on the long-
term competitiveness and growth of our company," said Xxxxxxx XxXxxxxxxxxx,
president and CEO, MGI Software. "We are looking forward to introducing the new
versions of our flagship photo and video products."
About MGI Software
MGI's mission is to "change the way you picture the world" by revolutionizing
the way we experience photography, video, and other media on PCs and the
Internet. The company has quickly vaulted to the forefront in visual creation
software with its award-winning products and relationships with leading
manufacturers driving the convergence of computing with "still" and "motion"
pictures. MGI's partners include Intel Corporation, Mitsui & Co. of Japan, and
major photo finishing, camera, computer, and printer companies. With more than
12 million copies sold, MGI's PhotoSuite and VideoWave are the leading brands in
retail stores and OEM distribution. MGI's products are available in 14
languages through a worldwide network of distributors and retailers spanning 25
countries. For more information visit MGI Software at xxx.xxxxxxx.xxx.
About Discreet Logic
Discreet Logic, recently named as Canada's third fastest growing company by
Profit Magazine, develops advanced systems and new media software used in the
creation of digital imagery and serve three key markets: visual effects, editing
and production. Discreet Logic products are used to develop imagery for video,
broadcast, HDTV, the web, new media and feature films, including 1998 Summer
blockbuster Godzilla, the 1998 Visual Effects Academy Award winner "Titanic"; as
well as previous Academy Award winner "Independence Day". For further
information, visit Discreet Logic at xxx.xxxxxxxx.xxx or e-mail
xxxx@xxxxxxxx.xxx.
Discreet Logic is a trademark of Discreet Logic Inc. MGI, MGI PhotoSuite, MGI
VideoWave are trademarks or registered trademarks of MGI Software Corp. All
other company and/or product names are trademarks and/or registered trademarks
of their respective manufacturers.
Contacts:
Discreet Logic
Media: Xxxxx Xxxxxxxxx, Tel: 000.000.0000 and Xxxx Xxxxxx, Tel: 000.000.0000
Investors: Xxx Xxxx, Tel: 000.000.0000
MGI Software Corp.
Investors/Media: Xxxxx Xxxxxxxxx, Tel: 000.000.0000
Email: XxxxxX@xxxxxxx.xxx
