At the AGM of VideoLogic today, Chairman Geoff Shingles will make the following comments to shareholders:
“”;In the past year your Company has developed rapidly and made significant progress. The decision to become a technology licensing business has succeeded with the Company realising its first ever profit.
“”;This was followed by the announcement of an alliance with STMicroelectronics, creating our second PowerVR technology licensing partnership. This partnership is significant to our ongoing strategy, building our presence in the PC market and creating an opportunity within the growing interactive digital set-top box market.
“”;We are currently on track for the launch, through our partners, of the first PowerVR Series3 products in the second half. We are also delighted that STMicroelectronics will be using PowerVR technology in their next generation Microsoft TV set-top box development platform code named Orion.
“”;With strong preorders and retailer interest, SEGA’s launch of Dreamcast in the US and Europe in September is eagerly awaited and will be accompanied by exciting new titles and a highly visible marketing campaign that will further endorse PowerVR. We are looking forward to a successful launch and SEGA increasing its worldwide game console market share. The internet capabilities of Dreamcast and SEGA’s global networking strategy involving major telecommunication companies is set to revolutionise the console industry.
“”;Our proposed name change to Imagination Technologies reflects our continued strategy to develop imaginative solutions in hardware and software for the human/computer interface. We will continue to expand our IP base and exploit our innovative technologies using multiple licensing partners and our unique multi-platform approach. Under the name Imagination Technologies, the Company is ideally positioned for the future.
“”;Our trading performance in the first quarter has been in line with our expectation and I am confident that our trend of growth will continue.””;