Pinnacle Systems Inc. Acquires Video Software Business from FAST Multimedia

Pinnacle Systems Inc. Acquires Video Software Business from FASTMultimedia

IBC, Amsterdam, Netherlands, September 13, 2001--Pinnacle Systems,Inc., a leader in professional and consumer video solutions, announcedtoday that it has entered into a definitive agreement to acquire theassets of FAST Multimedia, a leading developer of innovative videoediting solutions, headquartered in Munich, Germany. Pinnacle Systemsplans to integrate FAST’s products into its family ofindustry-leading video, authoring and streaming solutions.

Pinnacle Systems will acquire all intellectual property, softwarerights, products, other assets, and certain liabilities of FASTMultimedia. The purchase price will be approximately $15 million andwill be paid for in a combination of cash and Pinnacle Systems’stock. The transaction will be accounted for as a purchase, and isexpected to close in early October.

Mark Sanders, President and CEO at Pinnacle Systems said,“Pinnacle Systems is delighted to have the FAST Multimedia teamjoin Pinnacle Systems. This acquisition furthers Pinnacle’sexpanding family of software applications and solutions to providehigher value-add for our customers. FAST’s advanced software forvideo content creation fills an important gap between our consumerediting software products and our high-end broadcastsystems.”

“FAST Multimedia is pleased to be joining forces with PinnacleSystems,” said Matthias Zahn, Chairman and founder of FASTMultimedia. “Our customers and products will benefit greatly fromthe combined resources of the two companies.”

For more information, please visit www.fastmultimedia.com andwww.pinnaclesys.com.