WILMINGTON, Del.--(BUSINESS WIRE)--Second paragraph, first sentence of release dated November 25, 2016, should read: TMMI’s wholly owned subsidiary, Digital Focus, Inc. (“DFI”), the original holder of the 1993 PVS/SGI licensing rights based upon fractal technology, filed a 2013 lawsuit seeking to protect DFI’s interests in the 1993 version of the code known as PVS/SGI, the program application that had been developed to work in the IBM “super computer” of its day. (instead of TMMI’s wholly owned subsidiary, Digital Focus Media, Inc. (“DFI”), the original holder of the 1993 PVS/SGI licensing rights based upon fractal technology, filed a 2013 lawsuit seeking to protect DFI’s interests in the 1993 version of the code known as PVS/SGI, the program application that had been developed to work in the IBM “super computer” of its day)
The corrected release reads:
TMMI ADVANCES NEW VIDEO TECHNOLOGY, NEVADA COURT MAKES FINDING ON 1993 PVS/SGI FRACTAL BASED CODE
TMM, Inc. (OTC PNK: TMMI) ("TMMI" or the "Company") announced on November 23, 2016 a Nevada State court rendered a ruling providing licensing rights to Dimension, Inc., a Nevada corporation, for a certain version of the 1993 fractal code named PVS/SGI.
TMMI’s wholly owned subsidiary, Digital Focus, Inc. (“DFI”), the original holder of the 1993 PVS/SGI licensing rights based upon fractal technology, filed a 2013 lawsuit seeking to protect DFI’s interests in the 1993 version of the code known as PVS/SGI, the program application that had been developed to work in the IBM “super computer” of its day.
The lawsuit filed on behalf of DFI was voluntarily dismissed against co-defendants Dimension, Inc., Digital Focus Media, Inc, and individuals Panik, Hoyt, Hurd and Elton for misappropriating and publishing certain trade secrets involving PVS/SGI compression technology.
Although DFI never carried out development work on the PVS/SGI code, the Company entered into the lawsuit to protect its subsidiary’s rights and defend its intellectual property rights.
“The 1993 PVS/SGI version of the codec has no commercial value to the Company at this time,” said Gerard V. Cavanaugh, TMMI’s President, “however, we had a duty to our subsidiary company and our shareholders to defend the interests to this particular version of the technology because it was a derivative of the earlier versions of the fractal code that the Company had developed in the early 1990’s. Counsel on behalf of the Company will study the recent Nevada ruling on the PVS/SGI application of the code and explore all remedies available at law as it deems appropriate.”
TMMI, the parent company, has completed development of new and distinctive digital compression and scaling technologies unrelated to the original fractal technology or any subsequent applications of that code. TMMI’s new non-fractal technology includes proprietary algorithms incorporated in provisional patent applications filed by TMMI in 2015. In all, TMMI has filed five (5) patent applications involving its new technologies. As a result, TMMI is directing its resources to further developing, refining and integrating its superior new technologies in the market for a 2017 roll out.
TMMI’s board, senior management and engineering team believe the new TMMI technologies to be superior to any comparable technology on the market today.
About TMM, Inc.
TMM, Inc. (OTC PNK: TMMI) is a technology company headquartered in Wilmington, Delaware, specializing in digital video compression, video scaling and image management. Founded in 1990, the company is dedicated to improving bandwidth utilization and video image quality. TMMI develops digital video compression and scaling technologies that provide end-to-end workflow and distribution solutions for digital cinema; streaming media; cable TV; sports; mobile; intelligence, surveillance and reconnaissance; defense; security; medical imaging; space exploration; video game applications; training and distance learning.
ON BEHALF OF THE TMMI BOARD OF DIRECTORS OF TMM, INC.:
GERARD V. CAVANAUGH
CHAIRMAN AND PRESIDENT
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