ANCHOR BAY TECHNOLOGIES COMPLETES FIRST PRIVATE PLACEMENT FOR $5M

Anchor Bay Technologies Inc. (ABT), a technology startup focussing on new High Definition Television (HDTV) technologies, today announced that it has received $5M in first-round funding. Partners in the investment were Storm Ventures of Palo Alto, California, and Venrock Associates of Menlo Park, California.

San Jose, California (PRWEB) June 19, 2003 -- Anchor Bay Technologies Inc. (ABT), a technology startup focussing on new High Definition Television (HDTV) technologies, today announced that it has received $5M in first-round funding. Partners in the investment were Storm Ventures of Palo Alto, California, and Venrock Associates of Menlo Park, California, in addition to several individual investors.

Laurence Thompson, Chief Executive Officer of Anchor Bay Technologies, stated: We are pleased to have Storm Ventures and Venrock Associates as our partners. We feel that the investment in Anchor Bay Technologies by this syndicate is a major vote of confidence in our team, our strategy, and our technology."

According to Sanjay Subhedar, general partner at Storm Ventures, Anchor Bays team has a track record of making it easy." It's a very strong team," said Subhedar, who is also a member of Anchor Bays board of directors. We have worked with the Anchor Bay team before, so we know they will deliver on their objectives." Storm made a successful investment in a company founded by the same team that started Anchor Bay Technologies. That team -- Laurence Thompson, C. H. Chee, Dale Adams, and David Buuck -- founded a company called DVDO Inc., in 1997. (Anchor Bay's founding team includes one additional member, Doug Fealtman, who was CFO at DVDO.) DVDO was sold to Silicon Image (NASDAQ: SIMG) in a deal worth $54 million in March 2000.

In April 2003, ABT licensed major elements of the DVDO legacy from Silicon Image, including the successful home theater system-level video processor business, as well as trademarks, inventory, and the existing sales channel developed for the original DVDO home theater product line. ABT is developing new core digital video and audio format conversion and interface technologies to address the burgeoning Digital Television, Home Theater, and Professional A/V market segments. ABT will use the new funding to accelerate new technology development, and to expand the existing system-level product line already in production.

Anchor Bay Technologies (ABT) is a privately-held semiconductor and system solution company. ABT creates and markets proprietary technology which delivers high-performance, low-cost digital video and audio format conversion that is required for mass-market consumer electronics and professional A/V products. Primary applications include Home Theater, High-Definition Digital Television (HDTV), Digital Video Disc players and recorders (DVD), Digital Light Processing projectors (DLP), Digital Flat Panel displays, and other embedded video applications. The explosive growth of the Plasma Display Panel and Microdisplay Projector market segments has created large opportunities for ABTs digital format conversion technology.

Contact: David C. Buuck
V. P. Business Development & Marketing
Anchor Bay Technologies, Inc.
Email: dave@anchorbaytech.com
Website: www.anchorbaytech.com
Phone: (408) 423-8040